Thai cabinet approves controversial casino Bill

BANGKOK: &nbsp, Thailand’s cabinet approved a controversial Bill on Monday ( Jan 13 ) to legalise gambling in designated “entertainment complexes” to boost tourism and create jobs. The proposed legislation would permit games to be built within resorts and other entertainment complexes, including water parks, hotels, and shopping malls. IllegalContinue Reading

Philippine sect gathers to oppose VP Duterte impeachment

More than a million members of a powerful religious sect gathered in Manila on Monday ( Jan 13 ), according to police, in opposition to Vice President Sara Duterte’s election campaign. For the “national rally for peace,” organized by the conservative Iglesia ni Cristo ( Church of Christ ), crowdsContinue Reading

Will Japan win or lose under Trump 2.0? – Asia Times

Japan is experiencing something of an economic judgment that government officials seem to be omitted yet before Donald Trump’s resumption of office.

In at least four of the last five weeks of the year, Japan’s household saving fell. ” At least” is used here because the December numbers aren’t yet known. In November, real spending dropped 0.4 % year on year. There is no compelling reason to believe that stuff improved in the final 30 days of 2025.

The point is that the “virtuous cycle” Prime Minister Shigeru Ishiba‘s Liberal Democratic Party ( LDP ) has promised since 2012 still hasn’t arrived. That’s despite all the vodka cork-popping from the flower when labor organizations received their biggest increase in 33 years.

Ishiba has merely led since October 1st. And with approval ratings in the mid-20s, he might not be about much longer. Maybe that’s why Ishiba didn’t even get a meeting with Trump, despite meeting with nearly every planet leader imaginable, including Prince William. Just not that of Japan, Trump 1.0’s leading supporter among democratic governments.

It’s on Ishiba’s see, nevertheless, that Japan’s pre-existing financial circumstances are catching up with the area. These include obstinate efforts to increase productivity and meritocracy in the labour force, lessen bureaucracy, revive the innovation that Japan Inc. was again famous for, empower women, and encourage more foreign corporations to relocate to Tokyo.

More than address these financial problems, the LDP continues to fiddling with the signs. Look no further than the Bank of Japan’s ( BOJ) interest rate policies, which have been stifled around zero for 25 years. The BOJ still lacks the will to raise rates above the current 0. 25 %.

Whatever happened to Shinzo Abe’s strong prepare 12 years ago to recreate Japan’s economic model? Sure, the late prime minister cajoled companies to increase shareholder price, driving the Nikkei 225 Stock Average to all-time peaks. However, as 2025 draws near, worldwide investors are realizing that their optimism is not being matched by recent and bold reform initiatives in Tokyo.

Nor is Asia’s second-biggest business firing on some cylinder. Regular wages aren’t keeping up with inflation, which is one reason why house spending is sluggish. What makes everyone believe they’ll feed their paychecks as the Trump 2.0 era begins if CEOs were unwilling to do so in 2024?

According to Takafumi Fujita, an economist at Meiji Yasuda Research Institute,” It’s feared that higher taxes that President Trump has promised on China and other nations could stifle the global business and eventually hit Japan.”

Along with financial stability, international cooperation initiatives seem very much at risk.

” The US, Europe and Japan reconnected in a revitalized, cohesive G7 on issues such as financial sanctions, cybercrime, anti-money laundering and helping Ukraine against Russia”, says Mark Sobel, &nbsp, US chairman at the Official Monetary and Financial Institutions Forum ( OMFIF ). ” But that unification, too, is likely to fight as Trump 2.0 introduces uncertainty and fluctuation”.

The same holds true for governmental evils that threaten the global financial system. As Sobel puts it:” Public debt is high in the US, many of Europe, Japan and China. In the US, the macroeconomic direction is unsustainable. Trump is likely to increase imbalances from the already excessively high level of 7 % of GDP, pushing up longer-term rates, hurting funding and causing business nausea. Does bond vigilantes gain”?

The BOJ is in a specially difficult status because of this. It is possible for the BOJ to delay the rate increase and maintain the policy for a while if the Chinese economy is adversely impacted by the US price boost without a matching depreciation of the yen, according to Hitoshi Asaoka, senior strategist at Asset Management One.

Frank Benzimra, mind of Asia capital approach at Societe Generale, notes that “in the coming months, the capital markets look set to be shaped by China –the level of governmental support – the US – the dollar, trade, diplomacy and the Bank of Japan – the possible catalyst for carry-trade sleeping – policies. The goal won’t have to be “bearish” in any way.

However, optimism abounds in Asian business circles. According to a Kyodo News survey, nearly 80 % of Japan’s top companies believe that the local market will continue to grow in 2025 as wage increases stimulate consumer spending.

