Trump’s grand design for world stability – Asia Times

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Trump’s great design for world balance

David Goldman argues that political chance has fallen, and market volatility has declined as the fresh Trump administration’s policies taking shape. Despite initial confusion, areas are reacting favorably to an emerging proper platform from Washington.

Trump, Intel and TSMC: Is there a bargain around?

According to Scott Foster, TSMC may use taxes and financial pressure to force international businesses into moving their manufacturing to the US to take control of Intel’s factories at the Trump government’s request.

Merz set to get European elections, but partnership math also unclear

Diego Faßnacht reports on Germany’s looming national vote with the CDU/CSU, led by Friedrich Merz, poised to become the largest group. Whether a Merz-led government can handle Germany’s architectural financial shortcomings is unclear.

What the US-Russia speaks in Riyadh mean for Ukraine

According to James Davis, the US-Russia summit in Riyadh represents a major change in US policy toward Ukraine, but major obstacles still exist. German criticism, Zelensky’s opposition, and US political dynamics complicated efforts to reach a quality.

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MAS to launch S billion programme to develop Singapore stock market

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The review group’s first set of measures aims to boost investor interest, improve the Singapore Exchange (SGX )’s (SGX ) appeal to reputable businesses, and make changes to the regulatory stance to boost investor confidence.

To raise cash flows into Singapore-listed stocks, the requirements for applicants to the Global Investor Programme may be altered. &nbsp,

Prior to the home office solution, applicants had to place at least S$ 50 million into four investment categories.

That will be narrowed down but that applicants must apply for shares of accepted Singapore markets.

Taxes Bonuses

During Mr Wong’s Budget 2025 statement on Tuesday, he said he would offer tax incentives for Singapore-based companies and finance professionals that choose to record in Singapore. &nbsp,

In order to promote more investment in local capital markets, he added, he said he would create a tax incentive for fund managers who make significant investments in Singapore-listed stocks.

A 20 % corporate income tax return may be applied for Singapore-based businesses and registered business trusts looking to list as a major company in Singapore, according to MAS.

Those looking for a 10 % discount can apply for a secondary listing with discuss release.

The benefit will be limited to S$ 6 million per year of judgment for businesses with business caps under S$ 1 billion, and S$ 3 million per year of judgment for businesses with less than S$ 1 billion. &nbsp,

The businesses must continue to be listed on the SGX for five years, commit to increasing regional business spending or fixed resource investments, and increase experienced employment.

Companies can use for this program through the end of 2027. &nbsp,

Additionally, new fund manager ads in Singapore may have a more favorable tax rate.

If a company has a main listing in Singapore for five times and distributes a percentage of its profits as income, fund professionals will pay 5 % on qualifying money. &nbsp, The system runs until&nbsp, the close of 2028.

Finally, account managers that invest greatly in Singapore can benefit from tax deductions. &nbsp,

Current money must meet this requirement and have an annual net outflow rate equal to at least 5 % of the firm’s AUM in the prior year, while fresh funds must spend at least 30 % of assets under management in Singapore-listed stocks.

The exemptions can be applied for up to the end of 2028 and last for five years per fund.

DEVELOPING INVESTOR BASE, TWEAKING REGULATIONS

Other initiatives include a more extensive MAS research development grant program and a shift toward a focus on small and mid-cap businesses.

The research could be disseminated in new ways, including on new media channels, &nbsp, with the aim of building an investor base.

Regulations may also be adjusted after consultations, to be more focused and to reduce friction.

Instead of both RegCo and MAS, one suggestion is to make the listing process simpler, requiring only SGX RegCo approval.

Prospectus requirements and listing procedures can be simplified, and so can the use of merit-based judgment when admiterea new listings.

Some adjustments may also be made for companies that are already listed on the SGX.

SGX RegCo will hold a consultation on removing the financial” Watch-List” and shifting away from regulatory surveillance. &nbsp,

After two weeks, Trade With Caution alerts will also expire indefinitely. ” This minimises unintended knock-on negative effects of such alerts”, said MAS.

Other recommendations are being studied by the review group, including strengthening investor protection and introducing market structure changes to acquaint retail customers.

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How China-Russia can seize the climate action lead – Asia Times

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China and Russia have developed a more significant relationship that goes beyond their conventional military and economic ties as Moscow’s loneliness from the West grows and Beijing’s great power rivalry with Washington intensifies.

While both powers maintain that they are not formal allies, their proclamation of a” no limits” partnership with” no forbidden areas” has crystallized into what Western observers view as a de facto alliance, particularly in the wake of Russia’s 2022 invasion of Ukraine.

The evolving China-Russia relationship encompasses wide-ranging collaboration that encompasses many cross-cutting areas. Climate change is cited as the defining issue of the 21st century among which both nations have pledged to address it up.

Russia adopted a National Security Strategy in 2021 that directly addresses climate change and incorporates the idea of natural protection. This commitment to climate change has been strengthened by following diplomatic announcements, with particular emphasis on plans to improve cooperation in renewables and weather action.

In a joint statement signed by China and Russia in 2024, it was committed to intensify bilateral investment in low-carbon areas, including solar power and carbon markets.

Some critics point out that meaningful collaboration is somewhat excluded from their bilateral agenda despite their linguistic commitments to weather collaborations. The 2024 China-Russia Joint Statement tellingly emphasizes “deepening” participation in conventional power areas, such as natural gas, petroleum, and oil refining, while simply suggesting the possibility of “developing” cooperation in emerging areas like carbon markets and solar power.

