2024-11-19: BOJ, Modi's Visit to Rio
New lines of communication and new international bridges
Today's Developments
Widely Reported On Issues of Importance
Bank of Japan interest rate decisions tied to U.S. economy
The dollar-yen exchange rate on the Tokyo foreign exchange market on the 18th stood at approximately 154.27 yen per dollar, a decline of about 1.50 yen since the previous weekend. In New York, the rate had ended the prior trading day at around 154.30 yen, down about 2.00 yen from earlier levels. This trend of dollar decline and yen increase is attributed to profit-taking and position adjustments, with the rate temporarily dropping to 153.86 yen. The market is particularly focused on remarks from Bank of Japan Governor Ueda Kazuo, who is scheduled to speak at a financial and economic forum in Nagoya, creating a cautious market sentiment regarding potential interest rate hikes.
The euro was trading at approximately 1.0549 dollars, down slightly by 0.0006 dollars compared to the previous week, and at around 162.74 yen against the yen, reflecting a decrease of just under 1.70 yen since the previous week. This situational backdrop aligns with a decrease in the Nikkei average, which briefly reached 153.83 yen after 9:40 a.m.
Bank of Japan Governor Kazuo Ueda, addressing business leaders in Nagoya, highlighted progress towards sustained inflation in Japan, supported by rising wages. He expressed optimism about wage-inflation pressures as companies increase pay, suggesting the potential for future interest rate hikes. However, Ueda cautioned about external risks, notably uncertainties surrounding the U.S. economy and market volatility. He noted an increased probability of a soft landing for the U.S. economy while insisting on the importance of continued monitoring, especially given contrasting geopolitical risks that could trigger renewed market volatility.
Ueda reiterated the Bank of Japan's readiness to raise interest rates if economic conditions align with expectations, while remaining vague on the timing of such a move. This lack of specific guidance on interest rate timing has fostered a modest strengthening of the dollar, which rose 0.4% to 154.77 yen. Ueda stressed the importance of evaluating overseas economic trends and wage developments as critical indicators for economic and price forecasting. He raised the potential issue of inflation resurfacing in the United States due to aggressive fiscal policies anticipated under President-elect Trump and noted the significance of labor-management negotiations and service price trends that heavily impact labor costs.
The Bank of Japan had previously raised its policy interest rate to about 0.25% in July, maintaining this rate through September and October. Speculation persists about another possible rate hike, with some anticipating action as early as the December meeting. Among various economic indicators, there has been a noted decrease in private demand for machinery orders and fluctuations in the Nikkei average and Hokkaido sweet potato production, further reflecting the nuanced economic conditions impacting Japan's financial landscape.
外為サマリー：一時１５３円８０銭台に軟化、日銀総裁発言を警戒
Yahoo Finance | Local Language | News
BOJ to keep hiking rates if economy, prices move as expected: Ueda
Kyodo News | English | News
BOJ chief sees higher chance of wage-driven inflation in Japan
Asahi Shimbun - E | English | News
今日の為替市場ポイント：米利下げ年内終了の思惑残る
Yahoo Finance | Local Language | News
利上げ「毎回の決定会合で判断」 日銀・植田総裁、米経済を注視
Nishi Nippon | Local Language | News
利上げ「毎回会合で判断」 日銀の植田和男総裁、米経済を注視
The Sankei News | Local Language | News
日銀の植田和男総裁、追加利上げは「物価安定目標の実現に資する」…「米でインフレ再燃リスクも」
Yomiuri Shimbun | Local Language | News
Modi's Visit to Rio: G20 Summit and Global Climate Challenges
As the climate talks in Baku advance to the ministerial level, the focus transitions to the impending G20 leaders' meeting in Rio de Janeiro.
The recent UN climate summit revealed stark divisions, primarily concerning financial commitments and progress since last year's global stock take. This lack of consensus was underscored by the invocation of "Rule 16," which precluded an official record of discussions. The talks are anticipated to continue in Bonn over the summer. Trust issues have emerged regarding emission reduction and climate finance commitments for developing nations, with the Like Minded Group of Developing Countries expressing frustration over perceived obstructionism. The Bolivian delegate highlighted stagnation in financial negotiations affecting countries like India and China. Meanwhile, Finland, representing the EU, underscored the necessity for concrete commitments in adaptation, mitigation, and energy transitions. Brazil has emphasized the role of public finance as a catalyst for private investments and called for a significant financial signal from the G20 to invigorate climate action.
