
North Korea claims warship launch successful on second try
Kim and his daughter, Kim Ju Ae, oversaw Tuesday's launch at Rajin Port in the country's north, according to KCNA, which published photos of them at the event.This warship is one of two brand new 5,000-ton naval destroyers North Korea has built over the past year and launched since April. They are now the biggest ships Pyongyang has in its fleet and are capable, in theory, of launching nuclear weapons. Kim has made it a priority to develop a nuclear-armed navy, and says he plans to build two more of these destroyers in the coming year.
Satellite photos over the past few weeks showed the capsized ship in the harbour, before it was moved to a repair site, and then being refloated in the water, before it was moored at the pier. According to KCNA, Kim spoke at Friday's event, saying that the initial failed launch had not set back the North's military modernisation programme."Soon, enemies will experience how provocative and unpleasant it is to sit and watch the ships of an adversary run rampant on the fringes of sovereign waters," it quoted him as saying.
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BBC News
14 minutes ago
- BBC News
Faisal Islam: Trump's tough tariff tactics is getting results
Japan is a big deal for President Donald Trump's upheaval of world's trading system. On his own terms, it could now be said that his aggressive approach is yielding tangible from the off, the US side has been talking up the chances of a deal with Japan, but despite several delegations, the deal had been strangely elusive - until a narrow sense, this is a win for the Trump approach, especially if Japan becomes the domino that leads the rest of the world to come into now has the best deal, or rather, the least worst deal, of all the nations with major trade surpluses with the US. The general tariff of 15% to be charged on Japanese goods being imported to the US is higher than the UK's 10%, but the UK has no I've reported before, the fury of the Japanese negotiators during talks was noted among Washington DC diplomats accustomed to the nation's extreme politeness. Tokyo was playing hardball. The Japanese finance minister described the nation's $1.1 trillion holding of US Treasury bonds, the largest in the world, as a "card" that could be put on the was rumours about hedge funds in Japan selling of US bonds following Trump's "Liberation Day" tariffs announcement in April that sparked a wider sell-off, and bigger questions over the world's biggest economy and safe haven status of the US the reaching of a deal matters hugely, in and of itself, and as an example to other major economic blocs, including the European Union (EU).The deal comes on the day the Japanese host EU leaders in Tokyo. There had been some chatter about Japan, the EU and Canada coordinating their retaliation. This stops any such initiative. Some members of the EU will wonder why a similar deal cannot be struck, at the very moment that Germany and France up the ante on retaliation, perhaps against the US tech world awaits the details here, but it is clear that Japan has protected its agricultural imports, though will import more US rice. It is unclear what can change the lack of popularity of large American cars in the country, though Japanese private companies will be backed to invest half a trillion dollars in the US, in some has done this deal when it might have waited out to see how things develop and international markets react when Trump's tougher tariffs for a host of countries come into force on 1 August. The domestic political weakness of its Prime Minister may have been a factor, though other countries, including Indonesia and the Philippines have also done big picture though is a weary acceptance of the US levying what would have been a year ago unthinkable tariffs on its major allies, for fear of something worse. In Japan's case it was a 25% tariff threatened by Trump. Tariff revenue rising for the US Tariffs are now raising significant sums for the US Treasury, without retaliation against US exporters. At over $100bn so far this year, about 5% of US federal revenue is coming from tariffs, versus 2% more typically. The US Treasury Secretary Scott Bessent thinks that the annual tariff take will be $300bn. It is way off the amount raised by income taxes, but a notable amount. It is being taken without direct retaliation and without right now the market turmoil seen the story does not end here. Who is actually paying these tariffs? Ultimately US consumers will pay a large part in terms of the prices they pay for imported the past Bessent and others have suggested that a rising value of the US dollar would help mitigate the cost of imports for consumers. The opposite has happened. The dollar has slumped in the first half of this year, losing 10% of its value against a basket of world currencies. This will add to the cost of imports, in addition to the is a wider canvas here too. The governor of the Bank of England Andrew Bailey said this week that "the most crowded trade in the market at the moment is 'short dollar'". He added that established safe haven patterns in markets, especially the US dollar, were "essentially breaking down". There is a "reduction of exposure" to the dollar as companies and traders now take out trades or "hedges" designed to ensure they are protected against its decline," the governor I've discussed before, there is suspicion in the markets that this weaker dollar may actually have been part of the point of these interventions, designed to help boost, for example, American rust-belt manufacturers regain top of that, the US has also helped its great rival China to at least make a case to the rest of the world, that it can be a more stable trade this first stage of the great global trade war, Japan is an important win for the White House, which will push back against the suggestion that "Trump always chickens out" or TACO. While it could also translate into more apparent wins ahead of next week's deadlines, driving further market euphoria, the broader economic picture remains far murkier.