This gap is more evidenced in the 2024 book on diplomatic opportunities, published by the Russia-China Investment Collaboration Committee. While references to regular “power generation” appear sixteen times, specifically in the framework of natural gas projects, terms like “green” and “low carbon” collect only brief mention.

Beyond reasonable proposals for gas and acid development, the handbook’s power and miners section is generally devoted to fossil fuel projects. However, 2024 customs statistics shows that Russia has become China’s top crude oil and natural gas provider, with fossil fuel surpassing climate-related merchandise exports.

The slow progress in China and Russia’s bilateral climate cooperation is alarming. As the world’s largest and fourth largest carbon emitters, both nations have pledged to achieve net-zero emissions by 2060.

However, they continue to invest in infrastructure that uses fossil fuels, which could undermine global confidence. It detracts economic resources from incentives for renewable energy and sustainable infrastructure, and it prevents the transition to net zero from other developed nations.

Other significant emitters are required to uphold their commitments, as evidenced by the US’ stunning withdrawal from multilateral climate agreements under the second Trump administration. China and Russia have a chance to take a bigger part in shaping the global climate transition in this leadership vacuum.

Both nations must, however, turn diplomatic rhetoric into concrete action, set forth precise deadlines for climate projects, and reduce their extensive fossil fuel collaboration in order to gain credibility as leaders of the world.

Several sectors offer promising pathways for meaningful climate cooperation between the two nations, including hydrogen development, carbon market integration, and critical minerals partnerships.

Hydrogen infrastructure development

In a wide range of applications, from transportation fuel sources and energy storage medium to feedstock in industrial processes like steelmaking, hydrogen has enormous potential as a clean alternative to fossil fuels.

In contrast to fossil fuels, hydrogen does not release carbon dioxide when burned. However, its climate benefits are reliant on low-emission production techniques. Hydrogen produced with water electrolysis using renewable power can be completely emission-free, but its exorbitant costs remain a significant hurdle for large-scale commercialization.

Blue hydrogen refers to hydrogen that has been produced from natural gas and has carbon capture and storage facilities. Although blue hydrogen is currently receiving criticism, it has been viewed as a less expensive, more acceptable compromise before the costs of green hydrogen start tolerable.

Enhancing joint investment in the hydrogen industry aligns with China’s and Russia’s strategic advantages. Russia is well-suited for producing and transporting blue hydrogen due to its abundant natural gas reserves and extensive pipeline infrastructure.

Gazprom’s current pipelines already have up to 20 % hydrogen in them, with upgraded infrastructure capable of up to 70 %. This potential is essential to Russia’s ambitious strategy of capturing 20 % of the global hydrogen market by 2035. Europe is undoubtedly a major source of Russian hydrogen, but European sanctions against Russian exports following Russia’s invasion of Ukraine have made this adversity unlikely.

Along with its position as the world’s top producer of renewable energy, China adds its technological expertise in hydrogen production and storage to these assets. The two nations should make joint R&amp, D and investment in CCS technologies in their national hydrogen industry strategies in order to increase the benefits of blue hydrogen’s emission reduction.

Beyond the contentious blue hydrogen, the partnership could use China’s renewable capacity to produce green hydrogen for transportation via Russia’s extensive pipeline network, potentially lowering production costs significantly.

Hydrogen is notoriously challenging to transport and store. Russia needs to develop its energy infrastructure along their shared border to attract China’s hydrogen exports. New dedicated pipelines for hydrogen and ammonia would be necessary in addition to the already existing natural gas pipelines.

The expansive, underdeveloped regions along the Sino-Russian border offer ideal testing grounds for innovative hydrogen infrastructure. These areas could host integrated hydrogen hubs combining production, storage, and diverse end-use applications, establishing replicable models for hydrogen ecosystem development.

The partnership might have the power to influence global standards beyond just physical infrastructure. Joint research into pipeline materials that are best suited for hydrogen transport and advanced liquefaction techniques could establish new standards for safety and effectiveness.

Such technical cooperation would advance both nations ‘ positions in the developing global hydrogen market while accelerating the development of technology.

Carbon market integration

Another area with strong potential for collaboration is the carbon market. Sinopec and SIBUR’s involvement in China’s Carbon Trading Market is a recent illustration of potential collaboration. Sinopec, the largest integrated petrochemicals company in Russia, is a shareholder of Sinopec, which also has the second-largest carbon emissions reduction projects in the nation.

SIBUR will become the first Russian company to issue carbon units in an international system since the creation of Russia’s carbon trading system as a result of the project’s registration with the Global Carbon Council system. Five climate projects have been added to the Russian carbon emissions registry system thanks to SIBUR.

On top of that, these projects are anticipated to reduce total CO2 emissions by 7.5 million tons over the course of ten years. As long as appropriate validation systems and high standards are established, SIBUR’s relationship to Sinopec opens up opportunities for entry into the Chinese carbon trading market.

The potential for further collaboration in carbon markets is still largely untapped despite these initial efforts to promote cross-border carbon trading. China and Russia could develop novel methodologies for carbon valuation that better reflect their national idiosyncrasies rather than simply linking existing systems.

For instance, they could jointly develop new methodologies for valuing natural carbon sequestration, such as Russia’s vast Siberian forest. It is a significant carbon sink hub, and the Russian government is expressing its growing support for monetization through carbon offset. The two countries could also develop novel financial instruments that combine clean technology transfer and carbon credits, making them more appealing investment vehicles for foreign investors.

A second untapped opportunity is the creation of joint carbon accounting standards specifically for international industrial projects. This might include establishing specialized carbon credit categories for emissions reductions achieved through Sino-Russian technological collaboration, particularly in difficult-abating industries like steel and cement production.