Prime Minister Narendra Modi has arrived in Rio de Janeiro for the G20 Summit, part of his three-nation tour that included an important visit to Nigeria. The summit, scheduled for November 18 and 19, will tackle pivotal global economic issues and foster cooperation among its member nations. As part of the Troika with Brazil and South Africa, Modi plans to hold bilateral talks with leaders like US President Joe Biden and Chinese President Xi Jinping. These discussions follow Modi's diplomatic successes in Nigeria, where he met with President Bola Ahmed Tinubu, engaged with the Indian community, strengthened sectoral cooperation, and pledged humanitarian aid for flood relief.
Modi's arrival in Rio was met with enthusiasm, highlighted by a welcoming ceremony featuring Vedic chants and support from the local Indian community. The summit aims to champion the interests of the Global South, building on India's successful presidency, which redefined G20 priorities. Modi is expected to continue this advocacy under the theme "One Earth, One Family, One Future," showcasing Brazil's efforts to build on India's G20 legacy.
Environmental challenges in India remain pressing, as the air quality index reaches hazardous levels, necessitating immediate action. Environment Minister Gopal Rai will lead a meeting in Delhi to implement the Graded Response Action Plan (GRAP IV) to combat severe air pollution. The Commission for Air Quality Management has activated Stage IV of GRAP, while the Supreme Court is addressing a related petition. Meanwhile, in political developments, the National People's Party has withdrawn its support from Manipur's BJP-led government amid ongoing violence and ineffective measures to restore normalcy.
In Sri Lanka, a new Cabinet is forming following parliamentary elections, with the National Peoples Power party securing a two-thirds majority. The swearing-in ceremony at the Presidential Secretariat indicates a shift in the regional political landscape. Modi's travel itinerary also includes a historic visit to Guyana from November 19 to 21, marking the first visit by an Indian prime minister to the country in over 50 years.
After COP29 impasse, all eyes on Rio G20 meet
The Economic Times | English | News
After Nigeria, PM Modi lands in Brazil for G20 Summit
Times of India | English | News
PM Modi arrives in Brazil to attend G20 Summit on tour's second leg
Deccan Herald | English | News
PM Narendra Modi arrives in Brazil to attend G20 Summit
The Economic Times | English | News
Livemint | English | News
Rio G20 Meeting Live Updates: PM Modi lands in Brazil for 19th G20 Leader's Summit
The Economic Times | English | News
Vietnam and Brazil Amplify Economic Ties Through Strategic Dialogue
In a significant diplomatic move aimed at enhancing economic cooperation, Prime Minister Pham Minh Chinh met with leaders from four major Brazilian corporations—Embraer, JBS, Oceanside One Trading Corporation, and Alterosa Corporation—on November 17 in Rio de Janeiro.
The primary agenda of these meetings was to surpass the projected $7.1 billion bilateral trade mark for 2023 by building on mutual trust and the complementary strengths of the Vietnamese and Brazilian economies.
Prime Minister Chinh's discussions with Embraer focused on leveraging Vietnam's strategic geographical advantages to establish it as an aviation hub, emphasizing operational efficiency, training, and technology transfer. His dialogue with Alterosa Corporation explored advancing Vietnam's digital economy through collaboration in digital payment solutions, smart card technology, and other financial services, with a particular interest in artificial intelligence and cloud computing.
During the meeting with JBS, the Prime Minister highlighted the strategic opportunities in agriculture and food security, advocating for investments that would expand JBS’s supply chain and promote Vietnamese agricultural products. In discussions with Oceanside One Trading Corporation, there was palpable optimism about enhancing trade relationships through a prospective free trade agreement between Vietnam and MERCOSUR, aimed at boosting exports and improving logistics networks.
The Vietnam-Brazil Business Forum attracted nearly 100 business delegates and officials, where crucial discussions took place about a potential free trade agreement with MERCOSUR. This highlighted Brazil’s role as Vietnam's leading trade partner in Latin America and projected sustained growth in bilateral trade. By October 2024, Brazilian investments in Vietnam amounted to $3.85 million across seven projects, while Vietnamese investments in Brazil stood at $700,000.
Brazilian Minister Paulo Teixeira commended Vietnam's contributions to the Global Alliance to Fight Poverty, underscoring the importance of collaboration in agriculture, technology, and trade. The forum acknowledged Vietnam's strategic position in Southeast Asia and forecasted a trade turnover with Brazil to exceed $90 million in 2024, with aspirations reaching $500 million by 2030. Following meetings with Brazilian President Luiz Inacio Lula da Silva, Prime Minister Chinh announced the elevation of bilateral relations to a Strategic Partnership, emphasizing high-tech projects, renewable energy, and innovation.
