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WASHINGTON — The Biden administration took a major step on Wednesday in challenging China’s broad territorial claims in the Pacific, announcing that the United States and Britain would help Australia to deploy nuclear-powered submarines, adding to the Western presence in the region. If the plan comes to fruition, Australia may begin conducting routine patrols that could move through areas of the South China Sea that Beijing claims as its exclusive zone and range as far north as Taiwan. The announcement, made by President Biden, Prime Minister Boris Johnson of Britain and Prime Minister Scott Morrison of Australia, is a major step for Australia, which until recent years has been hesitant to push back directly at core Chinese interests. Australia has felt increasingly threatened, however, and three years ago was among the first nations to ban Huawei, the Chinese telecommunications giant, from its networks. Now, with the prospect of deploying a new submarine fleet, Australia would b...

Many Extra Crunch readers will not have heard of China’s fastest-growing bottled beverage company: Genki Forest is a direct-to-consumer startup that started selling its sodas, milk teas and other products just five years ago. Today, its products are available in 40 countries and the company hopes to earn $1.2 billion in 2021. After closing its latest funding round, Genki Forest is valued at $6 billion. Industry watchers frequently compare the upstart to giants like PepsiCo and Coca-Cola, but founder Binsen Tang comes from a tech background, having funded ELEX Technology, a social gaming company that found success internationally. “China doesn’t need any more good platforms,” Tang told his team in 2015, “but it does need good products.” Leveraging China’s robust distribution network, lighting-fast manufacturing capabilities and a vast pool of data that enables holistic digitization, Genki Forest sells more than 30% of its products online. “Everything feels right about th...

Nato leaders meeting for a summit in Brussels has warned of the military threat posed by China, saying its behavior is a "systemic challenge". China, they said, was rapidly expanding its nuclear arsenal, was "opaque" about its military modernization, and was co-operating militarily with Russia. Nato chief Jens Stoltenberg warned China was "coming closer" to Nato in military and technological terms. But he stressed the alliance did not want a new Cold War with China. Nato is a powerful political and military alliance between 30 European and North American countries. It was established after World War Two in response to the threat of communist expansion. #cold #behavior #meeting #modernization #leader #nato #coldwar #leaders #arsenal #pose #challenge #war #china

hog futures fall daily limit as China rebuilds its herd Chicago Mercantile Exchange (CME) lean hog futures fell their daily 3-cent limit on Wednesday, pressured by falling U.S. wholesale prices for pork products and news of increasing hog numbers in China, traders said. China’s pig herd rose 23.5% in May from a year earlier, state media said on Wednesday, citing the Ministry of Agriculture and Rural Affairs. CME hog futures tumbled as the figures raised questions about export demand from China, which has been a key buyer of U.S. pork since its herd, the world’s largest, was decimated by the deadly African swine fever virus. China’s herd plunged 40% in 2019, official data showed. More recently, as animal numbers rebound, live hog prices in China have fallen. #products #trader #traders #exchange #futures #china #unitedstates #price #number #product #prices #limit