These standards could later serve as a model for other developing nations trying to strike a balance between industrial growth and emissions reduction.

Critical minerals

China is rapidly ascending as a global hub for clean technology R&amp, D and manufacturing, particularly in the “new big three” sectors: solar, electric vehicles ( EVs ), and batteries. These important minerals are strategically important because Russia has these key points of China’s clean energy initiative.

Russia is one of the largest copper and nickel reserves in the world, ranking among the top ten for both metals globally. These resources are fundamental to the clean energy transition, especially in transportation.

Copper serves multiple functions in EVs, from battery components and motor windings to charging infrastructure, while nickel is essential for high-energy-density batteries and corrosion-resistant components in wind turbines and solar cells.

As an example of Russia-China collaboration in critical minerals, Nornickel, Russia’s leading metals and mining company, produces 15 % of the world’s best high-grade nickel and is also a global leader in copper production.

The company is pivoting toward the Chinese market to reduce the sanction’s impacts. The company made plans to significantly increase the supply of metals to China and establish joint ventures in copper refinery and battery materials processing in 2024.

Following Russia’s invasion of Ukraine, the US and UK introduced a ban on imports of Russian aluminum, copper, and nickel. Russian metals can no longer be exchanged on the Chicago Mercantile Exchange and London Metals Exchange.

Russian minerals are increasingly important to China’s supply chains, which is partly fueled by growing pressure from the West. Cooperation with Russian producers allows Beijing to diversify its supply chain while allowing Moscow to gain capital and technical expertise for production expansion as the United States pressures allies like Indonesia to impose restrictions on mineral exports to China.

The Shanghai Futures Exchange could become famous as a result of this partnership, which could reshape global metals markets: Western exchanges are currently closed to Russian metals, and it will gain more visibility for setting international benchmarks and encouraging yuan-denominated trading.

Copper and nickel are prominent in current bilateral agreements, but the deepening global climate transition implies that demand for these metals will increase exponentially. Both nations have the potential to quickly increase their mining and refining capacities, potentially outpacing the industry’s traditionally slow-moving one.

The partnership could extend to other strategic minerals, notably palladium, where Russia dominates global production. It is used to connect chips to circuit boards using metal connections. Russia is the world’s largest palladium producer. Through just two projects, Russia controls 40 % of world palladium output, a metal crucial for semiconductor manufacturing.

Climate cooperation leadership

Climate cooperation remains underdeveloped in the ever-growing China-Russia partnership. Some areas, including hydrogen development, carbon market integration, and critical mineral collaboration, offer transformative potential.

The success of their climate collaboration will depend on a number of crucial elements. First, both nations must implement their diplomatic agreements through actionable plans, established procedures, and measurable outcomes.

Second, their cooperation in important minerals and hydrogen infrastructure must go beyond bilateral benefits to contribute to global climate change. Third, their efforts to integrate the carbon market must shift from sporadic initiatives to coordinated efforts that can inspire other developing nations.

Strong Sino-Russian leadership in climate policy could significantly affect the trajectory of global emissions reduction efforts, but only if both countries place long-term climate gains preceding short-term fossil fuel interests.

Chris Zou works for the World Resources Institute ( wri ) as a climate policy researcher. org ) based in Washington DC.

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Exposing an Indian pharma firm fuelling West Africa’s opioid crisis

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48 hours ago
BBC Eye Investigations

BBC World Service

BBC Vinod Sharma, wearing a hair net, on the left of the picture. The right-hand side of the image shows a graphic illustration of pills in green and white. BBC

A BBC Eye research has revealed that an American pharmaceutical company produces improperly high-intensity, very addicting opioids and exports them to West Africa, where they are causing a significant public health crisis in nations like Ghana, Nigeria, and CoteD’Ivoire.

Aveo Pharmaceuticals, based in Mumbai, makes a range of supplements that go under various brand labels and are packaged to appear like genuine treatments. But all contain the same dangerous combination of ingredients: fact, a prominent narcotic, and four, a body relax so addicting it’s banned in Europe.

This combination of medications has a worldwide ban on their use, and they can trigger seizures and breathing difficulties. An abuse can remove. Because they are so cheap and readily available, these opioids are common as street drugs in many East African countries, despite the risks.

The BBC World Service found bits of them, branded with the Aveo symbol, for sale on the roads of Ghanaian, Nigerian, and Ivoirian towns and cities.

The BBC eluded detection of the drugs after finding them at Aveo’s factory in India and posing as an American businessman looking to offer opioids to Nigeria. Using a concealed cameras, the BBC filmed one of Aveo’s managers, Vinod Sharma, showing off the same hazardous materials the BBC found for sale across West Africa.

The official claims in the quietly captured video that Sharma’s intention is to sell the pills to Nigerian teenagers who” all adore this product.” Sharma doesn’t recoil. ” OK”, he replies, before explaining that if people take two or three medications at once, they may “relax” and agrees they may get “high”. Towards the end of the meeting, Sharma says:” This is very dangerous for the health”, adding “nowadays, this is company”.

It is a company that is destroying the potential of millions of North African younger people and putting them at risk.

One of the city’s leaders, Alhassan Maham, has set up a voluntary process pressure of about 100 local residents whose goal is to assault drug dealers and remove these pills from the streets of Tamale, in northeastern Ghana, because so many young people are taking illegal opioids.

According to Maham,” the medicines consume the sobriety of those who abuse them, like a fire fires when oil is poured on it.” One Tamale addiction put it even more succinctly. The pharmaceuticals, he said, have “wasted our lives”.