Prime Minister Chinh stressed the urgency of negotiating a Free Trade Agreement and investment deals to fortify economic ties, urging Brazil to acknowledge Vietnam's market economy status. Both countries are encouraged to focus on agriculture, food security, and seek future growth in high-tech industries and renewable energy, backed by reforms and enhanced infrastructure.
Key exports in this trade relationship include Vietnamese seafood, textiles, and rubber, and Brazilian soybeans and corn. At the Vietnam-Brazil Business Forum, plans were articulated for increased collaboration in aviation and semiconductors, setting ambitious trade goals. Prime Minister Chinh and President Lula advocated for an upgraded Strategic Partnership during the forum, urging participants to foster connections and enhance the bilateral investment environment. At the G20 Summit, Chinh articulated growth targets of $10 billion by 2025 and $15 billion by 2030 for bilateral trade, with a particular focus on renewable energy and high-tech industries.
Thủ tướng: Tháo gỡ điểm nghẽn, đưa hợp tác kinh tế Việt Nam - Brazil phát triển xứng tầm
Prime Minister | Local Language | Government
Thủ tướng đề nghị đưa hợp tác kinh tế với Brazil phát triển xứng tầm
Prime Minister proposes to develop economic cooperation with Brazil to its full potential
VN Express | Local Language | News
Việt Nam - Brazil đặt mục tiêu đạt 10 tỷ USD kim ngạch thương mại song phương
Vietnam - Brazil aim to reach 10 billion USD in bilateral trade turnover
VTV News | Local Language | News
Thủ tướng Phạm Minh Chính làm việc với các tập đoàn kinh tế hàng đầu Brazil
Prime Minister Pham Minh Chinh works with leading economic groups in Brazil
VTV News | Local Language | News
"Tháo gỡ điểm nghẽn, đưa hợp tác kinh tế Việt Nam - Brazil phát triển"
"Removing bottlenecks, developing Vietnam - Brazil economic cooperation"
Dantri | Local Language | News
Japan's Machinery Orders Decline for Third Month, Signaling Investment Challenges
Japan's machinery orders experienced a decline of 0.7% in September, marking the third consecutive month of downturn and contradicting expectations of a 1.9% increase.
This decrease also represents a year-over-year drop of 4.8%. These orders, which exclude ships and electricity, are a critical leading indicator for capital investment trends. The Cabinet Office has observed that recovery is stalling. While manufacturing orders remained unchanged from the previous month with a 0.0% variation, non-manufacturing orders exhibited a slight increase of 1.5%. Despite the Bank of Japan’s Tankan surveys reflecting strong investment intentions, actual investment is restrained, largely due to uncertainties in both domestic and international demand. Foreign demand notably fell by 10.3% in September. For the July-September quarter, machinery orders were down 1.3%, yet a rebound of 5.7% is anticipated for October-December. This data is significant as it reflects the monthly requests for equipment machinery, which in turn influence capital investment trends. Total machinery orders, encompassing those for ships, electricity, and government agencies, decreased by 2.9% to 2,876.4 billion yen. These figures underscore ongoing challenges in the machinery sector and the necessity for vigilant monitoring of future private capital investment trends.
The scheduled economic events from November 18 to November 24 are crucial, as they include the release of Japan's machinery orders for September, alongside other significant economic indicators such as the Eurozone's trade balance, the US NAHB Housing Market Index, and NVIDIA's earnings report. Throughout this week, key data from the Eurozone, Japan, and the US, including trade statistics, construction output, consumer prices, housing starts, and building permits, will be released, offering further insights into global economic conditions.