Rhyl Journal
43 minutes ago
- Rhyl Journal
UK facing ‘very significant' volume of cyber attacks, security minister warns
Dan Jarvis said new measures send a signal to cyber criminals that ransom demands will not be tolerated. Proposals from the Home Office would ban public sector bodies and operators of critical national infrastructure from paying hackers. It would also mean private sector companies not covered by the ban would be required to notify the Government if they intended to pay a ransom. 'The UK is not alone in this regard, along with our international allies, we are subjected to a very significant number of cyber attacks every year,' Mr Jarvis told the PA news agency. 'But from a UK Government perspective we are crystal clear that these attacks are completely unacceptable. 'There's more that we need to do to guard against them and that's why we're introducing these measures.' Mr Jarvis said the measures mean cyber criminals will be 'less incentivised' to target UK institutions because of the clarity the ban on ransom payments brings. 'We think these proposals will provide a powerful deterrent, and what we're wanting to do is break the business model of the cyber criminals who think that they can get away with extorting money from UK-based institutions,' he told PA. He stressed the Government would ensure 'cyber criminals, whether they're in Russia or wherever they might be, face the full weight of the UK law'. Ransomware refers to software used by cyber criminals to access the computer systems of its victims, which can then be encrypted or data stolen until a ransom is paid. It comes after four young people were arrested for their suspected involvement in damaging cyber attacks against Marks & Spencer, the Co-op and Harrods in recent months. Microsoft also said on Tuesday night that Chinese hackers had breached its SharePoint document software servers in a bid to target major corporations and government agencies. Furthermore, under the proposals, a mandatory reporting regime would mean companies and institutions that are targeted by ransomware attacks are required to report it. Mr Jarvis said the Government was going to 'look very carefully at the precise details' of the regime but that it would provide more clarity and intelligence to government agencies. M&S chairman Archie Norman told MPs earlier this month that UK businesses should be legally required to report major cyber attacks as he claimed two recent hacks involving 'large British companies' had gone unreported. Mr Norman said the retailer believed an Asia-based ransomware operation, DragonForce, had been involved in the attack – but refused to say whether or not a ransom was paid.


BBC News
43 minutes ago
- BBC News
What the US-Japan trade deal means for Asia and the world
US President Donald Trump has called the agreement he reached with Japan the "largest trade deal in history".It might be premature to make such claims, but it's certainly the most significant deal since Trump announced his so-called Liberation Day tariffs in April which roiled stock markets and created chaos for global trade. After months of negotiations, Japan's Prime Minister Shigeru Ishiba said he expects the deal will help the global economy. It is a big claim. The BBC examines whether it will and if so, how? Japan Inc Japan is the world's fourth largest economy, meaning it accounts for a large part of global trade and growth. Tokyo imports a great deal of energy and food from overseas and is dependent on exports including electronics, machinery and motor vehicles. The US is its biggest export experts had warned that Trump's tariffs could knock as much as a percentage point off Japan's economy, pushing it into lower tariffs, exporters will be able to do business in the US more cheaply than if Trump had stuck to an earlier threat to levy higher the deal brings certainty, which allows businesses to announcement also strengthened the Japanese yen against the US dollar, giving manufacturers more purchasing power to buy the raw materials they need to expand their US agreement is particularly good for Japan's auto giants like Toyota, Honda and Nissan. Previously, American importers had to pay a 27.5% levy when they shipped in Japanese cars. That is now being reduced to 15%, potentially making Japanese cars cheaper compared to the likes of rival said that, US automakers have signalled they are unhappy with the deal. They are concerned they have to pay a 25% tariff on imports from their plants and suppliers in Canada and Mexico compared with Japan's 15% rate. Jobs and more deals In return for reduced tariffs, Japan has proposed investing $550bn in the US to enable Japanese firms "to build resilient supply chains in key sectors like pharmaceuticals and semiconductors," Ishiba is already a major investor in the US, but this amount of money should create jobs, make quality products and foster the deal, Trump said Japan will increase purchases of agricultural products such as US rice which could help the country's rice shortage - even if it might rattle local farmers concerned about losing market share. The 15% tariff is also a benchmark for other countries like South Korea and Taiwan who are holding their own trade negotiations with the US. South Korea's industry minister said he will take a close look at the terms of what Japan has agreed with the US as he headed to Washington for crunch trade and South Korea compete in industries like steel and broadly, the US and Japan deal will put more pressure on other countries - especially major Asia exporters - to secure better agreements before a 1 August deadline. Deals with Indonesia and the Philippines have already been announcedBut some Asian countries will suffer. Smaller economies like Cambodia, Laos and Sri Lanka are manufacturing exporters and they have little to offer Washington in terms of trade or investment. Did the US get what it wants? There were reports that the US had called on Japan to increase military spending. But Tokyo's tariff envoy has clarified that the deal does not include anything on defence spending. Ryosei Akazawa added that steel and aluminium tariffs would remain at 50%.These both may be wins for Japan, since it exports more vehicles to the US than it does steel and aluminium. The pressure is also on the US to get as many of these deals over the line before its self-imposed tariff August deadline. Alongside negotiations with the US, countries might start looking for more reliable partners the same day as Washington and Toyko announced their agreement, Japan and Europe pledged to "work more closely together to counter economic coercion and to address unfair trade practices," according European Commission President Ursula von der Leyen. The European Union is yet to agree a trade deal with the US."We believe in global competitiveness and it should benefit everyone," said Ms von der Leyen.