Following a tip off about a drug deal, the BBC group launched a assault in one of Tamale’s poorest communities and followed the work force as they boarded motorcycles. A young man was passing by him and appeared to have taken these medications, according to visitors.

A young man sits on a ledge by a wall. He is slumped over so that his face cannot be seen.

When the seller was discovered, he was traveling with a plastic bag containing Tafrodol-labelled clean supplements. The boxes were stamped with the unique brand of Aveo Pharmaceuticals.

It’s not just in Tamale that Aveo’s medications are causing pain. The BBC found related products, made by Aveo, have been seized by authorities abroad in Ghana.

Additionally, we discovered proof that Aveo’s medications are for sale on the streets of Nigeria and Coted’Ivoire, where teenagers mix them with an adult energy drink to raise the great.

Publicly-available export data show that Aveo Pharmaceuticals, along with a sister company called Westfin International, is shipping millions of these tablets to Ghana and other West African countries.

Nigeria, with a population of 225 million people, provides the biggest market for these pills. According to the National Bureau of Statistics, it is estimated that about four million Nigerians use some form of opioid.

The Chairman of Nigeria’s Drug and Law Enforcement Agency ( NDLEA ), Brig Gen Mohammed Buba Marwa, told the BBC, opioids are “devastating our youths, our families, it’s in every community in Nigeria”.

Hands holding more than 30 blister packs of green and white capsules.

Nigerian authorities attempted to control the widely used opioid painkiller called tramadol in 2018 following a BBC Africa Eye investigation into the sale of opioids as street drugs.

The government slapped a strict cap on the maximum dosage and slowed down imports of illegal pills, as well as outlawing the sale of tramadol without a prescription. Indian authorities also enacted stricter export controls for tramadol at the same time.

Not long after this crackdown, Aveo Pharmaceuticals began to export a new pill based on tapentadol, an even stronger opioid, mixed with the muscle-relaxant carisoprodol.

Officials in West Africa are putting a stop to the opioid exporters who appear to be using these new combination pills as a substitute for tramadol and to fend off the crackdown.

There were almost ceiling-high cartons of the combination drugs stacked on top of each other in the Aveo factory. On his desk, Vinod Sharma laid out packet after packet of the tapentadol-carisoprodol cocktail pills that the company markets under a range of names including Tafrodol, the most popular, as well as TimaKing and Super Royal-225.

He told the BBC’s undercover team that “scientists” working in his factory could combine different drugs to “make a new product”.

Graphic with white and pink lettering saying: "Watch on iPlayer"

Watch India’s Opioid Kings from BBC Eye Investigations on iPlayer or, if you are outside the UK, watch on YouTube.

Even more dangerous is the new product from Aveo than the tramadol it replaced. Tapentadol “gives the effects of an opioid,” including very deep sleep, according to Dr. Lekhansh Shukla, assistant professor at the National Institute of Mental Health and Neuro Sciences in Bengaluru, India.

” It could be deep enough that people don’t breathe, and that leads to drug overdose”, he explained. ” And along with that, you are giving another agent, carisoprodol, which also gives very deep sleep, relaxation. It sounds like a very dangerous combination”.

Because it is addictive, carisoprodol has been banned in Europe. Although it is only for brief periods of up to three weeks, it is permitted to use in the US. Withdrawal symptoms include anxiety, insomnia, and hallucinations.

Piles of cardboard boxes and large packages wrapped in plastic stacked up to the ceiling inside a warehouse.

When mixed with tapentadol the withdrawal is even “more severe” compared to regular opioids, said Dr Shukla. ” It’s a fairly painful experience”.

He claimed that he was aware of no studies that evaluated the efficacy of this combination. Unlike tramadol, which is legal for use in limited doses, the tapentadol-carisoprodol cocktail “does not sound like a rational combination”, he said. This is not something that can be used under our laws.

Pharmaceutical companies in India are prohibited from producing and exporting unlicensed medications unless they comply with the laws of the importing nation. According to Ghana’s national Drug Enforcement Agency, this combination of tapentadol and carisoprodol is unlicensed and prohibited. Aveo ships Tafrodol and similar products there. By bringing Tafrodol to Ghana, Aveo is breaking Indian law.

We put these allegations to Vinod Sharma and Aveo Pharmaceuticals. They did not respond.

The CDSCO, the country’s drug regulator, informed us that the Indian government is committed to ensuring India has a responsible and effective pharmaceutical regulatory system.

Additionally, it stated that recent regulations are strictly enforced and that exports from India to other nations are closely monitored. Additionally, it urged importing nations to help India’s efforts by ensuring they had similarly strong regulatory frameworks.

The CDSCO stated that it has discussed the issue with other nations, including those in West Africa, and is working with them to stop wrongdoing. Any pharmaceutical companies found to be in breach of the regulator’s orders to immediately take action.

The back of a packet of Tafrodol - it is black with "Tafrodol caps 120 mg" written in white, and has an image that looks like an X-ray of a body.

Not just one Indian company produces and exports unlicensed opioids, but also Aveo is one. According to publicly available export data, other pharma companies may produce comparable products, and drugs with different branding are widely available throughout West Africa.

These manufacturers are putting a damper on India’s rapidly expanding pharmaceutical sector, which produces high-quality generic medications that millions of people depend on worldwide and produces vaccines that have saved millions of lives. The industry’s exports are worth at least$ 28bn ( £22bn ) a year.

The BBC’s undercover agent, whose identity must be kept secret for his safety, discusses his meeting with Sharma, saying:” Nigerian journalists have been reporting on this opioid crisis for more than 20 years but finally, I was face to face with one of the men at the root of Africa’s opioid crisis, one of the men who actually makes this product and ships it into our countries by the container load. He knew the harm it was doing but he didn’t seem to care … describing it simply as business”.