日・9月コア機械受注：前月比-0.7％で市場予想を下回る／指標フラッシュ
Japan/September core machinery orders: -0.7% m/m, below market expectations/Indicator flash
Yahoo Finance | Local Language | News
今週の【重要イベント】機械受注、エヌビディア決算、米CB景気先行 (11月18日～24日)
Yahoo Finance | Local Language | News
9月の機械受注、0・7％減 3カ月連続マイナス
September machinery orders down 0.7%, third consecutive month of decline
Nishi Nippon | Local Language | News
９月の機械受注、民間需要は０・７％減の８５２０億円…３か月連続マイナス
Yomiuri Shimbun | Local Language | News
機械受注1.3%減 7〜9月、2四半期連続マイナス
Machinery orders fall 1.3% in July-September, second consecutive quarter of decline
Nikkei | Local Language | News
９月の機械受注、０・７％減 ３カ月連続マイナス
September machinery orders down 0.7%, third consecutive month of decline
Tokyo Shimbun | Local Language | News
機械受注は9月は－0.7％、3カ月連続減 設備投資に懸念の声
Yahoo Finance | Local Language | News
機械受注見通し5.7%増、10〜12月期 外需はマイナス
Machinery orders forecast to increase 5.7% in October-December quarter, external demand negative
Nikkei | Local Language | News
9月の機械受注、0.7％減 3カ月連続マイナス
September machinery orders down 0.7%, third consecutive month of decline
Mainichi Shimbun | Local Language | News
明日の経済スケジュール ─ ★機械受注に注目
Tomorrow's economic schedule ─ ★ Focus on machine orders
Yahoo Finance | Local Language | News
Modi's Landmark Nigerian Visit Bolsters Strategic Partnership
Prime Minister Narendra Modi's recent visit to Nigeria marked a significant milestone as part of his three-nation tour, which also includes Brazil and Guyana.
This journey represents the first visit by an Indian Prime Minister to Nigeria in 17 years, underscoring the intent to strengthen strategic ties between the two countries. Upon his arrival, Modi received a warm welcome from Nigeria's Minister for the Federal Capital Territory, Nyesom Ezenwo Wike, and was ceremoniously presented with the Key to the City of Abuja, a gesture symbolizing mutual trust and respect. During his stay, he was honored with the Grand Commander of the Order of the Niger (GCON), Nigeria's second-highest national honor, making him only the second foreign dignitary to receive this award after Queen Elizabeth in 1969. Modi dedicated this honor to the people of India, highlighting the enduring bond between the nations.
In discussions with Nigerian President Bola Ahmed Tinubu, Modi reaffirmed the longstanding bilateral relationship founded on cooperation and respect. Both leaders expressed their commitment to addressing shared challenges such as terrorism, piracy, and radicalization while enhancing their Strategic Partnership in key areas like defense, economy, energy, agriculture, and culture. Notably, three Memoranda of Understanding were signed, focusing on Cultural Exchange, Customs Cooperation, and Survey Cooperation.
The visit underscored India's significant investment of $27 billion in Nigeria, spread across approximately 200 Indian companies, making India the second-largest employer in the country following the government. Modi announced 20 tonnes of humanitarian aid to support flood-affected Nigerians and acknowledged the African Union's recent elevation to permanent member status in the G20 during the summit in New Delhi. He also praised the contributions of the Indian expatriate community in Nigeria towards strengthening the bilateral relationship.
Discussions also explored opportunities for enhanced collaboration in agriculture, pharmaceuticals, security, and technology, with an emphasis on the developmental goals of the Global South. Modi extended an invitation to Nigeria to participate in India-led environmental initiatives and recognized Nigeria's strategic role within ECOWAS and other multilateral forums. This visit underscores ongoing diplomatic efforts to bolster a relationship that has flourished for over 60 years. After concluding his visit to Nigeria, Modi is set to travel to Brazil for the G20 Leaders Summit, followed by a visit to Guyana.
‘India gives high priority to strategic partnership with Nigeria’: PM Modi
Hindustan Times | English | News
Nigeria honours PM Narendra Modi with ‘Grand Commander of the Order of the Niger’ award
Hindustan Times | English | News
PM Narendra Modi receives prestigious Nigerian award, vows to strengthen India-Nigeria ties
Livemint | English | News
PM Modi honoured with Nigeria’s second-highest national award
The Statesman | English | News
Nigeria to honour PM Modi with rare award which only Queen Elizabeth received
Hindustan Times | English | News
Watch: PM Modi receives Nigeria's second highest national award
Times of India | English | News
PM Narendra Modi receives Nigeria's second-highest national award
The Economic Times | English | News
Nigeria to honour PM Modi with GCON award
The Hindu | English | News
India to send 20-ton humanitarian aid package to flood-hit Nigeria: PM Modi
Times of India | English | News
Nigeria is the biggest democracy in Africa: PM
The Statesman | English | News
India, Nigeria reaffirm commitment to jointly fighting terrorism
The Statesman | English | News
PM Modi talks with Nigerian President Tinubu focus on boosting strategic ties
The Hindu | English | News
Modi becomes first Indian PM to visit Nigeria in 17 years gets highest award
Hindustan Times | English | News
India gives priority to Nigeria ties: Modi
Hindustan Times | English | News
Delhi Enacts Comprehensive Measures to Tackle Severe Air Pollution Crisis
Delhi is grappling with a severe air pollution crisis, prompting the Commission for Air Quality Management (CAQM) to activate Stage-IV of the Graded Response Action Plan (GRAP).
