Cyclone-battered region sees storm Dikeledi leave Mayotte for MozambiqueMon, 13 Jan 2025 05:26:41 GMT
Tropical storm Dikeledi barrelled towards Mozambique on Monday after leaving three dead in Madagascar and triggering floods in the French territory of Mayotte, less than a month after the cyclone-battered region was hit by Chido.It had hit Madagascar’s northern tip as a cyclone Saturday, whipping up strong winds and torrential rains. The storm left at least …
Japan PM tells Biden ‘strong’ concerns over steel deal
Japanese Prime Minister Shigeru Ishiba told US President Joe Biden that his blocking of Nippon Steel’s takeover of US Steel raised “strong” concerns in both countries, local media reported Monday.The comments came in a three-way call with the president of the Philippines that according to the White House also touched on China’s “dangerous and unlawful” behaviour in the region.Citing national security concerns, Biden nixed Nippon Steel’s $14.9 billion acquisition of US Steel earlier this month, irking close ally Japan where the United States has some 54,000 military personnel.”I said that strong voices of concerns are being raised not just in Japan but also in the US business community, and I urged (Biden) to dispel these feelings,” Ishiba told reporters after the call on Monday.Blocking a takeover by a Japanese firm is highly unusual and both firms have launched legal action, accusing the outgoing US president of “illegal interference”.Nippon Steel had touted the acquisition as a lifeline for its struggling US rival, but opponents warned the Japanese group would slash jobs despite its assurances to the contrary.The takeover, which was announced in 2023, came in the run-up to last year’s US presidential election and proved a political flashpoint.US Steel is based in the swing state of Pennsylvania and both Donald Trump and Kamala Harris opposed the transaction.- ‘Big picture’ -Japanese firms invested almost $800 billion in the United States in 2023, more than any other country, and 14.3 percent of the total, according to official US data.US firms are also the biggest outside investors in Japan.Japan is also a close strategic ally for Washington as it seeks to counter China asserting its presence in contested areas of the South China Sea.Both steel companies said Sunday that US authorities have extended the deadline for unwinding the acquisition until June 18.Japan’s Foreign Minister Takeshi Iwaya, who will attend Trump’s inauguration as US president on January 20, said it was important not to undermine the “big picture” of bilateral ties.Iwaya also said that while in Washington he would seek talks with Marco Rubio, slated to be Trump’s Secretary of State, and to lay the groundwork for a meeting between Ishiba and Trump.Kyodo News cited government sources as saying that this could take place before mid-February.During Trump’s first term, he and Japan’s then-prime minister Shinzo Abe, enjoyed warm relations. In December, Trump met Abe’s widow at Mar-a-Lago.- US allies -In recent years, with an eye on China, Washington has sought to improve strategic relations with both Japan and the Philippines as well as with South Korea. Biden, Philippines President Ferdinand Marcos and with Ishiba’s predecessor Fumio Kishida held talks at the White House last April.In another first, in 2023 Biden hosted Kishida and South Korean President Yoon Suk Yeol — who briefly imposed martial law last month — at Camp David.Last year the Philippines ratified a key defence pact with Japan, which allows them to deploy troops on each other’s soil. On Monday Biden, Marcos and Ishiba “discussed trilateral maritime security and economic cooperation, as well as the People’s Republic of China’s dangerous and unlawful behaviour in the South China Sea,” the White House said.”The three Leaders agreed on the importance of continued coordination to advance a free and open Indo-Pacific,” said a statement, which made no mention of the steel deal.Marcos’s office said that the call was to “reaffirm their commitment to strengthening cooperation in areas such as economic growth, emerging technologies, climate action, clean energy and regional security”.Biden also “highlighted the ‘historic progress’ made, particularly in maritime security, economic security and technological collaboration” between the three countries, the Philippines statement said.