However, every zig-and-zag may require a lot of market adaptation. ” Markets will be quite volatile but without much significant net direction, as the perceived odds of these different]tariff ] scenarios oscillate”, says Phil Suttle, principal at Suttle&nbsp, Economics.

That goes, also, for northern banks from Tokyo to Washington. According to Daniel McCormack, head of research at Macquarie Asset Management,” a significant amount of core bank easing is currently priced into most rates markets, while credit spreads have tightened in recent months and are now somewhat thin by traditional standards.”

This, according to McCormack, “limits the upside in terms of returns for bonds, and equity asset classes are likely to benefit more from the macroeconomic environment that we anticipate seeing in 2025.” That said, yields have improved significantly in recent years, and absolute returns in 2025 should be healthy by historical standards.

Bond markets have moved to price in aggressive easing cycles by most major central banks in the upcoming quarters, with the notable exception of the Bank of Japan, for which further increases are priced, following clear signals from central bank officials that further easing is likely.

As such, many BOJ watchers still think it’s full speed ahead for rate hikes. Takeshi Yamaguchi, chief Japan economist at Morgan Stanley MUFG, says”, we retain our base-case forecast of a rate hike in January.”

The BOJ will need to raise the policy interest rate and adjust the degree of monetary accommodation, according to BOJ Governor Kazuo Ueda, who recently stated that “if economic activity and prices continue to improve, the BOJ will need to do so.”

And that “uncertainties regarding the incoming US administration’s economic policies” and how the annual Spring labor management wage negotiations will develop will have the final say on Japanese rates.

Izumi Devalier, an economist at Bank of America, says that Ueda’s comments” gave a stronger indication that the central bank may need to wait until at least the March&nbsp, monetary policy meeting to gain&nbsp, sufficient information&nbsp, to make the judgment for a hike.”

With a BOJ rate hike unlikely until March at the earliest, says Tony Sycamore, market analyst at IG Australia”, the risk of dollar-yen testing extending its rally towards 160/162 in early 2025 remains elevated “from 157 now.

Asaoka anticipates that the BOJ will increase the policy rate, which is regarded as neutral, to 1 % by the end of 2025. ” He adds that” if the Trump administration’s policies lead the Federal Reserve to pause rate cuts in 2025, the BOJ will find it relatively easier to proceed with rate hikes.”

Some investors are betting on the return of the good times for Japanese stocks given that scenario.

” We expect the Nikkei 225 will reach 45, 400 and TOPIX to 3, 190 by the end of 2025 “from 39, 190 now, says Hisashi Shiraki, strategist at Sumitomo Mitsui DS Asset Management.

He continues,” While foreign investors ‘ appetite for Japanese stocks appears sluggish, a sizable amount of share buybacks, up to 17 trillion yen in fiscal year 2024, could protect the downside and boost the stock market going forward.”

There’s an argument, too, that Japan Inc could benefit from deeper troubles being suffered elsewhere, says Junichi Inoue, head of Japanese equities at Janus Henderson Investors.

” Due to Japanese stocks ‘ comparatively low valuations versus global equities, and ongoing governance reforms contributing to return-on-equity improvements, we expect the market to demonstrate a certain level of resilience,” Inoue says.

Inoue also points out that” for these reasons, we think that Japanese equities can be seen as attractive risk-reward asset classes, deserving of an allocation in a diversified portfolio, particularly those that are exposed to global markets and global growth.”

However, such views may be deflated by global risks. Japan would absorb a lot of economic shrapnel, perhaps even more, despite Trump’s threatened trade war targeting China. For all China’s challenges, Xi Jinping’s team has been busily diversifying exports to Global South economies around the globe.

Shunsuke Kobayashi, chief economist at Mizuho Securities, acknowledges hope that Trump’s proposed tax reductions will help Japanese companies with significant US exposure offset the risks and increase profits. But either way, a giant trade war would slam Japan’s gross domestic product.

According to Kobayashi,” If that happens, capital investment would decline because we anticipate that exports will decline, ultimately affecting the broader economy.”

That could make Japan Inc. even less willing to raise wages. Japan has been more reluctant to turn its back on the American consumer. In Tokyo, there are no signs that the Fed will not be cutting interest rates as quickly as it had hoped.

Indeed, the Trumpian headwinds to come make 2025 a perilous time for Japan. Last month, the BOJ chose not to hike rates, which it later confirmed. Ahead of that December 19 decision, traders were primed for Ueda to tighten. Many felt its refusal to act smacked of fear, not pragmatism.