This response was necessitated by Delhi's Air Quality Index (AQI) reaching a hazardous level of 457, indicating a 'severe plus' condition. As a precaution, physical classes for students, except those in Classes 10 and 12, have been suspended, and schools have shifted to online learning. Additionally, offices are encouraged to operate at 50% capacity to promote remote work and minimize outdoor exposure.
To address the air quality emergency, the CAQM has implemented an 8-point action plan under GRAP Stage-IV. This includes suspending construction activities, banning non-essential truck entry into Delhi, and imposing restrictions on diesel-operated vehicles that do not meet recent emission standards. State governments have been advised to transition to online education for students in Grades VI to IX and XI, while the central government is contemplating remote work policies for its employees.
Further emergency measures being considered include the closure of colleges and non-essential businesses, as well as implementing an odd-even vehicle policy to reduce vehicular emissions. The surge in AQI levels is partly attributed to stubble burning in neighboring states, which has significantly increased PM2.5 concentrations in the capital. Meteorologists highlight adverse weather conditions, such as low wind speeds, that worsen pollution by trapping pollutants near the surface.
The air quality crisis has also severely impacted visibility, causing disruptions in transportation, including flight operations at Indira Gandhi International Airport. The Indian Meteorological Department has issued warnings for dense fog, which, combined with high pollution levels, presents additional health risks. Residents, especially vulnerable groups like children and the elderly, are advised to stay indoors to limit exposure to the hazardous air.
To combat these conditions, CAQM's measures include banning diesel trucks and restricting light commercial vehicles that fail to meet stringent emissions criteria. The pollution crisis has sparked political debates, with demands for accountability from Delhi's environment minister. Regional governments and agencies continue to vigilantly monitor the air quality situation, prepared to implement further interventions if conditions deteriorate.
Livemint | English | News
Delhi schools to hold online classes as GRAP 4 enforced from today
Hindustan Times | English | News
Delhi air pollution live updates: Schools, offices go online as AQI reaches 481
Hindustan Times | English | News
Delhi air quality drops sharply to ‘severe plus’, emergency measures come into effect
Hindustan Times | English | News
Delhi: Grap 4 and anti-pollution curbs in play as AQI hits season’s peak
Hindustan Times | English | News
Livemint | English | News
Air quality in 'severe plus': GRAP-4 imposed in Delhi-NCR what's allowed and what's not
Times of India | English | News
Delhi second-most polluted city in India air quality 'severe'
Deccan Herald | English | News
GRAP-4 anti-pollution measures to come into force in Delhi-NCR from Monday
Hindustan Times | English | News
Hindustan Times | English | News
Livemint | English | News
Hindu Business Line | English | News
Delhi pollution: GRAP 4 recommends 50% attendance in offices odd-even for cars
Hindustan Times | English | News
Hindu Business Line | English | News
Delhi airport engulfed in dense smog, Indigo issues advisory for passengers
Hindustan Times | English | News
Delhi second most-polluted city in India, records ‘severe’ AQI: Report
Hindustan Times | English | News
Livemint | English | News
Delhi continues to choke as air quality remains 'severe plus' AQI climbs to 762 in some areas
The Economic Times | English | News
Toxic foam in Yamuna, dense smog: Delhi battles severe air quality | Visuals
Hindustan Times | English | News
Delhi-NCR to implement GRAP-4 from November 18 as air pollution worsens
Deccan Herald | English | News
Livemint | English | News
Deccan Herald | English | News
Delhi Environment Minister to hold meeting tomorrow as air pollution worsens
Times of India | English | News
Air turns ‘severe plus’ schools to go online except for Standard 10, 12
Times of India | English | News
US-China 2024 Dialogue: Navigating Cooperation Amidst Challenges
The US-China Political Dialogue 2024, held on November 17 in Shenzhen, brought together leaders under the theme "Cooperation and Challenge under New Circumstances: The Path Forward for China-US Relations." Liu Jianchao, head of the International Department of the Communist Party of China, delivered the keynote address, emphasizing the importance of maintaining a stable bilateral relationship for mutual benefit and international expectations.
Both nations reaffirmed their commitment to ongoing political dialogue, stressing the need for appropriate management of differences and cooperation, with cultural and people-to-people exchanges seen as pivotal for improving relations.
