
Taiwan Mulls Chip Export Controls Over South Africa's Downgrading of De Facto Embassy
In a notice published on July 21, the South African government formalized its downgrading of Taipei's Liaison Offices to Commercial Offices, citing 'South Africa's commitment to the One China Policy' and U.N. General Assembly Resolution 2758, which it says 'recognises the People's Republic of China (PRC) as the sole legitimate representative of China.'
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Business Insider
7 hours ago
- Business Insider
U.S. tariff: South Africa implements emergency measures to shield local exporters
The government of South Africa has announced plans to draft emergency measures to support local exporters affected by the U.S. President Donald Trump's newly imposed 30% tariff; a policy shift expected to severely impact the country's automotive and agricultural sectors. The South African government announced emergency measures to support exporters affected by the US's newly imposed tariffs. These tariffs, set at 30%, target industries like automotive and agriculture, and are part of a US trade policy shift. Negotiations with the US are open, while efforts to finalize a support package for impacted sectors continue. The tariff, which was announced via an executive order on Thursday, is set to take effect within seven days and forms part of President Trump's broader push to reshape global trade in favour of the United States. In response, the country's Trade and Industry Minister, Parks Tau announced the launch of an 'Export Support Desk' to assist affected businesses and help them identify alternative international markets. The minister described the situation as 'a trying moment for South Africa,' underscoring the immediate risks to jobs and economic stability, a Reuters report confirmed. President Cyril Ramaphosa also addressed the development, revealed in a press release that his government is finalising a support package for vulnerable exporters, with further details expected in the coming day ' All channels of communication remain open to engage with the U.S., and our negotiators are ready pending invitation from the U.S., ' Ramaphosa said. The United States is South Africa's second-largest bilateral trading partner after China, importing a wide range of goods including automobiles, iron and steel, citrus fruits, and wine. However, rising diplomatic tensions, fueled by disagreements over South Africa's foreign policy positions and domestic affirmative action laws, which the Trump administration has openly criticised, have clouded the trade relationship. Trump unmoved by South Africa's tariff plea According to Reuters, South Africa had spent several months attempting to negotiate a trade compromise with Washington. Among its proposals were increasing purchases of U.S. liquefied natural gas and committing to investments in U.S. industries in exchange for tariff exemptions. However, U.S. officials reportedly remained unresponsive. The executive order signed Thursday imposes new duties on dozens of countries, many of them emerging markets, rekindling fears that African economies could become collateral damage in Washington's increasingly protectionist trade agenda. While the establishment of the Export Support Desk has been welcomed by some stakeholders, political opponents questioned its adequacy. South Africa's official opposition party, The Democratic Alliance,, dismissed the initiative as 'laughable.'
Yahoo
a day ago
- Yahoo
UK top court to rule on multi-billion pound car loan scandal
Britain's highest court will Friday determine whether controversial car loans were unlawful, which could pave the way for millions of motorists to claim billions of pounds in compensation from banks. The loans, made available for 14 years from 2007, incentivised car dealers to offer higher interest rates in return for a bigger commission from banks. The Supreme Court will determine whether to uphold a judgment by the Court of Appeal last year that ruled it was unlawful for car dealers to receive a commission on loans without sufficiently informing borrowers. It is estimated that millions of drivers would be eligible for compensation should the Supreme Court side with borrowers, following its three-day hearing in April. One case involves Marcus Johnson -- who in 2017 bought a Suzuki Swift from a car dealer in Cardiff for £6,500 ($8,560 today) including loan costs -- unaware that interest paid on the loan amount would fund commission of more than £1,600. When the Court of Appeal ruled in favour of Johnson, ordering South African lender FirstRand Bank to refund the commission plus interest, it sparked panic across the finance sector. British banks have set aside considerable sums in preparation for the ruling, including Lloyds, which has earmarked nearly £1.2 billion. The total estimated cost for banks varies, but HSBC bank analysts suggested before the trial that it could come to £44 billion. Since then, analysts have revised down the potential exposure of banks, British media reports suggesting a figure of around £11 billion. In the three cases being judged by the Supreme Court, consumers are also facing off against British bank Close Brothers. The Financial Conduct Authority, which banned undisclosed commissions in 2021, could mandate a collective automatic compensation programme should the court sides with borrowers. Analysts said that Britain's Labour government may be concerned about the impact on banks' willingness to provide credit amid economic uncertainty caused by US tariffs and geopolitical unrest. Finance minister Rachel Reeves is reportedly considering changes to the law to limit the banks' exposure. ode-ajb/bcp/jj Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
2 days ago
- Yahoo
UK, US and allies accuse Iran of cross-border assassination plots
The United Kingdom and 13 allied nations have publicly accused Iran's intelligence services of orchestrating a wave of assassination attempts, abductions and intimidation campaigns against individuals living in Europe and North America. In a joint statement issued on Thursday, governments including the United States, France, Germany and Canada denounced Tehran's alleged extraterritorial operations as a flagrant breach of national sovereignty. 'We are united in our opposition to the attempts of Iranian intelligence services to kill, kidnap, and harass people in Europe and North America in clear violation of our sovereignty,' the group said. The signatories – which also included Albania, Austria, Belgium, the Czech Republic, Denmark, Finland, the Netherlands, Spain, Sweden and the UK – urged Iranian authorities to halt these activities, which they claimed were increasingly carried out in partnership with international criminal groups. Iran rejects accusations In a statement on Friday, Esmaeil Baghaei, a spokesperson for Iran's Ministry of Foreign Affairs, described the claims as 'baseless'. He called them 'an attempt to divert public attention from the most pressing issue of the day, the genocide in occupied Palestine'. Baghaei said the accusations were 'blatant fabrications … designed as part of a malicious Iranophobia campaign aimed at exerting pressure on the great Iranian nation'. A UK parliamentary committee recently attributed at least 15 plots targeting individuals in the UK since 2022 to Iranian intelligence operatives. British officials have responded with tighter measures. In March, the UK government said Iran would be required to register any political influence activity inside the country, citing 'escalating aggression' from its intelligence services. In May, UK police arrested seven Iranians over alleged threats to national security, which Iran's Ministry of Foreign Affairs denounced as 'suspicious and unwarranted'.Similar concerns have emerged elsewhere in Europe. Dutch security services said Tehran was behind a foiled 2024 attempt to assassinate an Iranian dissident in the Netherlands – charges Iran denied. Authorities arrested two suspects, one of whom is also linked to the shooting of Spanish politician Alejo Vidal-Quadras, a vocal supporter of the Iranian opposition. Across the Atlantic, the US Department of Justice charged three European-based gang members and later a senior Iranian official with plotting to kill an Iranian-American journalist. Two were convicted earlier this year, while the third pleaded guilty. Prosecutors claimed the men acted at the behest of the Iranian state. Iran's foreign ministry has also called such statements 'baseless'. New tensions The allegations come at a time of renewed tensions over Iran's nuclear programme. Talks between Iran and Western powers remain frozen. Last week, Iranian officials held 'frank' discussions in Istanbul with diplomats from the UK, Germany and France. The meeting marked the first engagement since Israel's mid-June air strikes on Iran, which triggered a 12-day flare-up involving US strikes on Iranian nuclear facilities. While Israel insists Iran is covertly pursuing nuclear weapons, a claim it has not substantiated, Tehran maintains its nuclear activities are for civilian use only. US intelligence agencies, meanwhile, assessed in March that Iran was not actively developing a bomb, contradicting former President Donald Trump's claim that it was 'close' to doing so.