For the first time since 2011, traders last week pushed 10-year yields above 1.1 %, a clear indication that the BOJ erred by not raising.

” It’s like the rug was pulled out from under us,” Kazuhiko Sano, chief bond strategist at Tokai Tokyo Securities, tells Nikkei Asia.

Why should corporate executives and global investors if the BOJ doesn’t believe Japan is ready to abandon its financial training wheels?

Granted, there are legitimate arguments to support Japan Inc. companies that are cash-rich in their governance positions. Japan, after all, has carved out a place for itself as an Asia-region safe haven as deflation plagues China.

However, there will come a point when investors examine the underlying economy and wonder whether policy changes are keeping up with the level of optimism that is pervading the market.

A lack of household demand may give too many investors pause about Japan’s chances in the Trump 2.0 era as more and more investors look for an answer.

Of course, surprises are always possible. On the eve of July elections, Ishiba might find his reformist sea-legs and cling to power.

Trump might choose to prioritize a trade agreement with Xi’s China over a tariff-free arms race. Or perhaps the newly elected president will treat ally Japan favorably in the marketplace while punishing China.

But as a highly uncertain year begins, Japan’s past could catch up with it just as Ueda’s BOJ and Ishiba’s LDP stumble in the present.

Follow William Pesek on X at @WilliamPesek

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Bangkok unveils work-from-home policy amid air pollution

Thick smog shrouds Bangkok on Jan 9. (Photo: Pattarapong Chatpattaraprasill)
Bangkok is covered in thick haze on January 9. ( Photo: Pattarapong Chatpattaraprasill )

On Monday, Bangkok government Chadchart Sittipunt will make an announcement regarding a new work-from-home plan and expanding the city’s fresh air house project, which aims to prevent PM2.5 fine dirt pollution.

Mr Chadchart on Sunday reported improvements in the city’s air quality, with PM2.5 levels averaging 24.9 microgrammes per cubic metre (µg/m³ ) due to favourable weather conditions, strong winds and high ventilation rates. However, he said sand levels are expected to rise suddenly on Wednesday.

The government also mentioned programs to reduce work-from-home measures to encourage voluntary cooperation, which will also reduce traffic congestion, one element driving up PM2.5 amounts. On Monday, facts of the rules may be revealed. The Bangkok Metropolitan Administration ( BMA ) is preparing to use three strategies to address the PM2.5 dust problem. We will work from home if the PM2.5 amount reaches a critical stage that threatens open heath, he said.

Additionally, BMA will shut down schools and forbid traffic entering internal Bangkok on wheels of lorries. BMA spokesman Aekvarunyoo Amrapala highlighted the BMA’s work with various organisations, including the Thai Health Promotion Foundation ( ThaiHealth ), the Public Health Ministry’s Department of Health and Fulfill Social Enterprise Limited Partnership.

These actions are intended to inform individuals about the dangers that air pollution poses for their wellbeing. Initial involvement for the program is 32 BMA universities, and it will grow to 437. As part of the project, 405 air quality panels may be provided to classrooms by the Fulfill Social Enterprise Limited Partnership. To day, 382 panels have been handed over, with 17 products in the shipping process.

The BMA’s Department of Education even plans to create dust-free rooms for school students in 429 institutions in the 2025 fiscal year, covering 1, 996 rooms. Improvements include air-conditioning, air systems and carbon monoxide displays. In order to promote green city development, renewable energy, and environmental sustainability, the BMA is also working with the Metropolitan Electricity Authority ( MEA ) to install solar panels in schools.

The program is targeting medium and large colleges, and will start with a test at 50 with regular energy bills exceeding 50, 000 ringgit later this month, said Mr Aekvarunyoo.

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City unveils WFH policy to protect air

Thick smog shrouds Bangkok on Jan 9. (Photo: Pattarapong Chatpattaraprasill)
Bangkok is covered in thick dust on January 9. ( Photo: Pattarapong Chatpattaraprasill )

On Monday, Bangkok government Chadchart Sittipunt will make an announcement regarding a new work-from-home policy and expanding the city’s fresh air house project, which aims to prevent PM2.5 fine dirt pollution.

Mr Chadchart on Sunday reported improvements in the city’s air quality, with PM2.5 levels averaging 24.9 microgrammes per cubic metre (µg/m³ ) due to favourable weather conditions, strong winds and high ventilation rates. But, he said dust levels are expected to rise suddenly on Wednesday.

The government also mentioned programs to improve work-from-home measures to encourage voluntary cooperation, which will also reduce traffic congestion, one element driving up PM2.5 amounts. On Monday, facts of the rules may be revealed. The Bangkok Metropolitan Administration ( BMA ) is preparing to use three strategies to address the PM2.5 dust problem. We will work from home if the PM2.5 amount reaches a crucial state that threatens public wellbeing, he said.