This dialogue followed a significant meeting between President Xi Jinping and US President Joe Biden at the APEC Leaders' Informal Meeting in Lima, Peru, on November 16. During this meeting, both leaders reviewed the past four years of Sino-US relations, aiming to enhance cooperation, manage differences, and address global issues. President Xi proposed a framework for future interactions grounded in mutual respect, peaceful coexistence, and mutual benefit. Central to their discussion were defining red lines concerning Taiwan and increasing cultural exchanges, concluding with seven guiding principles for their bilateral relationship that focus on strategic understanding and improved dialogue..
Both leaders agreed on the importance of preventing conflicts through respect, peaceful coexistence, and effective communication, acknowledging progress in cooperation on issues such as climate change and artificial intelligence, while committing to managing AI risks and nuclear weapon control. Despite agreement on several fronts, differences persisted, particularly concerning Taiwan, the South China Sea, and economic relations. Xi reiterated China’s firm stance on these issues, urging the US to adhere to the one-China principle and avoid provocative actions. He portrayed China as a victim amid allegations of US economic interventions and cyberattacks, reaffirming China's commitment to stable Sino-US relations based on mutual respect and win-win cooperation.
Both leaders highlighted the need for open communication, recognizing areas such as climate change and artificial intelligence as opportunities for further cooperation, while addressing sensitive topics like Taiwan and the South China Sea, with Xi upholding China's stance on sovereignty and security. During their third face-to-face meeting, Xi stressed the importance of equal treatment, respecting boundaries, and increasing cooperation. Biden acknowledged the global significance of US-China relations, reaffirming the US commitment to the one-China policy, and expressed the desire to avoid a new Cold War. They recognized the necessity of communication to manage differences responsibly, with ongoing dialogue forming a foundation for future cooperation.
As Xi and Biden reiterated their commitment to dialogue to prevent conflict, a prevailing mindset in the US favored strategic competition, with tariffs and semiconductor restrictions impacting global supply chains. Xi underscored the need to avoid the "Thucydides Trap," advocating a cooperative approach over traditional power politics, and promoting a community with a shared future. Both leaders recognized the high stakes of their relationship, emphasizing peaceful coexistence and mutual respect. Biden clarified that the US does not seek a new Cold War, does not aim to change China's political system, nor supports Taiwanese independence as a strategy. Over the past four years, both countries have worked to restore dialogue, establishing over 20 communication mechanisms. This continuous communication remains crucial as the US navigates a political transition post-election.
China, U.S. hold political dialogue in Shenzhen
Xinhua | English | News
Xi, Biden meet in further move to stabilize relations
Xinhua | English | News
Xi-Biden conversation candid, in-depth, constructive, says Chinese FM
Global Times | English | News
【众行致远】习言道｜继续为中美关系这座大厦添砖加瓦
[Together we go a long way] Xi said: Continue to build on the building of China-US relations
China Daily | Local Language | News
习近平：继续探寻两个大国正确相处之道 实现中美两国在这个星球上长期和平共存
China Daily | Local Language | News
China, US hold political dialogue in Shenzhen
China Org Cn | English | News
Xi meets Biden in Lima meeting candid, profound and constructive
Global Times | English | News
外交部介绍中美元首会晤情况：双方继续为中美关系这座大厦添砖加瓦
China Daily | Local Language | News
新华社评论员：走出新时期中美正确相处之道
Xinhua | Local Language | News
习近平会见美国总统：多为当前动荡不安的世界 注入确定性 提供正能量
China Daily | Local Language | News
主播说联播丨习主席会见拜登，阐明中美关系的战略性、方向性、指导性意见
China Daily | Local Language | News
中美政党对话举行：中美双方应保持接触沟通，妥善管控分歧
Beijing News | Local Language | News
习近平：保持对话 拓展合作 管控分歧 努力实现中美关系平稳过渡 造福两国人民
China Daily | Local Language | News
China and Brazil's Expanding Trade and Investment Alliance
In recent years, China's trade with Brazil has seen significant growth.
In the first ten months of 2024 alone, trade between the two countries increased by 9.9 percent, outpacing China's overall foreign trade growth by 4.7 percentage points. The trade volume reached 1.14 trillion yuan, which is approximately 158.33 billion US dollars. During this period, Chinese exports to Brazil amounted to 432.08 billion yuan, while imports from Brazil were 708.15 billion yuan. This highlights a robust economic partnership as China and Brazil mark the 50th anniversary of diplomatic relations in 2024. For the past 15 years, China has been Brazil’s largest trading partner, cementing its role as a vital ally in Latin America.
