Huawei’s new chip supplier draws US attention

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A startup set up by a former Huawei executive in Shenzhen has drawn Washington’s attention as it will reportedly supply chips to US-sanctioned Huawei Technologies. Established in June 2021, Shenzhen Pengxin Micro Integrated Circuit Manufacturing Co Ltd will receive its ordered chip-making machines next year and start producing 28 nanometer (nm) chips in 2025, media reports said.  […]

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North Korea trapped in an endless end-game

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SEOUL – To nobody’s surprise, North Korea test-fired two short-range ballistic missiles into the Sea of Japan at dawn Thursday, in what state media called a response to South Korea-US drills in the region. It is part of a high-speed cycle of action and reaction that has elevated tensions across the region in recent days […]

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Putin’s war speech contains outlines of a new world

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Russia’s annexation of southern and eastern Ukraine is political theater with elements of farce. President Vladimir Putin has conquered none of the oblasts (provinces) that he claims have joined Russia. Nor could he hold them. Only hours after he announced new annexations, Ukraine’s army dramatically embarrassed Putin, pushing his forces back from the strategically crucial city […]

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Turkey’s musical tug of war

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Turkish musicians, from guitar players to violin virtuosos, are putting down their instruments as a wave of political censorship sweeps the industry. Dozens of concerts and music festivals have been canceled in recent months by loyalists of the ruling Justice and Development Party (AKP). Consistent with President Recep Tayyip Erdogan’s agenda, the cancellations are part of […]

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How China’s lukewarm support for Russia benefits Ukraine

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Things are not going well for the Russian president, Vladimir Putin. On September 30 he announced the annexation of four Ukrainian regions that are partially controlled by Russia. Yet less than a day later, Ukrainian troops captured the strategic town of Lyman in the north of the annexed Donetsk region. Before the lower house of […]

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‘Pig butchering’ cyber scam upended in Cambodia

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This article was first published by ProPublica, a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox. A new type of online fraud emanating from scam sweatshops in Southeast Asia is facing its first major crackdown. Cambodian authorities have stepped up raids on compounds […]

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Truss must heed Abe’s ghost, not Thatcher’s

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TOKYO – As Liz Truss riffs on Margaret Thatcher and Ronald Reagan, a more recent failed experiment with supply-side economics leaps to relevance from the region: Japan’s so-called “Abenomics.”

Last week made for an intriguing split screen. On one half, moves by the new – and already embattled – UK prime minister to cut taxes for the nation’s top 1% fell flat in global markets. On the other, a state funeral for former Japanese prime minister Shinzo Abe, who had bet his legacy on a similar fiscal maneuver.

To be sure, Truss is backtracking on her tax cut plans to scrap the 45% income tax rate – for now, at least. But these zombie ideas never really die. Odds are, Team Truss – led by Finance Minister Kwasi Kwarteng – will try his ploy again presented in more palatable clothing. And soon.

The rise and fall of Abe’s legend as a great reformer sheds light on why gilt traders just aren’t having the Truss government’s reversion to Thatchernomics. The crux of the problem: just like Abe’s 2012-2020 tenure in Tokyo, Truss in London has a 1985 problem on her hands.

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