Japan PM tells Biden ‘strong’ concerns over steel deal
Japanese Prime Minister Shigeru Ishiba told US President Joe Biden that his blocking of Nippon Steel’s takeover of US Steel raised “strong” concerns in both countries, local media reported Monday.The comments came in a three-way call with the president of the Philippines that according to the White House also touched on China’s “dangerous and unlawful” behaviour in the region.Citing national security concerns, Biden nixed Nippon Steel’s $14.9 billion acquisition of US Steel earlier this month, irking close ally Japan where the United States has some 54,000 military personnel.”I said that strong voices of concerns are being raised not just in Japan but also in the US business community, and I urged (Biden) to dispel these feelings,” Ishiba told reporters after the call on Monday.Blocking a takeover by a Japanese firm is highly unusual and both firms have launched legal action, accusing the outgoing US president of “illegal interference”.Nippon Steel had touted the acquisition as a lifeline for its struggling US rival, but opponents warned the Japanese group would slash jobs despite its assurances to the contrary.The takeover, which was announced in 2023, came in the run-up to last year’s US presidential election and proved a political flashpoint.US Steel is based in the swing state of Pennsylvania and both Donald Trump and Kamala Harris opposed the transaction.- ‘Big picture’ -Japanese firms invested almost $800 billion in the United States in 2023, more than any other country, and 14.3 percent of the total, according to official US data.US firms are also the biggest outside investors in Japan.Japan is also a close strategic ally for Washington as it seeks to counter China asserting its presence in contested areas of the South China Sea.Both steel companies said Sunday that US authorities have extended the deadline for unwinding the acquisition until June 18.Japan’s Foreign Minister Takeshi Iwaya, who will attend Trump’s inauguration as US president on January 20, said it was important not to undermine the “big picture” of bilateral ties.Iwaya also said that while in Washington he would seek talks with Marco Rubio, slated to be Trump’s Secretary of State, and to lay the groundwork for a meeting between Ishiba and Trump.Kyodo News cited government sources as saying that this could take place before mid-February.During Trump’s first term, he and Japan’s then-prime minister Shinzo Abe, enjoyed warm relations. In December, Trump met Abe’s widow at Mar-a-Lago.- US allies -In recent years, with an eye on China, Washington has sought to improve strategic relations with both Japan and the Philippines as well as with South Korea. Biden, Philippines President Ferdinand Marcos and with Ishiba’s predecessor Fumio Kishida held talks at the White House last April.In another first, in 2023 Biden hosted Kishida and South Korean President Yoon Suk Yeol — who briefly imposed martial law last month — at Camp David.Last year the Philippines ratified a key defence pact with Japan, which allows them to deploy troops on each other’s soil. On Monday Biden, Marcos and Ishiba “discussed trilateral maritime security and economic cooperation, as well as the People’s Republic of China’s dangerous and unlawful behaviour in the South China Sea,” the White House said.”The three Leaders agreed on the importance of continued coordination to advance a free and open Indo-Pacific,” said a statement, which made no mention of the steel deal.Marcos’s office said that the call was to “reaffirm their commitment to strengthening cooperation in areas such as economic growth, emerging technologies, climate action, clean energy and regional security”.Biden also “highlighted the ‘historic progress’ made, particularly in maritime security, economic security and technological collaboration” between the three countries, the Philippines statement said.
LA fire evacuees told no chance of return until at least Thursday
Tens of thousands of people forced from their homes by enormous fires raking Los Angeles will not be able to return for at least four days, officials said Sunday.Frustrated evacuees have formed lines at checkpoints hoping to get into no-go zones barricaded off amid the Palisades Fire and the Eaton Fire.Many are desperate to get back to homes they had to flee with just a few moments’ notice to pick up medicines or clothes they did not have a chance to grab.Others simply want to find out if their houses have survived.But Los Angeles County Fire Chief Anthony Marrone said Sunday that gusting winds forecast this week mean the fire emergency is far from over.”They can’t go home, simply because it’s not safe,” he told a press conference.”It’s our collective priority… to be able to get residents back in their homes just as quickly as possible. “That conversation is not going to occur until the end of the predicted red flag event that’s on its way,” he said, referring to the strong winds expected to last until Wednesday.”Please rest assured that first thing Thursday, we will start talking about repopulation.”Lines several city blocks long have seen people queuing for up to 11 hours for a short escorted visit to their home in an evacuation zone.One woman, who gave her name as Janelle, told broadcaster KTLA she knew her house was gone, but she needed “closure.””I see the photos, I see the videos, and I just want to see it with my own eyes,” she said, her voice breaking.”I know it’s gone, but… I just want to see it for myself.”- Dad’s ashes -Editor Henry Levinson was trying to get to his home in the Pacific Palisades neighborhood.”I wanted to collect my dad’s ashes, which we had to leave behind, as well as my grandma’s ashes, which we also had to leave behind,” he told AFP on Sunday.But even those escorted visits were stopped Sunday, as firefighters fretted about strengthening winds and their potential to reignite smoldering embers.Marrone said a system was being developed to allow evacuated residents to go online to view if their homes were damaged or destroyed.Los Angeles City Councilor Traci Park said she understood the anguish of those affected, but conditions were simply too dangerous.”These are hard decisions, and I know that many of my constituents are disappointed and frustrated, but safety must remain our top priority,” she said.Around 100,000 people remain under compulsory evacuation orders in multiple fire zones, down from a peak of 180,000 last week.Areas hit by fires have been devastated, with whole streets reduced to cinders, and infrastructure badly mangled.Los Angeles County Sheriff Robert Luna said his deputies would continue to keep people out of the zones.”A lot of these areas still look like they were hit by a bomb. There are live electrical wires, gas lines and other hazards,” he said.”I know there’s a lot of folks trying to get back to their houses. We are very empathetic and sensitive to those needs, but your safety comes first.” The latest official death toll from the deadly blazes stood at 24, but was expected to rise as search teams with dogs go house to house.