Brazil continues to export a majority of its soybean and iron ore, as well as over 40 percent of its pulp and crude oil, to China. Concurrently, Brazil has been scaling up its imports of industrial goods from China, further strengthening their trade ties. Notably, in 2024, China's export of intermediate goods to Brazil reached 216.86 billion yuan, reflecting an 11.8 percent increase from the previous year and accounting for half of China’s total exports to Brazil. This trade relationship is further bolstered by Chinese investments in Brazilian energy and infrastructure sectors.
Chinese investments in Brazil have exceeded $51 billion, focusing primarily on the energy and infrastructure sectors. A notable project by the State Grid Corp of China involves a 30-year franchise for a $3.4 billion, 1,500-kilometer transmission line in northeast Brazil. Upon completion in 2029, it is expected to supply 5 million kilowatts of electricity to areas including Brasilia. State Grid has also accomplished several power transmission projects, such as the Belo Monte ultrahigh voltage transmission project. These projects, which integrate renewable energy principles, are part of China’s Belt and Road Initiative and support Brazil's transition toward low-carbon energy solutions.
Global Times | English | News
Brazil eyes for increasing tourism cooperation with China: travel bureau head
Peoples Daily | English | News
China, Brazil trade grows 9.9 pct in first 10 months of 2024
Xinhua | English | News
巴西歌手演唱《茉莉花》 为中巴友谊送祝福
Brazilian singer sings "Jasmine Flower" to send blessings for China-Brazil friendship
China Daily | Local Language | News
Xi says looking forward to further enhancing China-Brazil ties
Xinhua | English | News
Xi says China-Brazil relations at important historical juncture
State Council - E | English | Government
Robust trade between China, Brazil promotes mutually beneficial ties
Peoples Daily | English | News
China's increased investment eases transition to clean energy in Brazil
China Daily | English | News
China, Brazil trade grows 9.9% in first 10 months of 2024
China Org Cn | English | News
China Unveils Meng Xiang: A Leap in Deep-Sea Exploration Capabilities
On November 17, 2024, in Guangzhou, China commissioned its first domestically designed and built deep-ocean drilling vessel, the Meng Xiang, aptly named the "Dream." Measuring 179.8 meters in length and 32.8 meters in width, with a displacement of 42,600 tonnes, the Meng Xiang represents a formidable advancement in China's maritime capabilities.
This vessel can drill at depths of up to 11 kilometers, sustain operations for up to 120 days without external support, and traverse 15,000 nautical miles while accommodating 180 individuals. Its commissioning marks a significant enhancement in China's deep-sea exploration efforts, bolstering both maritime prowess and scientific-technological strengths.
The Meng Xiang is equipped with the world's first hydraulic lifting rig, enabling sophisticated operations in oil and gas exploration, core sampling, and natural gas hydrate investigation. It supports four drilling modes and three coring methods and houses nine specialized laboratories dedicated to geology and ocean science. Designed to withstand extreme weather, the vessel is equipped for global missions, including probing the Moho, the boundary between the Earth's crust and mantle. It plays a crucial role in providing core samples vital for studying geological phenomena such as plate tectonics and ancient marine climates.
Chinese President Xi Jinping has acknowledged this accomplishment as pivotal for enhancing China's capabilities in deep-ocean exploration. His remarks highlighted the nation's dedication to maritime science and international cooperation. The vessel is viewed as a key asset in securing energy and resource security while contributing to a deeper understanding of Earth's geological layers.
The construction of the Meng Xiang was a collaborative effort involving over 150 domestic and international parties under the China Geological Survey and the China Shipbuilding Group. More than 3,000 workers dedicated over 1,000 days to its completion.
Xi congratulates commissioning of China's deep-ocean drilling vessel
Xinhua | English | News
习近平致信祝贺“梦想”号大洋钻探船建成入列强调 加强海洋科技创新拓展国际海洋合作 为推进中国式现代化推动构建人类命运共同体作出更大贡献
China Daily | Local Language | News
Update: China's first deep-ocean drilling vessel enters service
Xinhua | English | News
探索地球深部奥秘，揭秘我国首艘大洋钻探船“梦想”号
Beijing News | Local Language | News
“梦想”号：钻向深海更深处
"Dream": Drilling deeper into the deep sea
Guangming Daily | Local Language | News
“梦想”号，探索地球深部奥秘（讲述·弘扬科学家精神·打造大国重器）
STCN | Local Language | News
China Focus: China's first deep-ocean drilling vessel enters service
Xinhua | English | News
习近平致信祝贺“梦想”号大洋钻探船建成入列
Xinhua | Local Language | News
China's first deep-ocean drilling vessel enters service
Xinhua | English | News
开拓创新 逐梦深海——习近平总书记致“梦想”号大洋钻探船建成入列贺信激励广大科技人员积极投身海洋强国科技强国建设
MND | Local Language | Government
习近平致“梦想”号大洋钻探船建成入列的贺信
Xinhua | Local Language | News
开拓创新 逐梦深海
Pioneering innovation and pursuing dreams in the deep sea
Guangming Daily | Local Language | News
地质梦启航
Guangming Daily | Local Language | News
Samsung's Surge: Strategic Buyback Against Semiconductor Challenges
In the wake of recent financial developments, Samsung Electronics has become a focal point of interest among retail investors, who have poured 2.33 trillion won (US$1.67 billion) into the company since the US presidential election.
