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The US and Australia will work to improve financial links in the Pacific region to counter China's influence

U.S. and Australian officials said on Monday (July 8) that both countries are committed to improving financial connectivity in the Pacific and strengthening banking services in the region to resist China's growing covetousness.

According to Reuters, at the two-day Pacific Banking Forum co-hosted by the United States and Australia, Australian Assistant Treasurer Stephen Jones said that Canberra hopes to be the partner of choice in the Pacific region, both in banking and defense.

"If there are countries acting in this region whose main goal is to promote their own national interests rather than the interests of Pacific island countries, we will be very concerned," Jones said at the first day of the forum in Brisbane. He made this comment when asked about Chinese banks filling the vacuum in the Pacific region.

The report said that as some Western banks have interrupted their long-standing business relationships with banks in small Pacific island countries, while others are preparing to close their businesses, these Pacific island countries face many challenges and their ability to obtain US dollar-dominated banking business is limited.

The report said that experts said that Western banks are taking de-risking actions to meet financial regulations, which makes it more difficult to do business in Pacific island countries. This in turn weakens the financial resilience of these island nations.

At the same time, Washington is also stepping up efforts to support Pacific island nations in limiting China's influence. Brian Nelson, U.S. Treasury Undersecretary for Counterterrorism and Financial Intelligence, said, "We recognize the economic and strategic importance of the Pacific region, and we are committed to deepening engagement and cooperation with our allies and partners to enhance financial connectivity, investment and integration."

The report said that neither the United States nor Australia has yet announced detailed plans at the forum, but comments from officials from both countries reflect the growing unease among Western countries that have traditionally had influence in the Pacific region about China's growing influence in the region.