Additionally, BMA will shut down schools and forbid traffic entering inside Bangkok on wheels of lorries. BMA spokesman Aekvarunyoo Amrapala highlighted the BMA’s work with various organisations, including the Thai Health Promotion Foundation ( ThaiHealth ), the Public Health Ministry’s Department of Health and Fulfill Social Enterprise Limited Partnership.

These actions are intended to inform individuals about the dangers that air pollution poses for their wellbeing. Initial involvement for the program is 32 BMA universities, and it will grow to 437. As part of the project, 405 air quality panels may be provided to classrooms by the Fulfill Social Enterprise Limited Partnership. To day, 382 panels have been handed over, with 17 products in the shipping process.

The BMA’s Department of Education even plans to create dust-free rooms for school students in 429 institutions in the 2025 fiscal year, covering 1, 996 rooms. Improvements include air-conditioning, air systems and carbon monoxide displays. In order to promote green city development, renewable energy, and environmental sustainability, the BMA is also working with the Metropolitan Electricity Authority ( MEA ) to install solar panels in schools.

The program is targeting medium and large colleges, and may start with a test at 50 with regular energy bills exceeding 50, 000 ringgit later this month, said Mr Aekvarunyoo.

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UK finance minister begins China visit amid government bond crisis

As UK borrowing costs soar, British finance minister Rachel Reeves made a trip to China on Saturday ( January 11 ). The aim is to rekindle the conversation with the world’s second-largest economy.

Reeves, who has the conventional title of Chancellor of the Exchequer, is the most mature British government official to travel to China since Theresa May, then-prime minister, last year, when she spoke with Xi Jinping.

Reeves’s move comes as the yield on Scottish government bonds increased to a 17-year higher this week, putting pressure on the Labour Party’s sluggish efforts to revive growth.

The government is more expensive to finance existing businesses and pay off debt, which raises the possibility that it will have to cut spending or raise taxes due to the increase.

Carter acknowledged “movements in global financial markets over the last few time,” but she also said the governmental guidelines she set out in her October resources were “non-negotiable.”

” Development is the number one goal of this state, to make our country much off”, she said at British bicycle-maker Brompton’s Beijing store.

” That’s why I’m in China, to uncover tangible benefits for American firms exporting and trading around the world”, she said.

Reeves was under pressure from the political opposition to be home to deal with the economic crisis, but a Premier Party spokeswoman said she had no intention of reversing her “long-standing” China trip.

She is expected to meet her Taiwanese counterpart, He Lifeng, for economic and financial speaks early Saturday.

They might try to revive the long-paused monthly trade and investment speech and discuss possible ways for assistance, including financial companies.

China’s foreign ministry said Friday that the two sides may “open discussions on economic policy and financial globalisation, trade and investment, technological cooperation, economic market development and cooperation on economic regulation”.

At a regular news briefing, ministry spokesman Guo Jiakun stated that” China and the UK are strengthening economic and financial assistance agreements with the two nations ‘ passions and will add clarity and give new life to the growth of the global economy.”

Practical APPROACH

The visit includes the attendance of the key executive of the UK’s Financial Conduct Authority and the government of the Bank of England.

A Starmer spokesman said Reeves was prepared to bring up the subject of individual freedom in a show of the tense character of relationships.

After growing tensions with his Liberal successors over trade, animal rights, and Beijing’s assault on the former British colony of Hong Kong, Starmer has attempted to rekindle diplomatic relations with China.

Starmer and Xi, who met at the G20 summit in Brazil in November, became the first British prime minister to match each other since 2018.

However, following allegations that a Chinese business allegedly spied on the Communist Party using his connections to Britain’s Prince Andrew, which Beijing has refuted as “posterous,” confidence is strained.

On Thursday, British Foreign Secretary David Lammy fleshed out London’s philosophy of “progressive authenticity” in managing relationships with the Eastern powerhouse.

The technique involves “pragmatic commitment to cooperate with China where we can, such as on business, culture, global health or Artificial regulation”, Lammy said.

However, he added that Britain would” challenge ( China ) where there are clear threats,” such as by appointing businesses that support Russia’s invasion of Ukraine, urging the release of Hong Kong democracy advocate Jimmy Lai, and calling for an end to human rights abuses in Xinjiang, where Beijing is accused of a sweeping crackdown on Muslim minorities.

” We will join with China. We have to challenge them not to throw their lot in with ( Vladimir ) Putin”, Lammy said.