Asian markets track Wall St losses after blockbuster US jobs report
Asian markets tumbled Monday after an outsized US jobs report dealt another blow to hopes for more interest rate cuts, while oil extended a rally sparked by new sanctions on Russia’s energy sector.The equity sell-off tracked hefty losses on Wall Street, where all three main indexes finished more than one percent lower as the new trading year continued to falter.Keenly awaited data on Friday showed the US economy created 256,000 jobs last month, a jump from November’s revised 212,000 and smashing forecasts of 150,000-160,000.The figures followed news that the crucial US services sector picked up in December, with the prices component soaring more than expected to the highest level since last January, while another report showed job openings hit a six-month high in November.Hopes that the Federal Reserve will continue cutting rates through 2025 — having made three last year — were dashed when in December it indicated just two reductions over the next 12 months, down from four tipped previously.The hawkish pivot came as inflation continues to hover above the bank’s two percent target, while there are also concerns that president-elect Donald Trump’s plans to slash taxes, regulations and immigration will reignite prices.”Given a resilient labour market, we now think the Fed cutting cycle is over,” said Bank of America’s Aditya Bhave and other economists.”Inflation is stuck above target: in the December (summary of economic projections), the Fed not only marked up its base case for 2025 significantly, but also indicated that inflation risks were skewed to the upside. Economic activity is robust. “We see little reason for additional easing.”Equities fell across Asia, with Hong Kong, Taipei and Manila off more than one percent each, while Shanghai, Sydney, Singapore, Seoul and Jakarta were also well down. Tokyo was closed for a holiday.Surging oil prices added to unease, with both main contracts jumping around two percent — extending Friday’s gains of more than three percent — after the United States and Britain announced new sanctions against Russia’s energy sector, including oil giant Gazprom Neft.However, commentators do not expect prices to spike too much, even amid speculation that Trump will hit Iran with fresh sanctions.”A significant and perhaps underpriced risk to crude oil prices is the potential for supply to outstrip demand, especially given OPEC+’s intention to reintroduce barrels to the market,” said Stephen Innes at SPI Asset Management.”Even if US sanctions curtail Iranian oil production by 1.5 million barrels a day — a scenario similar to that during Trump’s previous presidency — this amount could easily be compensated by OPEC+, which is currently holding back 5.8 million barrels a day, or 5.3 percent of the total global production capacity.”However, he added that some issues could lead crude to rocket, including an escalation of the Middle East crisis, a significant reduction in Russian output or exports and a strategic about-face by OPEC+ to slash production.- Key figures around 0230 GMT -Hong Kong – Hang Seng Index: DOWN 1.6 percent at 18,765.65Shanghai – Composite: DOWN 0.3 percent at 3,157.92Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.0241 from $1.0244 on FridayPound/dollar: DOWN at $1.2186 from $1.2210Dollar/yen: DOWN at 157.63 yen from 157.74 yenEuro/pound: UP at 84.04 pence from 83.90 penceWest Texas Intermediate: UP 2.0 percent at $78.06 per barrelBrent North Sea Crude: UP 1.8 percent at $81.17 per barrelNew York – Dow: DOWN 1.6 percent at 41,938.45 (close)London – FTSE 100: DOWN 0.9 percent at 8,248.49 (close)