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BARCELONA, Spain (AP) — The European Union on Monday said it is preparing “countermeasures” against the United States after the Trump administration’s surprise tariffs on steel rattled global markets and complicated the ongoing wider tariff negotiations between Brussels and Washington.EU Commission President Ursula von der Leyen and U.S. President Donald Trump agreed last week to “accelerate talks” on a deal, but that if those trade negotiations fail “then we are also prepared to accelerate our work on the defensive side,” European Commission spokesperson Olof Gill told a press conference in Brussels.“In the event that our negotiations do not lead to…

The US defence sector is dependent on critical minerals for its advanced weapon systems, but it has relied on China to meet its demands.The big pictureChina dominates the global supply of rare earths, including more than 90 per cent of the world’s processing and refining. It also has an edge in most other critical minerals, such as refined gallium, of which it controls 98.8 per cent of the output. 05:00US defence chief Pete Hegseth warns of ‘imminent’ China threat during Shangri-La DialogueUS defence chief Pete Hegseth warns of ‘imminent’ China threat during Shangri-La DialogueA closer lookIn recent years, Beijing has…

Japan’s view that its ties with the Philippines are at a “near-alliance status” has been welcomed as a sign of the commitment by both countries to tackle their perceived common threats, even as analysts warn that any formalisation towards deeper security cooperation could worsen regional tensions.Speaking in Tokyo on May 28, Foreign Minister Takeshi Iwaya hailed the close partnership in the presence of Philippine Foreign Affairs Secretary Enrique Manalo.Iwaya and Manalo discussed strengthening defence cooperation, including a prospective agreement for Japan and the Philippines to share classified information, according to a statement released by the Japanese embassy in Manila.They discussed…

The Japanese yen rose in Asian trade on Monday on track for the third profit in a row against the US dollar on haven demand amid mounting global and geopolitical tensions.    Renewed US-China tensions threaten to tank the initial trade agreement reached in Switzerland, with increasing animosity between Russia and the west after Ukraine executed a complex attack that targeted Russian air bases.    Recent Tokyo data showed increasing inflationary pressures on the Bank of Japan, which boosted the odds of a June interest rate hike by the Bank of Japan.   The Price   The USD/JPY price fell…

Some Hong Kong lawmakers expressed support for allowing “full portability” in the city’s Mandatory Provident Fund (MPF), which would allow members to move their entire pension balance to a different provider once a year.A Legislative Council panel meeting discussed a legal change on Monday that would implement full portability next year. Currently, members can move their own contributions, but not those made by their employer, once a year. Chief Executive John Lee Ka-chiu unveiled the proposed change in his policy address in October.The change would “give more choice to employees, while also adding to competition in the industry”, said lawmaker…

Some Hong Kong lawmakers expressed support for allowing “full portability” in the city’s Mandatory Provident Fund (MPF), which would allow members to move their entire pension balance to a different provider once a year.A Legislative Council panel meeting discussed a legal change on Monday that would implement full portability next year. Currently, members can move their own contributions, but not those made by their employer, once a year. Chief Executive John Lee Ka-chiu unveiled the proposed change in his policy address in October.The change would “give more choice to employees, while also adding to competition in the industry”, said lawmaker…

Chinese firms tend to invest more efficiently when facing higher duties or import restrictions, according to a study that highlights an unexpected benefit of tariffs by analysing data from before the two trade wars with the United States.Published in the peer-reviewed Journal of Corporate Finance, the paper examined more than 2,700 listed firms in China, their financial and accounting data from 2003 to 2016, and the trade barriers imposed on the country during this period.Trade defence instruments (TDIs), such as anti-dumping or countervailing duties, have largely prompted Chinese companies to allocate capital more effectively, according to the paper. This was…

China’s advancements in artificial intelligence (AI) and humanoid technology will continue to capture the imaginations of investors as the world turns its focus to the region, according to Morgan Stanley’s director of pan-Asia research.“The DeepSeek announcement has shifted the fundamental discussion about China to technological innovation,” said Magdalena Stoklosa in an interview last month. “This theme is multi-year and incredibly important.”Her team identified technological diffusion and the spread of AI across economies as key long-term research themes. AI start-up DeepSeek’s breakthroughs earlier this year in large-language models sparked a rally in Chinese stocks.In February, the US investment bank upgraded Chinese…

China’s advancements in artificial intelligence (AI) and humanoid technology will continue to capture the imaginations of investors as the world turns its focus to the region, according to Morgan Stanley’s director of pan-Asia research.“The DeepSeek announcement has shifted the fundamental discussion about China to technological innovation,” said Magdalena Stoklosa in an interview last month. “This theme is multi-year and incredibly important.”Her team identified technological diffusion and the spread of AI across economies as key long-term research themes. AI start-up DeepSeek’s breakthroughs earlier this year in large-language models sparked a rally in Chinese stocks.In February, the US investment bank upgraded Chinese…

Pakistan Refinery Limited (PRL) has received formal bids from companies interested in handling the Engineering, Procurement, Construction, and Finance (EPCF) work for PRL’s Refinery Expansion and Upgrade Project (REUP). The refinery, a key player in Pakistan’s energy sector, disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Monday. “PRL has received Engineering, Procurement, Construction & Finance (EPCF) bids for its Refinery Expansion & Upgrade Project (REUP). PRL is in the process of evaluating these EPCF bids and will provide further updates in due course as necessary,” read the notice. PRL is a hydro-skimming refinery based in…