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UK treasurer says London ‘natural home’ for Chinese finance

In the midst of the turmoil in the global bond market, British Treasurer Rachel Reeves claimed on Saturday ( Jan 11 ) that when she visited Beijing, she said, “natural home” for Chinese finance.

Reeves is the most mature American government official to travel to China since Theresa May and President Xi Jinping spoke with him seven years ago, as the formal name is chancellor of the exchequer.

The Labour Party’s gurgling efforts to revive growth are further hampered by the yield on American government bonds, which hit a 17-year substantial this week.

The government is more expensive to finance existing procedures and pay off debt, which raises the possibility that it will have to reduce spending or raise taxes as a result of the increase.

Carter stated that as a result of the resumption of the two countries ‘ long-sought finance discussions, London would be a “natural home for China’s monetary services companies and your clients raising money, and a rocket for Chinese companies seeking to build a global imprint.”

She hailed “opportunities to develop links” on capital markets, but said both places needed to work more closely on “regulatory assistance”.

At a later media briefing, Reeves said” common earth” had been found on financial companies, business, investment, climate change and other places.

She said the total value of what had been agreed would be worth £600 million ( US$ 732 million ) for the British economy over the next five years, without giving specific details.

Her Chinese counterpart, Vice Premier He Lifeng, said experience showed that” as long as China and the UK respect each other… relations between ( the ) two countries can develop in a healthy way”.

Reeves was pressured by the political opposition to remain at home and address the financial problems, but a spokeswoman for Prime Minister Keir Starmer said this week that she had not intended to reschedule her “long-standing” vacation.

On a visit to British bicycle-maker Brompton’s Beijing store before on Saturday, Reeves acknowledged “moves in global financial markets over the last few time”, but said the fiscal principles she set out in her October resources were “non-negotiable”.

” Development is the number one goal of this state, to make our country much off”, she said, adding that her visit had “unlock substantial benefits for American companies”.

The visit included the attendance of the UK’s Financial Conduct Authority’s governor and its chief executive.

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When Jimmy Carter met Kim Il-sung and stopped a nuclear war

AP Former President Jimmy Carter and,. behind him, former First Lady Rosalynn Carter with Kim Il Sung aboard the North Korean leader's yacht during their 1994 visit to Pyongyang. (SINGLE USE ONLY. DO NOT REUSE)AP

Three decades ago, the world was on the brink of a nuclear showdown – until Jimmy Carter showed up in North Korea.

In June 1994, the former US president arrived for talks in Pyongyang with then leader Kim Il-sung. It was unprecedented, marking the first time a former or sitting US president had visited.

But it was also an extraordinary act of personal intervention, one which many believe narrowly averted a war between the US and North Korea that could have cost millions of lives. And it led to a period of greater engagement between Pyongyang and the West.

All this may not have happened if not for a set of diplomatic chess moves by Carter, who died aged 100 on 29 December.

“Kim Il-sung and Bill Clinton were stumbling into a conflict, and Carter leapt into the breach, successfully finding a path for negotiated resolution of the standoff,” North Korean expert John Delury, of Yonsei University, told the BBC.

Kyodo North Korea's Yongbyon nuclear plant is seen before a cooling tower (R) is demolished, in this photo taken June 27, 2008 and released by Kyodo.Kyodo

In early 1994, tensions were running high between Washington and Pyongyang, as officials tried to negotiate an end to North Korea’s nuclear programme.

US intelligence agencies suspected that despite ongoing talks, North Korea may have secretly developed nuclear weapons.

Then, in a startling announcement, North Korea said it had begun withdrawing thousands of fuel rods from its Yongbyon nuclear reactor for reprocessing. This violated an earlier agreement with the US under which such a move required the presence of inspectors from the International Atomic Energy Agency (IAEA) nuclear watchdog.

North Korea also announced it would withdraw from the IAEA.

American suspicion spiked as Washington believed Pyongyang was preparing a weapon, and US officials broke off negotiations. Washington began preparing several retaliatory measures, including initiating UN sanctions and reinforcing troops in South Korea.

In subsequent interviews, US officials revealed they also contemplated dropping a bomb or shooting a missile at Yongbyon – a move which they knew would have likely resulted in war on the Korean peninsula and the destruction of the South’s capital, Seoul.

It was in this febrile atmosphere that Carter made his move.

For years, he had been quietly wooed by Kim Il-sung, who had sent him personal entreaties to visit Pyongyang. In June 1994, upon hearing Washington’s military plans, and following discussions with his contacts in the US government and China – North Korea’s main ally – Carter decided to finally accept Kim’s invitation.

