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Joe Biden will use this week’s G7 summit to encourage European allies to take a stronger stance on Beijing, as the US president capped a series of new actions with an executive order to tighten control over Chinese software and applications.
At the UK-hosted summit, Biden hopes to convince his counterparts to rebuke China for its persecution of Uyghurs in Xinjiang, its crackdown on the pro-democracy movement in Hong Kong, its economic coercion of countries like Australia and its activities. aggressive military forces in the South and East China Seas.
Biden’s latest executive order, which seeks to protect Americans’ personal data, including health and genetic information, was the culmination of weeks in which the administration has turned the screws on China.
The Senate this week passed a bipartisan bill that would provide $ 250 billion to help the United States maintain a competitive advantage over China in critical technologies such as artificial intelligence and quantum computing. And the Pentagon on Wednesday ended a three-month review of China’s attempts to challenge US defense strategy, after concluding that Beijing had become one of its most serious “stimulus threats”.
More news on the G7:
Even with G7 backing, Joe Biden’s plan to reform the international tax system will face a tough stint in the U.S. Congress as Republicans threaten to reject a possible Senate deal where a two-thirds majority is needed for approval. .
Boris Johnson is urged by Tory MPs to stand up for British companies operating in India at this week’s G7 summit and to warn Prime Minister Narendra Modi against making his country “a home halfway between democracy and despotism “.
An epidemic in the south China is curb activity in some of the world’s largest ports, stoking fears of further disruption to international trade.
the we will buy 500 million Covid-19 vaccines manufactured by Pfizer to donate to other countries, Joe Biden will announce Thursday.
Boris Johnson is examining a ‘mix-and-match’ approach to ease lockdown restrictions in England on June 21, following an increase in cases of the Delta variant of the coronavirus.
Developing countries facing the risk of another economic slowdown if vaccine supplies do not materialize and global inflation rises, the World Bank has warned.
In the news
China Producer Prices Rise at Fastest Rate in 13 Years The price of goods leaving Chinese factories has risen sharply this year, putting pressure on policymakers as they grapple with the effects of a global rise in commodity prices.
SEC to review payment of order flow The main US stock market regulator is seeking to change the rules for trading in stocks, including the fees paid by large Wall Street groups to handle client orders. The January explosion in “memes stocks” highlighted what Gary Gensler, chairman of the Securities and Exchange Commission, called “inefficiencies” in the market.
Russia bans Alexei Navalny’s organizations A Moscow court said Navalny’s Anti-Corruption Foundation (FBK) and its national network of political activists should be classified as “extremists,” a label that groups it with Isis and al-Qaeda, prohibits its supporters from run for office and threaten them. with years in prison.
El Salvador adopts bitcoin as legal tender El Salvador became the first country to make bitcoin legal tender, which President Nayib Bukele hailed as a historic step towards financial inclusion and economic growth for the poor Central American nation.
U.S. food delivery leader DoorDash launches in Japan The US food delivery app was launched in Japan, marking the company’s first foray into the Asian market and the latest move by a large delivery group to expand globally with the goal of exploit a boom in demand triggered by a pandemic.
China investigates senior bad debt official for corruption The country is investigating an executive of one of its top troubled state-backed debt managers for corruption, six months after the execution of a former senior banking official for corruption.
Indian tycoons overtake Chinese tech tycoons in rich global list Indian industry tycoons Mukesh Ambani and Gautam Adani have overtaken Chinese Jack Ma in global wealth rankings as the fortunes of top billionaires in two of Asia’s largest economies diverge.
The day to come
Biden will pressure Johnson to end bitter Northern Ireland standoff Boris Johnson will face pressure from Joe Biden on Thursday to work with the EU to end a deadlock over a settlement in Northern Ireland, as post-Brexit talks stalled and threats .
ECB interest rate announcement A series of European Central Bank board members said they still saw no reason to change policy at today’s meeting. Several policymakers, including ECB President Christine Lagarde, have said that the surge in euro area inflation is only a temporary phenomenon.
Inflation data for the United States Economists polled by Bloomberg expect the year-on-year inflation rate to jump to 4.7% in May, according to figures released Thursday by the US Department of Labor, from 4.2% in April.
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What else do we read
Down and out in Chinese technology A new generation of Chinese tech giants demand an end to harsh working conditions. The forced filing is just one of many recent hot spots that have attracted close scrutiny from major Chinese tech companies, as allegations of overwork, abuse and injury have become the subject of heated debate at nationwide.
Japan, land of rising investment prospects While deflation and demographics have been a drag on the Japanese economy. The Nikkei’s returns of nearly 10 percent per year exemplify the maxim that a stock market does not always reflect what is going on economically.
Export Chinese surveillance The use of Chinese technology is one of the backdrops for the G7 summit, where major democracies will discuss how to respond to Beijing’s global reach. For defenders, these surveillance systems offer big efficiencies. But for some experts, they have potential threats to security and human rights.
Naftali Bennett rewards his calculated rise To those who have risen alongside the man who will likely be Israel’s next prime minister, and to friends who have known him for decades, the ability to take on different roles – far-right flag bearer, A tech multimillionaire and, suddenly, a united voice in a divided country – says more about Bennett than the inflammatory comments he made during his rise to the top of Israeli politics.
Backlash against Chinese campus gives Orban pause The protests forced Hungarian Prime Minister Viktor Orban to retreat on the Chinese Fudan University project in Budapest. As Orban maintains ever closer ties with Beijing through its policy of “opening up to the East,” Eastern Europeans have been cooling off on China for some time, writes Ben Hall, editor. head of FT Europe. Sign up for our Europe Express newsletter for your essential guide to what matters on the continent, every weekday morning.
Caricature of the day
US Investigates Leaked Documents Showing Billionaires Pay Low Tax