What ‘Friend-Shoring’ Means for Trade in a Less-Friendly World
Over the past few years, the world has experienced an escalating series of trade disruptions: the US-China trade war, the Covid-19 pandemic and its supply chain disruptions, Russia’s invasion of Ukraine and the sanctions and export controls that followed. Their cumulative impact has called into question the vision of a globalized economy. In response, some US officials are pushing “friend-shoring” — a happy-sounding name for a policy that would lead to a world divided between free-market democrawashingtonpost.com
Why the EU’s Balkan Expansion Faces a Long and Winding Road
In the map of the European Union lies a conspicuous and large hole containing five former parts of Yugoslavia plus Albania. The leaders of those countries are keen to join the bloc. The EU, wary of Russia’s efforts to expand its influence over the region, is eager to accommodate them -- once a long list of conditions is met.washingtonpost.com
'Go back to China': Massachusetts driver charged for ramming Asian man 200 yards into ditch
A motorist from Quincy, Massachusetts, has been arrested and charged after allegedly hitting an Asian man and dragging him for hundreds of yards before flinging him into a construction ditch while making anti-Chinese remarks. It all started when the victim — who was standing outside a local post office with his sister and her three children — called out the driver for speeding. The family stayed and collected the driver’s information.news.yahoo.com
What’s Boosting Nuclear Power? War and Climate Change
After a steady decline, from generating 18% of the world’s electricity in the mid-1990s to 10% today%, nuclear power is showing signs of revival. China and India have consistently expanded use of the technology, but until recently safety concerns had led many Western countries to move in the opposite direction. Now, concern about global warming and secure energy supplies amid Russia’s war in Ukraine has sparked renewed interest.washingtonpost.com
Pentagon debuts its new stealth bomber, the B-21 Raider
America’s newest nuclear stealth bomber is making its public debut after years of secret development and as part of the Pentagon’s answer to rising concerns over a future conflict with China. The B-21 Raider is the first new American bomber aircraft in more than 30 years. Ahead of its unveiling Friday at an Air Force facility in Palmdale, California, only artists’ renderings of the warplane have been released.news.yahoo.com
Bitcoin Is Red Hot. Can It Ever Be Green?
Is crypto trashing the planet? Digital assets such as Bitcoin depend on so-called miners whose giant server farms guzzle electricity day and night to run the networks that support them. The industry’s carbon footprint has grown so fast that it’s alarming climate campaigners, governments and other big energy users. China banned crypto mining in 2021, and Elon Musk stopped accepting Bitcoin as payment for his Tesla electric cars. When Bitcoin rival Ethereum slashed its power consumption in a majorwashingtonpost.com
Why the Strong Dollar Creates Headaches Globally
John Connally, who ran the US Treasury under President Richard Nixon five decades ago, once opined to his international counterparts that “the dollar is our currency, but it’s your problem.” This year it’s been a bigger headache than usual. The mighty greenback surged against just about every other currency, driven by a combination of higher US interest rates, diverging economic prospects and a hunt by investors for safety. For some countries, that has meant the potential for faster inflation —washingtonpost.com
Little girl's heartwarming gesture for her hardworking dad goes viral
A little girl in China has gone viral for placing her jacket over her dad after noticing how hard he was working to plan the menu for their business. A clip shared by People magazine on Instagram shows a man dozing off on his restaurant’s kitchen counter. Wang wakes up and appears to start crying after noticing the little girl’s jacket on his back.news.yahoo.com
US firepower showcased in Philippine joint combat drills
Truck-mounted launchers blasted off rockets and U.S. stealth fighter jets streaked across the northern Philippine sky in a combat drill that marked the latest display of American firepower in a region where Washington has tried to deter what it warns as China’s growing aggression.
OECD: War in Ukraine to drag on global economy into 2023
The Organization for Economic Cooperation and Development says Russia’s war in Ukraine and the lingering effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation that will stay high into next year.