“I think we were on the verge of war,” he told the US public broadcaster PBS years later. “It might very well have been a second Korean War, within which a million people or so could have been killed, and a continuation of the production of nuclear fissile material… if we hadn’t had a war.”

Carter’s visit was marked by skillful diplomatic footwork – and brinkmanship.

First, Carter had to test Kim’s sincerity. He made a series of requests, all of which were agreed to, except the last: Carter wanted to travel to Pyongyang from Seoul across the demilitarised zone (DMZ), a strip of land that acts as a buffer between the two Koreas.

“Their immediate response was that no-one had ever done this for the last 43 years, that even the United Nations secretary-general had to go to Pyongyang through Beijing. And I said, ‘Well, I’m not going, then’,” he said.

A week later, Kim caved.

The next step for Carter was harder – convincing his own government to let him go. Robert Gallucci, the chief US negotiator with North Korea at the time, later said there was “discomfort in almost all quarters” about the US essentially “subcontracting its foreign policy” to a former president.

Carter first sought permission from the State Department, who blanked him. Unfazed, he decided to simply inform then-US president Bill Clinton that he was going, no matter what.

He had an ally in vice-president Al Gore, who intercepted Carter’s communication to Clinton. “[Al Gore] called me on the phone and told me if I would change the wording from “I’ve decided to go” to “I’m strongly inclined to go” that he would try to get permission directly from Clinton… he called me back the next morning and said that I had permission to go.”

The trip was on.

AFP Former U.S. President Jimmy Carter and his wife Rosalynn wave to journalists, surrounded by a crowd. He wears a dark suit, and she wears blue skirt, jacket and scarfAFP

‘Very serious doubts’

On 15 June 1994, Carter crossed over to North Korea, accompanied by his wife Rosalyn, a small group of aides and a TV crew.

Meeting Kim was a moral dilemma for Carter.

“I had despised Kim Il-sung for 50 years. I was in a submarine in the Pacific during the Korean War, and many of my fellow servicemen were killed in that war, which I thought was precipitated unnecessarily by him,” he told PBS.

“And so I had very serious doubts about him. When I arrived, though, he treated me with great deference. He was obviously very grateful that I had come.”

Over several days, the Carters had meetings with Kim, were taken on a sightseeing tour of Pyongyang and went on a cruise on a luxury yacht owned by Kim’s son, Kim Jong-il.

Carter discovered his hunch was right: North Korea not only feared a US military strike on Yongbyon, but was also ready to mobilise.

“I asked [Kim’s advisers] specifically if they had been making plans to go to war. And they responded very specifically, ‘Yes, we were’,” he said.

“North Korea couldn’t accept the condemnation of their country and the embarrassment of their leader and that they would respond.

“And I think this small and self-sacrificial country and the deep religious commitments that you had, in effect, to their revered leader, their Great Leader as they called him, meant that they were willing to make any sacrifice of massive deaths in North Korea in order to preserve their integrity and their honour, which would have been a horrible debacle in my opinion.”

Carter presented a list of demands from Washington as well as his own suggestions. They included resuming negotiations with the US, starting direct peace talks with South Korea, a mutual withdrawal of military forces, and helping the US find remains of US soldiers buried in North Korean territory.

“He agreed to all of them. And so, I found him to be very accommodating,” Carter said. “So far as I know then and now, he was completely truthful with me.”

Crucially, Carter came up with a deal where North Korea would stop its nuclear activity, allow IAEA inspectors back into its reactors, and eventually dismantle Yongbyon’s facilities. In return, the US and its allies would build light-water reactors in North Korea, which could generate nuclear energy but not produce material for weapons.

Getty Images US President Bill Clinton smiles as he listens to speakers with former US President Jimmy Carter in front of a yellow curtain during a rally in 2000 in support of permanent normal trade relations (PNTR) with China. Getty Images

While enthusiastically embraced by Pyongyang, the deal was met with reluctance from US officials when Carter suggested it in a phone call. He then told them he was going on CNN to announce details of the deal – leaving the Clinton administration little choice but to agree.

Carter would later justify forcing his own government’s hand by saying he had to “consummate a resolution of what I considered to be a very serious crisis”. But it did not go down well back home – officials were unhappy at Carter’s “freelancing” and attempt to “box in” Clinton, according to Mr Gallucci.

Near the end of the trip, they told him to convey a statement to the North Koreans, reiterating Clinton’s public position that the US was continuing to press for UN sanctions. Carter disagreed, according to reports at that time.

Hours later, he got on the boat with Kim, and promptly went off-script. As TV cameras rolled, he told Kim the US had stopped work on drafting UN sanctions – directly contradicting Clinton.