Back in Tamale, Ghana, the BBC team followed the local task force on one final raid that turned up even more of Aveo’s Tafrodol. In a nearby park that evening, they gathered to burn the illegal substances they had seized.

” We are burning it in an open glare for everybody to see”, said Zickay, one of the leaders, as the packets were doused in petrol and set ablaze,” so it sends a signal to the sellers and the suppliers: if they get you, they’ll burn your drugs”.

However, the” sellers and suppliers” at the top of this chain, thousands of miles away in India, were churning out millions more and becoming wealthy on the profits of misery even as the flames burned a few hundred packets of Tafrodol.

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What does Jack Ma’s return to the public spotlight mean?

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João de Silva

Business writer

CCTV Picture of Chinese President Xi Jinping shaking the hand of Alibaba founder Jack Ma.CCTV

After Alibaba leader Jack Ma was photographed at the occasion, a meeting between Chinese president Xi Jinping and some of the country’s top business leaders this week has fueled rumors and pleasure.

The personable and bright Mr Ma, who was one of China’s most prominent traders, had withdrawn from public career after criticising China’s financial market in 2020.

His arrival at Monday’s celebration has sparked a flood of conversation, with experts and researchers wondering what it means for him, China’s technology sector and the economy in public.

The answer has been largely positive- technology stocks, including those of Alibaba, rallied soon after the event.

On Thursday, the e-commerce large reported financial benefits that struck aspirations, with stock ending the trading day in New York more than 8 % higher. The company’s shares are up 60 % since the beginning of the year.

What do analysts think about Mr. Ma’s attendance at the event along with other well-known guests, including DeepSeek founder Liang Wenfeng?

Is Jack Ma’ rehabilitated’?

As soon as Chinese state media began to publish images of the event, analysts began looking for clues about the significance of the meeting.

” Jack Ma’s attendance, his seating in the front row, even though he did not speak, and his handshake with Xi are clear signs he has been rehabilitated”, China analyst Bill Bishop wrote.

Users praised Mr. Ma for his return to the public eye on social media, which was rife with praise.

” Congratulations]Jack ] Ma for the safe landing”, said one user on Chinese social media platform Weibo.

” The comeback of]Jack ] Ma is a shot in the arm to the current Chinese economy”, said another.

It is surprising that observers have given an appearance by Mr. Ma such a high priority.

Before his disappearance from public life in 2020- following comments at a financial conference that China’s state-owned banks had a “pawn-shop mentality”- Mr Ma was the poster boy for China’s tech industry.

Reuters Jack Ma, co-founder of Alibaba Group, at the Vivatech startups and innovation fair, in Paris in 2019. Reuters

An English teacher with no background in computing, Mr Ma co-founded Alibaba in his apartment more than two decades ago after convincing a group of friends to invest in his online marketplace.

He later became one of the richest men in China by founding one of the biggest tech conglomerates.

That was before his “pawn shop” comment, when he also lamented the “lack of innovation” in the country’s banks.

It led to the cancellation of his$ 34.5bn ( £27.4bn ) stock market flotation of Ant Group, his financial technology giant.

At the time, Beijing attempted to demonize a business that had grown too powerful and a leader who had grown too outspoken.

Analysts agree that the fact he’s back in the spotlight, at a symposium where Xi Jinping himself presided, is a very good sign for Mr Ma.

However, some caution is needed because his absence from the speakers may indicate that he has not fully reclaimed his exalted status.

Additionally, the lack of coverage his attendance in Chinese media outlets appears to indicate that he has not undergone a complete recovery.

Is the tech industry’s crackdown over?

Xi Jinping told participants at the symposium that their companies needed to innovate, grow and remain confident despite China’s economic challenges, which he described as “temporary” and “localised”.

He added that now is the ideal time for private businesses and private entrepreneurs to show their full potential.

This has been widely accepted as the government telling private tech companies that they are also back in good graces.

Mr Ma’s downfall had preceded a broader crackdown on China’s tech industry.

State control over significant digital assets was a much harder reality for businesses as a result of stricter data security and competition laws.

Other companies across the private sector, ranging from education to real estate, also ended up being targeted in what came to be known as the” common prosperity” campaign.

Some people thought the common prosperity policies were intended to rein in the billionaire owners of some of China’s biggest corporations, giving them more influence over how their businesses run and how their profits were distributed.

However, as Beijing implemented stringent new rules, billions of dollars were wiped from the value of some of these businesses, many of them tech firms, rattling international investors.

This, along with a worsening global economy that was affected by the pandemic as well as Russia’s invasion of Ukraine, has contributed to considerable changes in China’s economic situation.

Growth has slowed, jobs for the country’s youth have become more scarce and, amid a property sector downturn, people are not spending enough.

As rumours that Mr Ma would attend Monday’s meeting began to spread, so did a glimmer of hope. According to Richard Windsor, director of technology at Counterpoint, Mr. Ma’s presence would indicate that China’s leadership “had enough of stagnation and could be prepared to let the private sector have a much freer hand.”

In addition to Mr. Ma and Mr. Liang, prominent figures from the tech and industrial sectors included those from Huawei, the telecommunications and smartphone industry, BYD, and many others.

” The]guest ] list showcased the importance of internet/tech/AI/EV sectors given their representation of innovation and achievement”, said a note from market analysts at Citi.

” ]It ] likely indicates the importance of technology… and the contribution of private enterprises to the development and growth of China’s economy”.

