US Senate advances $95 bln security bill
Military aid for Ukraine, Israel includes funding for Taiwan, US partners in Pacific.
The United States Senate voted 63-32 on Thursday to advance a $95 billion military aid bill for Ukraine, Israel and Taiwan.
The bill includes $61 billion for Ukraine in its war with Russia, $14 billion for Israel in its assault on Gaza and nearly $5 billion for Indo-Pacific nations, notably Taiwan, to deter aggression by China, according to Reuters.
“This bill is essential for our national security, for the security of our friends in Ukraine, in Israel, for humanitarian aid for innocent civilians in Gaza, and for Taiwan," Senate Majority Leader Chuck Schumer said.
The bill faces uncertain prospects in the US House of Representatives where political allies of former President Donald Trump have expressed opposition to the Ukraine aid. The Senate is expected to approve the bill as soon as next week after considering amendments.
Beijing appoints new market regulator
China’s Central Committee appointed former Shanghai Stock Exchange chairman Wu Qing as the new head of the China Securities Regulatory Commission, state-run news outlet Xinhua reported on Thursday.
Nicknamed the “Broker Butcher” for a previous crackdown on traders in Shanghai, Wu replaces Yi Huiman as China’s top securities regulator following the recent rout in Chinese financial markets.
Financial authorities in Beijing have sought to cool short selling as stock prices dived in the past two weeks amid other market supports designed to stabilize China’s markets.
Separately, China’s central bank announced on Thursday it would maintain policy support for China’s flagging economy as new data showed prices continuing to fall on weakening demand.
North Korean workers protest
Reports have surfaced that North Korean workers in China trapped by the COVID lockdowns have protested poor working conditions and pay.
Cho Han-bum, a senior researcher at the Korea Institute for National Unification in Seoul, told Reuters in an interview that North Korean workers at more than 10 textile factories in the Chinese city of Helong near the Korean border, had staged violent protests over unpaid wages.
The unpaid wages totaled $10 million over four to seven years. North Korean officials paid several months' worth of salaries to the disgruntled workers to end the dispute, according to Cho.
The United Nations has accused Pyongyang of exploiting workers in China to earn foreign currency for its banned nuclear missile program.
Officials from the North Korean consulate in China had been sent to Helong to keep the situation under control after angry workers held some managers hostage, Ko Young-hwan, a former North Korean diplomat, said.
South Korea's National Intelligence Service (NIS) confirmed reports of unrest in a statement to media outlets: "Various incidents and accidents have been happening due to poor living conditions of North Korean workers dispatched overseas, so we are checking on related movements."
Reports emerged last month that North Koreans working in China had rioted after finding out their wages had been put towards building weapons for Pyongyang, the BBC reported.
Ford pivots to smaller EVs
US automaker Ford Motor Co. reported losses in its electric vehicle unit and announced plans to focus on smaller EVs and trucks amid stiff price competition from China, CEO Jim Farley said in a quarterly earnings call on Tuesday.
"All of our EV teams are ruthlessly focused on cost and efficiency in our EV products because the ultimate competition is going to be the affordable Tesla and the Chinese OEMs," Farley said.
High costs, limited driving range and lack of charging stations have slowed EV adoption in the US, according to a Bank of America survey although hybrid vehicles are gaining wider adoption.
"Hybrids will play an increasingly important role in our industry's transition, and will be here for the long run," Farley told Wall Street analysts.
— William Roberts