This surge in retail investment contrasts starkly with the actions of foreign investors, who sold off 2.48 trillion won worth of Samsung shares over eight trading sessions ending November 15, according to the Korea Exchange. A confluence of factors, including anticipated changes to chip incentives under President-elect Donald Trump, disappointing earnings reports, and a bleak outlook for the global semiconductor sector, drove Samsung's stock to a four-year low of 49,900 won. Additionally, the company is losing competitive ground to local rival SK hynix Inc. in the crucial high-bandwidth memory (HBM) market, which is central to AI computing.
In response to the declining stock price, Samsung Electronics unveiled a 10 trillion-won share buyback plan to be executed over the forthcoming year. This announcement sparked a 7.21 percent rise in the company's stock, closing at 53,500 won. Samsung's strategy includes canceling 3 trillion won of the repurchased shares within three months. Analysts have expressed cautious optimism about this plan, recalling that similar buybacks in 2015 and 2017 only temporarily boosted stock prices. There remains skepticism regarding the buyback's ability to address long-term business fundamentals without a concurrent focus on enhancing market competitiveness.
Samsung faces formidable challenges in the semiconductor industry, particularly in the HBM segment. Its emphasis on immediate financial returns has undermined long-term technological investments, stymieing advances in HBM essential for AI-enhanced graphics processing. For the first time in Q3, Samsung's operating profits lagged behind those of SK Hynix, amid reports that Samsung's products failed to meet Nvidia's HBM testing standards. Such setbacks have intensified fears that SK Hynix might become the favored supplier, particularly given Samsung's 2019 decision to disband its dedicated HBM team and its reliance on costly production methods. Meanwhile, SK Hynix's pioneering development of the world's first 16-layer HBM3E highlights its superior efficiency and marks a significant advance in AI application performance, heightening market competition.
The advent of HBM4 products is prompting major technology firms like Meta, Microsoft, and Google to design custom solutions to boost their AI capabilities, underscoring the need for technological adaptability. Solidigm's introduction of the most capacious AI NAND solution further addresses burgeoning data center storage requirements. The semiconductor market is also navigating increased Chinese production in general-purpose DRAM, potentially impacting profit margins for major players like Samsung and SK Hynix. This development has spurred discussions in South Korea about potential legislative initiatives to support the domestic semiconductor industry amidst the specter of protectionist US policies.
Riding the momentum of Samsung's share buyback announcement, South Korean stocks soared on November 18, with the KOSPI climbing 57.76 points, or 2.39 percent, bolstered by a 5.42 percent rise in Samsung Electronics shares. Other giants, such as POSCO Holdings, Kakao, and Celltrion, also experienced significant stock appreciation. The South Korean won strengthened, reaching 1,390.95 won against the US dollar, a 7.85 won increase from the prior session.
Following the buyback announcement, Samsung Electronics' stock climbed 6.92 percent to 57,200 won ($41) on the first trading day. The buyback initiative is designed to buoy the company's stock price and is set to run until February 17, 2025. Samsung intends to repurchase and cancel 3 trillion won in shares, encompassing approximately 50.14 million common shares and 6.91 million preferred shares. Details regarding the disposition of the remaining 7 trillion won from the buyback initiative remain undisclosed.
Will Samsung's stock buyback drive long-term rebound?
Korea Times | English | News
Samsung Electronics top pick for retail investors after U.S. election
Yonhap | English | News
Seoul shares trade sharply higher late Mon. morning on Samsung gains
Yonhap | English | News
[반차장보고서] HBM4부터 '커스텀' 주문하는 美 빅테크…기로에 선 삼성
[Vice President's Report] US Big Tech Ordering 'Custom' from HBM4... Samsung at a Crossroads
Digital Daily | Local Language | News
Samsung shares surge nearly 7% following multibillion-dollar buyback announcement
Joongang Ilbo | English | News