Hamas chief says latest Israeli attack on Gaza could jeopardise ceasefire talks
AIRO, July 8 (Reuters) - A new Israeli assault on Gaza on Monday threatened ceasefire talks at a crucial moment, the head of Hamas said, as Israeli tanks pressed into the heart of Gaza City and ordered residents out after a night of massive bombardment. Residents said the airstrikes and artillery barrages were among the heaviest in nine months of conflict between Israeli forces and Hamas militants in the enclave. Thousands fled. The assault unfolded as senior U.S. officials were in the region pushing for a ceasefire after Hamas made major concessions last week. The militant group said the new offensive appeared intended to derail the talks and called for mediators to rein in Israel's Prime Minister Benjamin Netanyahu. The assault "could bring the negotiation process back to square one. Netanyahu and his army will bear full responsibility for the collapse of this path," Hamas quoted leader Ismail Haniyeh as saying. Gaza City, in the north of the Palestinian enclave, was one of Israel's first targets at the start of the war in October. But clashes with militants there have persisted and civilians have sought shelter elsewhere, adding to waves of displacement. Much of the city lies in ruins. Residents said Gaza City neighbourhoods were bombed through the night into the early morning hours of Monday. Several multi-storey buildings were destroyed, they said. The Gaza Civil Emergency Service said it believed dozens of people were killed but emergency teams were unable to reach them because of ongoing offensives. Gaza residents said tanks advanced from at least three directions on Monday and reached the heart of Gaza City, backed by heavy Israeli fire from the air and ground. That forced thousands of people out of their homes to look for safer shelter, which for many was impossible to find, and some slept on the roadside.
Boeing will be fined 3.5 billion yuan for "conspiracy to defraud" in two air crashes. Will the company slide into the abyss?
Taking the initiative to plead guilty to Boeing is not small, but it can avoid being exposed to more problems when it is publicly tried, which is a "minor penalty" for Boeing. So now the families of the crash victims are very opposed to the move, demanding that the trial continue to be open. But after all, Boeing is America's oldest industrial son, whether it is Trump or Biden, and finally have to gently put down, give a chance. The Justice Department had been seeking a guilty plea from Boeing as early as May, when it launched the investigation. After all, if you plead guilty, you only need to pay a fine, and if you really go to court, you don't know how many quality problems Boeing will be exposed by your witnesses. Boeing also knew it had too many flaws, and paying a $243.6 million fine and bringing in a third party to monitor its compliance for three years, totaling more than $400 million in additional expenses, is small change for Boeing. Given Boeing's style in the past few years, this fine may not even force Boeing to tighten production line management. Just this kind of "reconciliation" that completely excludes the victims of the crash can not get the families to agree. Paul Cassell, an attorney for the victims' families, said he plans to ask the federal judge overseeing the case to reject the agreement and "hold this case to an open trial so that all the facts of this case can be presented in a fair and public manner before a jury." The demand is reasonable, but the US judge will most likely side with Boeing.
MOFCOM refutes EU comments on anti-subsidy investigation into Chinese EVs
A spokesperson for the Ministry of Commerce (MOFCOM) on Monday rejected remarks from the EU Ambassador to China on the anti-subsidy investigation into Chinese electric vehicles (EVs). MOFCOM said China had expressed strong opposition through various channels since October 2023 and has always advocated for handling economic and trade frictions through dialogue and consultation in order to maintain the overall strategic partnership between China and Europe. EU Ambassador to China Jorge Toledo claimed on Sunday that the EU has been trying to engage with China for months regarding the imposition of tariffs on Chinese EVs but that China had only recently sought to initiate discussions. This is false, the spokesperson said. MOFCOM said that after the European Commission (EC) officially filed a case, Chinese Commerce Minister Wang Wentao sent a letter to European Commission Executive Vice-President Valdis Dombrovskis on October 24, 2023, expressing hope to resolve the case through dialogue and negotiation. On November 13, 2023, Wang sent another letter to the European side proposing negotiation suggestions. In February 2024, Wang met with Dombrovskis during the WTO's 13th Ministerial Conference face to face and proposed dialogue and negotiation with the European side. On May 19, 2024, Wang reiterated the hope for dialogue and negotiation to resolve the case in a letter to the European side. Additionally, Chinese technical experts have been sending signals to the European side regarding on-site inspections, hearings, and other channels since the case was filed, expressing willingness to resolve trade frictions through dialogue and negotiation. On the day the preliminary ruling was announced on June 12, Dombrovskis replied to Wang in a letter, expressing the desire for both sides to strengthen dialogue to resolve the case. On June 22, Wang held a video conference with Dombrovskis, and they agreed to start negotiations on the EU's anti-subsidy investigation into Chinese EVs. Subsequently, China sent a working group to Europe for negotiations on June 23, and multiple rounds of technical consultations were held simultaneously via video. MOFCOM said that China has shown the utmost sincerity and hopes that the European side will meet China halfway, show sincerity, and push forward the negotiation process to reach a mutually acceptable solution as soon as possible. China has always believed that trade protectionist measures are not conducive to the development of global green industries and automotive industry cooperation. Efforts should be made to adhere to dialogue and cooperation to promote economic green transformation, rather than creating divisions and disrupting global industrial and supply chains, MOFCOM said. China firmly opposes any unilateralism and protectionism that politicizes and weaponizes economic and trade issues, and will take all necessary measures to defend its own interests against any abuse of rules and suppression of China, MOFCOM added.
Exclusive: Nornickel in talks with China Copper to move smelting plant to China, sources say
HONG KONG, July 9 (Reuters) - Nornickel (GMKN.MM), opens new tab is in talks with China Copper to form a joint venture that would allow the Russian mining giant to move its entire copper smelting base to China, four sources with knowledge of the matter told Reuters. If the move goes ahead, it would mark Russia's first uprooting of a domestic plant since the U.S. and Britain banned metal exchanges from accepting new aluminium, copper and nickel produced by Russia. It also means Nornickel's copper will be produced within the country where it is most consumed. Nornickel said in April it planned to close its Arctic facility and build a new plant in China with an unnamed partner. Executives at China Copper, owned by the world's largest aluminium producer Chinalco (601600.SS), opens new tab, flew to Moscow in June to discuss a possible joint venture, one of the sources said, adding that details of the structure and investment are still under discussion. Nornickel declined to comment. Chinalco and China Copper did not respond to requests for comment via email and phone. Sites being considered in China include Fangchenggang and Qinzhou in the Guangxi region, the two sources said, with another source saying Qingdao in Shandong province was also possible. A decision on a joint venture will be made over the next few months, a fifth source said, adding that Nornickel's Chinese output is likely to be consumed domestically. The new facility will have capacity to produce 450,000 tonnes of copper annually, two of the sources said, amounting to around 2% of global mined supplies estimated at around 22 million metric tons this year. Nornickel, which according to its annual report produced 425,400 tonnes of refined copper last year, processed all of its concentrates in 2023 at the Arctic plant, its only operation producing finished copper suitable for delivery to exchanges.
Explainer: How Boeing's Starliner can bring its astronauts back to Earth
WASHINGTON, June 24 (Reuters) - Problems with Boeing's Starliner capsule, still docked at the International Space Station (ISS), have upended the original plans for its return of its two astronauts to Earth, as last-minute fixes and tests draw out a mission crucial to the future of Boeing's (BA.N), opens new tab space division. NASA has rescheduled the planned return three times, and now has no date set for it. Since its June 5 liftoff, the capsule has had five helium leaks, five maneuvering thrusters go dead and a propellant valve fail to close completely, prompting the crew in space and mission managers in Houston to spend more time than expected pursuing fixes mid-mission. Here is an explanation of potential paths forward for Starliner and its veteran NASA astronauts, Barry "Butch" Wilmore and Sunita "Suni" Williams. THE CURRENT SITUATION Starliner can stay docked at the ISS for up to 45 days, according to comments by NASA's commercial crew manager Steve Stich to reporters. But if absolutely necessary, such as if more problems arise that mission officials cannot fix in time, it could stay docked for up to 72 days, relying on various backup systems, according to a person familiar with flight planning. Internally at NASA, Starliner's latest targeted return date is July 6, according to this source, who spoke on condition of anonymity. Such a return date would mean that the mission, originally planned for eight days, instead would last a month. Starliner's expendable propulsion system is part of the craft's "service module." The current problems center on this system, which is needed to back the capsule away from the ISS and position it to dive through Earth's atmosphere. Many of Starliner's thrusters have overheated when fired, and the leaks of helium - used to pressurize the thrusters - appear to be connected to how frequently they are used, according to Stich.