Blistering heat, empty chairs and the C-word mar UN's flagship development event
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South China Morning Post
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US$20 billion Airbus shopping spree caps Europe tour for Malaysia's Anwar
Malaysia's biggest airlines sealed Airbus deals worth US$20 billion as Prime Minister Anwar Ibrahim wrapped up his European tour. Advertisement AirAsia reached a tentative agreement to purchase as many as 70 extended-range Airbus single-aisle jets that could reach US$12.3 billion. Malaysia Airlines ordered 20 more A330neo widebody planes, in a deal worth US$7.5 billion, according to calculations before industry discounts are applied. With aircraft diplomacy taking centre stage, the Malaysian government also said it was planning to purchase two maritime patrol aircraft for its navy, 28 Leonardo SpA AW149 helicopters, and naval vessels from Italy to bolster its security, Bernama reported on Friday, citing the prime minister. The buying spree, particularly for commercial jets, comes as both Airbus and its American rival Boeing benefit from trade visits and bilateral tariff negotiations. Tony Fernandes, the CEO of AirAsia's parent company, Capital A, is planning to boost the airline' fleet with more narrow-body planes. Photo: Reuters Boeing's bumper US$96 billion deal for 210 aircraft for Qatar Airways was announced during US President Donald Trump 's Middle East tour in May. An order for 32 Boeing 787 Dreamliners by British Airways parent International Airlines Group was the centrepiece of a new US-UK trade deal. Advertisement AirAsia signed a memorandum of understanding covering 50 A321XLR jets with options for 20 more, according to a company statement on Friday.
South China Morning Post
18 hours ago
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China's top diplomat on Ukraine war, US-Vietnam deal in spotlight: SCMP daily highlights
Catch up on some of SCMP's biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing Chinese Foreign Minister Wang Yi told the European Union's top diplomat on Wednesday that Beijing did not want to see a Russian loss in Ukraine because it feared the United States would then shift its whole focus to Beijing, according to several people familiar with the exchange. The passage of a sprawling budget bill has raised concerns over the long-term debt of the United States, which analysts said could compound already heightened worries over the reliability of the country's currency as a safe-haven asset. Tasting glasses of aged French cognac brandy are poured in France. Photo: Shutterstock China has decided to levy anti-dumping tariffs on European brandy, mostly produced in France, for the next five years – an announcement made while Foreign Minister Wang Yi is on his European tour seeking to resolve trade disputes and improve ties amid a reshuffle of global trade dynamics introduced by the United States.
South China Morning Post
20 hours ago
- South China Morning Post
China-EU trade tensions rise as Beijing levies anti-dumping tariffs on European brandy
Announcement comes as Foreign Minister Wang Yi is in Europe trying to resolve trade disputes, and one analyst says Beijing is 'clearly disappointed by the EU playing hardball' China has decided to levy anti-dumping tariffs on European brandy, mostly produced in France, for the next five years – an announcement made while Foreign Minister Wang Yi is on his European tour seeking to resolve trade disputes and improve ties amid a reshuffle of global trade dynamics introduced by the United States. 'There is dumping of related imported brandy from the EU, the domestic brandy industry faces a material threat of injury, and there is a causal relationship between the dumping and the material injury threat. The determined dumping margins range from 27.7 per cent to 34.9 per cent,' China's Ministry of Commerce said in a statement. The tariffs will take effect from Saturday, and there will be no retroactive imposition of anti-dumping duties on imports of the relevant brandy originating from the EU from October 11 up to and including Friday. 'Beijing has been holding back from actually levying duties in the hope of a softer EU stance on China,' said Xu Tianchen, senior China economist at the Economist Intelligence Unit. 'Now it's clearly disappointed by the EU playing hardball despite the Chinese overture.' China's foreign minister was set to visit Paris on his tour, and the tariff announcement came a day before the July 5 deadline when China's anti-dumping investigation was supposed to conclude. Wang's trip has also been seen as preparation for the China-EU summit later this month. The EU-China relations are not going well before the summit Alicia Garcia-Herrero, Natixis 'The tensions are clear, phase three investigations are open, and there are also ones on pork and dairy,' said Alicia Garcia-Herrero, chief economist at French investment bank Natixis. 'Every time the EU commission says, 'we're done, no high economic dialogue', which is what has happened, China will come with one investigation, let alone export control. They have a lot of leverage. Newsletter Daily, Monday to Friday China at a Glance By submitting, you consent to receiving marketing emails from SCMP. If you don't want these, tick here {{message}} Thanks for signing up for our newsletter! Please check your email to confirm your subscription. Follow us on Facebook to get our latest news. 'I think the [EU] commission needs to first wait for a deal with [US President Donald] Trump. They're not going to risk it. Secondly, beyond Trump, they're done – they feel they are always retaliated against, there is no goodwill. The EU-China relations are not going well before the summit.' China also announced that exporters who had agreed to a minimum export price would be exempt from anti-dumping duties. 'The decision to accept price undertakings in this case once again demonstrates China's sincerity in resolving trade frictions through dialogue and consultation,' a spokesperson for China's Ministry of Commerce said. 'It is hoped that the EU side will move in the same direction, strengthen dialogue and communication, jointly resolve economic and trade differences, and create favourable conditions for consolidating and expanding China-EU economic and trade cooperation.' Chinese bars wary after new tariffs announced on European brandy imports Lynn Song, chief Greater China economist at ING, said: 'The decision was postponed a few times as China and the EU attempted to strengthen trade ties amid a broader environment of trade tension, but another postponement was not granted, possibly given the lack of progress on the trade front. 'However, the tariffs will also feature clauses that will allow for various exemptions, and I do not think it is a move that jeopardises trade relations, and could end up raising the urgency for talks after a lull period.' While expressing dismay at China's announcement of the tariffs, French cognac makers acknowledged that the tax exemptions offered to the companies that committed to a minimum export price could help the industry avoid a worst-case scenario. 'This decision marks the end of the anti-dumping investigation, but not the end of our efforts to ensure that all of our exporters regain unimpeded access to the Chinese market as quickly as possible,' said Florent Morillon, president of the Bureau National Interprofessionnel du Cognac, France's leading representative for the cognac industry. 'In the meantime, the minimum price undertaking regime offers more tolerable conditions for our companies than the final anti-dumping duties announced, even if the market access that it allows remains impaired.' The French foreign and trade ministries did not immediately respond to the Post's request for comment. Smaller producers who did not sign on for the price floor, and those focusing on the lower price markets, will feel most of the impact of this decision, Guilhem Grosperrin, director of the Grosperrin family brand, told the Post. The minimum import price negotiated between China and cognac producers starts at 46 yuan (US$6.42) per litre and goes all the way up to 613 yuan per litre, depending on the quality level, according to Grosperrin. 'We regret the decision to impose definitive anti-dumping duties on EU wine-based and marc-based spirits producers, despite the clear evidence presented to the contrary,' said Herve Dumesny, director general of the SpiritsEurope trade group. 'Beyond its direct impact on our sector, this decision risks fuelling trade tensions at a time when mutual cooperation is more important than ever.'