Those present at the meeting appeared to share that impression. Lei Jun, the chief executive of consumer electronics giant Xiaomi, told state media that he senses the president’s” care and support” for businesses.

Is it because of US sanctions?

The symposium was held after the country experienced what some observers have called the arrival of DeepSeek’s disruptive R1 artificial intelligence ( AI ) model at the end of last month.

The Chinese-made AI chatbot rose quickly among the list of applications and quickly gained popularity worldwide. It also triggered a sudden sell-off of major US tech stocks, as fears mounted over America’s leadership in the sector.

Back in China, the app’s widespread success has sparked a wave of national pride that has quickly spread to the financial markets. Investment has been made into Chinese stocks, particularly those of tech companies listed in Hong Kong and mainland China.

Goldman Sachs, the world’s largest investment bank, has also changed its outlook on Chinese stocks, citing the potential for rapid AI adoption to increase companies ‘ revenues and entice up to$ 200 billion in investment.

The main difference between this innovation and DeepSeek’s was that it was forced to make an ingenious decision due to China’s ban on the export of advanced chips and technology.

Xinhua Picture of Chinese President Xi Jinping meeting with business leadersXinhua

Now, with Trump back in the White House and his fondness of trade tariffs, Mr Xi may have found it necessary to recalibrate his approach to China’s entrepreneurs.

Some analysts believe Monday’s meeting was a step backwards in an effort to steer investors and businesses away from Mr. Xi’s national priorities rather than a return to an era of unregulated growth.

The Chinese president has been placing a greater emphasis on policies that the government has referred to as “high-quality development” and “new productive forces.”

Such ideas have been used to reflect a switch from what were previously fast drivers of growth, such as property and infrastructure investment, towards high-end industries such as semiconductors, clean energy and AI.

The goal is to achieve” socialist modernisation” by 2035- higher living standards for everyone, and an economy driven by advanced manufacturing and less reliant on imports of foreign technology.

Mr. Xi is aware that in order to get there, he will need the private sector a to be fully involved.

An associate professor at the University of Technology Sydney, Marina Zhang, stated to the BBC,” JackMa’s ] reappearance suggests that Beijing is pivoting from crackdowns to controlled engagement” rather than the end of the tech sector scrutiny.

The private sector must align with national priorities, including self-reliance in key technologies and strategic industries, while the private sector is still a pillar of China’s economic ambitions.

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Reasons for hope Trump won’t sink world’s critical minerals supply – Asia Times

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There is a possibility that Donald Trump’s second term as president of the United States will have a long-term negative impact on the supply and demand of what are referred to as essential nutrients. These include metal, lithium, copper, cobalt and the “rare world parts”, such as lanthanum and yttrium.

They are essential for the alternative energy move, being used in electric car batteries, solar panels and wind turbines. Trump’s decision to withdraw from the UN’s Paris agreement to stop global warming has stoked some negative opinions regarding the effects of this policy.

The price opportunity for new mine projects for important minerals may decrease, along with long-term source, if Trump’s shift toward oil and gas is interpreted by the markets as permanent. This has the potential to impair the shift to clean energy.

Nevertheless, there are reasons to fear this negative situation. Contrary to this, we think the new US administration’s approach to energy change is merely a temporary impact without profound altering the world’s trajectory. In consequence, volatile material industry will continue to be positive over the long and medium term. This place is based on three major claims.

1. In crucial material areas, the US is in a unique position to compete.

The US is viewed as dependent on the import of crucial nutrients from other nations, such as China, in general. Although a select few have this trait, America is one of the most aggressive nations in terms of producing the minerals needed for natural technology overall.

However, exporting a wide range of materials, including the most crucial ones, has been demonstrated by the US as having a comparative advantage.

Germanium processed ore
China has a tight control over its supply of tungsten. RHJPhtotos

Therefore, maintaining the beneficial and vital nutrient industry will be in the interests of the United States. Even if the US reduces its sustainability interests, slowing its demand for new fresh technology, it is likely to do it properly so as not to hurt its own business.

In fact, we anticipate that the US will show more interest in developing processing companies to recover some materials from some manufacturing techniques ‘ intermediate stages or electronic waste. These include germanium and chromium, which are tightly controlled by China ( their biggest maker ) but which are vital for computer cards and renewable energy technology, as well as night-vision sunglasses.

2. Just a small percentage of fresh systems are produced and used in the US.

China and Europe drive these businesses. No fresh clean technologies are produced by the US, neither by the desire nor by the source. On the demand side, the US represents only 10 % of world electric car sales, while China and Europe account for 66 % and 20 % of the market respectively.

Similarly, for the world installed solar energy capacity China represents over 43 % of the market, Europe 20 % and the US only 10 %. On the supply side, the US produces around 15 % of the country’s electric vehicles, while China represents more than 50 % of the business.

Similar statistics exist for another fresh technologies, including China’s remarkable leadership in solar panel and wind turbine production.

Therefore, the laws adopted by China and Europe are likely to have a much bigger impact on the energy shift than those adopted by the US. The cost of slowing the natural transition’s modern capture up for the US will be too high in the event that these nations continue to push forward the natural transition.

Additionally, Middle Eastern oil-producing nations are intensely betting on fresh clean technologies, which could help US oil producers ‘ lower appetite for natural assets. But, regardless of what Trump’s administration decides, it will have a minimal impact on the market for clear technologies.

3. New tariffs may further enhance some minerals’ singularity

Buy tariffs imposed by Trump’s second management to promote local production damaged US imports of those sectors using imported middle, or partially finished, goods. In other words, global commerce along global value chains has modified the text relationships of protectionism, and imports are hindered – and no promoted – by trade security.