An annoyed White House swiftly disowned Carter. Some openly expressed frustration, painting a picture of a former president going rogue. “Carter is hearing what he wants to hear… he is creating his own reality,” a senior official complained at the time to The Washington Post.

Many in Washington also criticised him for the deal itself, saying the North Koreans had used him.

But Carter’s savvy use of the news media to pressure the Clinton administration worked. By broadcasting his negotiations almost instantaneously, he gave the US government little time to react, and immediately after his trip “it was possible to see an almost hour-by-hour evolution in US policy towards North Korea” where they ratcheted down their tone, wrote CNN reporter Mike Chinoy who covered Carter’s trip.

Though Carter later claimed he had misspoken on the sanctions issue, he also responded with typical stubbornness to the blowback.

“When I got back to Seoul, I was amazed and distressed at the negative reaction that I had from the White House. They urged me not to come to Washington to give a briefing, urged me to go directly to… my home,” he said.

But he went against their wishes.

“I decided that what I had to offer was too important to ignore.”

A final dramatic coda to the episode happened a month later.

On 9 July 1994, on the same day as US and North Korean officials sat down in Geneva to talk, state media flashed a stunning announcement: Kim Il-sung had died of a heart attack.

Carter’s deal was immediately plunged into uncertainty. But negotiators ploughed through, and weeks later hammered out a formal plan known as the Agreed Framework.

Though the agreement broke down in 2003, it was notable for freezing Pyongyang’s nuclear programme for nearly a decade.

‘Carter had guts’

Robert Carlin, a former CIA and US state department official who led delegations in negotiations with North Korea, noted that Carter’s real achievement was in getting the US government to co-operate.

“Carter was, more or less, pushing on an open door in North Korea. It was Washington that was the bigger challenge… if anything, Carter’s intervention helped stop the freight train of US decision-making that was hurtling toward a cliff,” he told the BBC.

Carter’s visit was also significant for opening a path for rapprochement, which led to several trips later, including one in 2009 when he travelled with Clinton to bring home captured US journalists.

He is also credited with paving the way for Donald Trump’s summit with Kim Jong Un – Kim Il-sung’s grandson – in 2018, as “Carter made it imaginable” that a sitting US president could meet with a North Korean leader, Dr Delury said.

That summit failed, and of course, in the long run Carter’s trip did not succeed in removing the spectre of nuclear war, which has only grown – these days North Korea has missiles regarded as capable of hitting the US mainland.

But Carter was lauded for his political gamble. It was in sharp contrast to his time in office, when he was criticised for being too passive on foreign policy, particularly with his handling of the Iran hostage crisis.

His North Korea trip “was a remarkable example of constructive diplomatic intervention by a former leader,” Dr Delury said.

His legacy is not without controversy, given the criticism that he took matters in his own hands. His detractors believe he played a risky and complicated game by, as CNN’s Mike Chinoy put it, “seeking to circumvent what he viewed as a mistaken and dangerous US policy by pulling the elements of a nuclear deal together himself”.

But others believe Carter was the right man for the job at the time.

He had “a very strong will power”, but was also “a man of peace inside and out,” said Han S Park, one of several people who helped Carter broker the 1994 trip.

Though his stubbornness also meant that he “did not get along with a lot of people”, ultimately this combination of attributes meant he was the best person “to prevent another occurrence of a Korean War”, Prof Park said.

More than anything, Carter was convinced he was doing the right thing.

“He didn’t let US government clucking and handwringing stop him,” says Robert Carlin. “Carter had guts.”

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Blacklisting of Tencent, CATL fuels US-China tensions – Asia Times

Chinese commentators have criticized the US Department of Defense for pushing unilateralism after including Tencent Holdings and Contemporary Amperex Technology Co ( CATL ) on its” Chinese military companies” list.

The Department updated the Section 1260H record of Taiwanese military organizations that are active in the US on January 7. The updated CMC record today includes 134 Chinese firms. &nbsp,

From HK$ 408.6 on January 6, stock of Tencent, the largest Hong Kong-listed firm by market cap, have declined 9.5 % to HK$ 369.6 as of January 10. Shares of the Shenzhen-listed CATL have dropped 4.2 % to 246 yuan ( US$ 33.5 ) during the period. &nbsp,

Apart from Tencent and CATL, Commercial Aircraft Corporation of China Limited ( Comac ), which produces China’s self-developed C919 airliners, was added to the CMC List for the second time. The organization had been on the checklist in January 2021, but it was later dropped in June of that year after winning an appeal. &nbsp,