Trump has stated that he intends to establish 25 % more stringent import tariffs on goods coming from Mexico and Canada. This may make some nutrients more difficult for the US. For example, copper and aluminium may become even more crucial to the US market because Canada supplies nearly 40 % of the copper employed by US business, and 70 % of the metal.

As a consequence, fresh tariffs could really increase the importance of some minerals. In fact, this was likely the reason behind the decision to defer the price increases and to only implement them on a limited number of products.

The new administration’s energy policies may include a repercussions. These are likely to be transitory, and it is unlikely that the market for important nutrients will suffer in the long run. For the moment, the transition to clean electricity seems healthy.

Carlo Pietrobelli is a professor of economics at the Maastricht Economic and Social Research Institute on Innovation and Technology ( UNU-MERIT ), United Nations University, and Jorge Valverde is a PhD fellow there.

This content was republished from The Conversation under a Creative Commons license. Read the original content.

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‘No plans’ to remove Pichai as minister, insists Suriya

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In: South-East Asia

PUBLISHED: 21 Feb 2025 at 04: 00

Pichai Naripthaphan
Pichai Naripthaphan

Deputy Prime Minister Suriya Jungrungreangkit played down claims that Pheu Thai members are plotting to oustPichai Naripthaphanfrom his post as Commerce Minister over his failure to shore up the price of key crops.

The allegations came after many Pheu Thai members expressed their anger at Mr. Pichai at a conference this week over his failure to raise the price of a number of crops, including corn, which has fallen in recent weeks. Additionally, they criticised Mr. Pichai for putting too much time on visits abroad.

Although Mr. Suriya, a significant member of the Pheu Thai Party, downplayed the allegations, he did not deny that Mr. Pichai and group people are at odds with one another.

He claimed that Mr. Pichai needs to hear what Pheu Thai individuals think.

Mr. Suriya said Mr. Pichai will have more time to listen to Pheu Thai people ‘ opinions if he reduces his travels abroad, despite the fact that businesses both inside and outside the country are equally essential to the market.

Mr. Suriya expressed his belief that Mr. Pichai was developing solutions to the problem and would give them to group people in due course.

In response to growing rumors that a case change is in the works, information about the plan to remove Mr. Pichai as business minister surfaced.

Prime Minister Paetongtarn Shinawatra will have to approve any change, and the deputy prime minister said she has not indicated that a case change is on the cards.

As her leadership nears six months in office, there have been reports that individuals nearer to her parents, Thaksin, the ruling group’s reported de facto leader, believe that the government needs changing to encourage party allies.

Among those who participated in the statewide elections where Pheu Thai did certainly field its own prospects is Capt. Thamanat Prompow, deputy director of the Kla Dharma Party.

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No friends, only foes in Trump’s trade war onslaught – Asia Times

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In: Asia

Tokyo – The chances of Donald Trump becoming more interested in business deals than business wars are rapidly waning. The US leader stated to reporters that a new trade agreement with China was “possible,” but there are still other important signs that Asia will experience. &nbsp, &nbsp,

The 10 % tariffs Trump imposed on China and the 25 % on aluminum and steel were sufficient economic drag. But the 25 % income Trump announced this week on trucks, chips and medicine, to become formalized on April 2, raises the stakes greatly for Asia’s view.

Newsrooms from Tokyo to Seoul to Bangkok are emitted with waves of stress. Managers at Toyota, Honda, Nissan, Hyundai, Kia and different manufacturers are now bracing for the worst-case situation.

In Thailand, known as the” Detroit of Asia” for its car-making skills, lords and government leaders everywhere are bracing for the way Trump 2.0 might destroy auto supply stores. &nbsp,

” Expected tariffs on cars pose a particular danger to Japan and South Korea”, says Dave Chia, an analyst at Moody’s Analytics.

Yoshimasa Hayashi, the head of Japan’s top cabinet, tells Tokyo to “respond appropriately by looking into the ( tariffs ) details when they are revealed and how they impact Japan.”

Hayashi insists that Toyota and various Chinese automakers must compete in the US. ” We have already raised the issue with the US state, given the importance of the car business”, Hayashi says.

But Southeast Asia is exceedingly in harm’s way, also. Newsrooms in Bangkok are unable to tell whether the market is in a good or bad shape, according to Kringkrai Thiennukul, the president of the Federation of Thai Industries. &nbsp,

Kriengkrai says,” we may advantage if automobile companies decide to travel or increase their production facilities in Southeast Asia, including Thailand, which is a big production base,” taking the view that” we may benefit from such a situation.”

But no one really knows how large, or how far, Trump will go with restrictions on exports into the world’s biggest market. There are very few indications that Trump will leave his” Tax Man” bay at home in the first month of Trump 2.0.

True, Trump’s business limits aren’t as harsh as he has threatened. The taxes on China so far are a far cry from 60 % or even 100 %. Though smaller than feared, in some regards, Trump is going more extensive with his income.

Trump’s most recent obsession with “reciprocal” tariffs indicates that basically every economically important one is now looking over its shoulder. Which, of course, may be the place. The math might be to accumulate preemptive concessions all over the world.

But with Trump using taxes first and then asking concerns later, it’s good to know if the optimists who believe it’s just a negotiating technique have mistaken.

According to analysts at Capital Economics,” Trump’s propensity to work first and discuss later makes it still seem probable that taxes may increase prices this year and that the Federal Reserve will be on maintain as a result.”

Chia points out that Asia is currently having trouble regaining some of its economic rise from the previous five years. “Economic parameters vary extensively across the place”, he says. Several economies can match the outstanding performance of the US when comparing GDP to its pre-pandemic path.

Output in the US, Chia information, “is about where it would have been, if hardly a little higher, had pre-pandemic development continued”.

GDP in China, the Asia-Pacific state’s development anchor, is about 1.2 % of its pre-pandemic pattern, but almost in line with the world average. India, trailing carefully, is about 2 % of its original craze, but is gaining ground, Chia says.

Established Asian economies — including Japan, South Korea, Taiwan, Singapore and Hong Kong— are about 3 % behind as failure in conventional manufacturing surpasses booming it imports.

However, the ASEAN cluster of markets is struggling, with GDP more than 5 % off its pattern, mirroring Western Europe’s battle with pandemic-era consequences.

For Asia, things may get even worse. Trump stated in explaining his plans for a trade war that taxes on semiconductor chips and medicine may begin at” 25 % or higher and will go very significantly higher over the course of a time.”

Trump’s auto-tax danger definitely comes with a keep-rivals-on-their-toes active, the White House has more consciously refused to identify which countries, sectors or parts it will be targeting.

Japan Inc, though, is wasting no time in assessing the collateral damage to come. According to research firm MarkLines in Tokyo, Trump’s tariffs could cost the country’s six major automakers roughly US$ 21 billion, making it even more difficult for those outside the top three to compete globally, such as Mazda and Subaru.

In 2024, imports made up 52 % of Mazda’s sales in the US and 44 % of Subaru’s versus 17 % for Nissan.

The only positive thing that Xi Jinping’s China has to say is that Trump appears to be more interested in criticizing US allies than his geopolitical rivals. After ruining 2025 for Ottawa and Mexico City, Trump is now focused on showing Brussels who’s boss.

For instance, Trump made an appearance to support Russian President Vladimir Putin in the election, even calling Volodymyr Zelensky a “dictator.”

” Despite Zelensky’s and European leaders ‘ best efforts to get on Trump’s good side, the US is no longer a reliable or a good-faith partner”, says Ian Bremmer, CEO at Eurasia Group.

If Vice President JD Vance’s speech at the Munich Security Conference debating European democracy had not made that clear enough, Bremmer writes that” US Treasury Secretary Scott Bessent’s attempt to shake down Zelensky for 50 % of Ukraine’s present and future mineral wealth revenues — not in exchange for future US support but as payment for past military aid disbursed under the Biden administration — should have.”

Bremmer points out that these terms account for a larger portion of the GDP of Ukraine than the reparations imposed on Germany by the Versailles Treaty of 1919.

Especially troubling, Bremmer says, is Trump’s effort to force a wartime election on Ukraine. Bremmer claims that doing this” to further the imperialist agenda” of Putin’s regime “is a stain on the United States and its role in the world” rather than” to advance American interests.”

All of this places the EU’s leaders in Berlin, Paris, and other locations in a very difficult position. Add in Trump’s vague tariff threats.

So far this year, Trump’s widening tariff blasts haven’t stopped European stock markets from rising.

” Markets are pricing in a deterioration in US-EU relations, a risk premium tied to Sunday’s German elections, and the potential for higher insurance costs as European nations seek to finance a sharp increase in defense spending”, says researcher Michael Brown at broker Pepperstone.

Analysts at Goldman Sach write that, if enacted, reciprocal tariffs front-run Trump’s most severe trade-war tools. The only positive aspect may be that, according to Goldman analysts, “it is also possible that a reciprocal tariff policy could incrementally reduce trade policy uncertainty once it is announced.”

Even before Trump’s tariffs, many of Europe’s biggest carmakers were facing intensifying headwinds, says Michael&nbsp, Dunne, CEO of auto industry advisory ZoZoGo.

” Privately, European automakers tell me they sense real danger – existential danger”.

Last year, Dunne says, Volkswagen delivered 1 million fewer cars in Europe than it did in 2019. ” Sales in China are collapsing”, he says. VW is shutting down its factories in Germany for the first time in recent memory.

Japan is also anticipating the worst. With each passing tariff threat, hopes that Shigeru Ishiba, the country’s prime minister, will “break” with Trump are thwarted.

Initial expectations were placed on Ishiba pulling off the kind of bond Shinzo Abe and Trump 1.0 created. Though it didn’t earn Japan many deliverables, Tokyo believes Abe shielded Japan from the trade war.

Japan is becoming aware that even the most unlikely scenario could have a devastating impact on the economy. In December, before he took office, Trump talked often about how he had contacts with Chinese leader Xi. ” We’ve had communication”, Trump said. He continued,” I had an agreement with President Xi, who I got along with very well.”

The deal concerned illegal drugs like fentanyl that might be coming from China. Ishiba worries that Trump’s true second-term objective is a “grand bargain” trade agreement with China, leaving Japan with no one else to watch from. So do executives at Toyota, Honda and Nissan.

According to Cody Acree, an analyst at Benchmark Co, the tariffs Trump has proposed would increase the average cost of cars and components from Mexico and Canada by$ 5,790.

Given its sheer volume of trade dollars, the complexity of the intertwined supply and manufacturing channel that has been developed over decades, and the sheer number of our companies that participate in support of this key consumer industry, Acree says,” we believe the auto sector is the most exposed to the risks of increased tariffs.”

Japan values the auto industry even more highly. Tokyo has no choice but to batten down the economic hatches and exploit the worst-case scenarios as Trump expands his tariffs plans to an industry crucial to Japan while keeping deflation in the rearview mirror.

Follow William Pesek on X at @WilliamPesek

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