Big manufacturers to Comac’s C919 plane include the United States ‘ GE Aviation, Collins Aerospace and Honeywell Aerospace and France’s Safran Aircraft Engines. &nbsp,

A dozen additional subsidiaries of the previously blacklisted Aviation Industry Corporation of China Ltd ( AVIC ), China Aerospace Science and Industry Corporation Limited ( CASIC ), and China Communications Construction Group (CCCG) were included on the CMC List. &nbsp,

CXMT, a company based in Hefei and that produces DRAM for use in bright cars and computer servers, is even currently listed on the list. &nbsp,

Last March, media reports said CXMT would be blacklisted because it planned to make high-bandwidth memory ( HBM ) chips, which can be used as artificial intelligence ( AI ) accelerators. &nbsp, &nbsp,

The defense department said updating the Section 1260H list is an important continuing effort in highlighting and countering the People’s Republic of China’s “military-civil fusion” strategy, which aims to help the People’s Liberation Army ( PLA ) acquire advanced technologies and expertise from local companies, universities and research programs.

According to the statement, the US government has the right to acquire additional actions against these individuals under laws other than Section 1260H. &nbsp,

China” strongly opposes the United States ‘ exercise of overstretching the concept of regional security, making biased names in different brands, and going after Chinese firms to include China’s high-quality enhancement,” Guo Jiakun, a spokesperson for the Chinese Foreign Ministry, said in a press briefing on January 7. &nbsp,

He urged the US to quickly correct its transgressions and stop its unlawful unilateral sanctions and long-arm legality against Chinese businesses. He stated that China would take all necessary steps to protect its legitimate right to growth and the legal rights and interests of Chinese firms.

Harsh competition

Zhou Xinping, a journalist for the Beijing Review, writes in an article published on January 9 that” some of the 134 companies on the Foreign Military Companies listing are defence contractors, but many others are related to the security industry sector.” They are “blacklisted because they are technologies companies.” Why Tencent is included in the list this time is certainly difficult to understand.

” This kind of destruction has nothing to do with national protection, but with cruel competitors”, Zhou says. The US government “is engaging in unethical actions against Chinese tech firms to maintain US companies ‘ advantages.”

Zhou claims that Tencent’s participation on the CMC List bestexes the growing unilateralism of the United States. He claims that the international community needs to unite to protect the world’s business regulations and buy.

” The United States ‘ inclusion of Chinese firms on different lists has become a methods of suppressing China’s scientific and technological growth”, says Huang Haifeng, a Shaanxi-based journalist. These actions may cause problems for some top-tier businesses in the near future, but they will help improve Chinese firms ‘ ability to innovate and be more globally competitive.

Huang points out that some firms, such as Xiaomi Corp and Advanced Micro-Fabrication Equipment, had won their appeals in the past and been removed from the list. He suggests that businesses that are on the verge of US restrictions shouldn’t become concerned because they can still grow their businesses by working with companies outside the US. &nbsp,

In a stock exchange processing on January 7, Tencent’s Chairman Ma Huateng claimed that Tencent’s participation on the CMC List was incorrect because it is “neither a Taiwanese military organization nor a military-civil integration contribution to the Chinese security commercial base.”

He said that Tencent intends to start a review method to correct this error. ” During the process, it will engage in discussions with the DOD to resolve any misunderstanding, and if necessary, will undertake legal proceedings to remove the company from the CMC List” .&nbsp,

Ma emphasized that inclusion on the CMC List will not forbid anyone from conducting business with Tencent because it is different from the Non-Specially Designated Nationals Chinese Military-Industrial Complex ( NS-CMIC ) list maintained by the US Treasury’s Office of Foreign Assets Control ( OFAC ). &nbsp,

Qui Mengyun, a companion at AllBright Law Offices, a Shanghai-based law company, said although firms on the CMC List are not subject to economic sanctions and US export controls, they will encounter obstacles when buying for some US state contracts. &nbsp, &nbsp, &nbsp,

She claimed that the NS-CMIC List and the CMC List have some similarities.

Numerous businesses on the CMC List were previously sanctioned by the US Treasury and Commerce Department. &nbsp,

Those sanctioned by the US Treasury, such as Huawei Technologies, find it difficult to export their products to countries that settle trade in US dollars. &nbsp,

Those who have been approved by the Commerce Department, such as Dawning Information Industry Co ( Sugon ) and Semiconductor Manufacturing International Corp ( SMIC ), are unable to purchase expensive machinery and parts from the US. They must either sell their units or obtain US parts and supplies from third parties or from foreign nations.

Yong Jian contributes to the Asia Times. He is a Chinese journalist who specializes in Chinese technology, economy and politics. &nbsp,

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