World
US-China trade tensions reverberate around the world

New global diplomatic and economic fault lines are appearing, with new and untested consequences emerging. ‘Volatile’ does’t even start to describe the current situation.
US President Donald Trump’s combative stance, made clear with a new round of import tariffs imposed, continues to upend decades of trade diplomacy and cautious negotiations as he tries to coax China to change their trading tactics.
Brahma Chellaney of the Centre for Policy Research in New Delhi was quoted by AFP saying… “A paradigm shift in America’s China policy is under way, with major implications for the world’s most important bilateral relationship and, more importantly, for global security.”
The rattles are already reverberating around the world’s stock markets.
“The market is pricing trade tensions but not a trade war,” says the Bank of America economist Ethan Harris.
“Importantly, the markets could view brinkmanship as similar to a trade war in the short run. By contrast, we think the rates market is already factoring in continuing brinkmanship which could continue for weeks.”
Bloomberg reports that China’s yuan, Thailand’s baht and the Philippine peso are the most at risk currencies in a trade war.
The fallout will have profound implications for the rest of the world, particularly European and Asian markets, trying to engage with two completely opposite trade world views.
At this stage President Trump’s ham-fisted tactics haven’t had any major negative consequences for the US economy, but the fallout from the escalating US and China trade rivalry is starting to be felt worldwide.
Humiliating the Chinese never works as a tactic, as history has shown, and economic advisors are trying to convince Donald Trump to tone down his rhetoric or remain at risk of a long-term trade tensions where the US is unlikely to end up with much advantage, let alone a ‘win’.
Even if their trade war doesn’t escalate further, there are plenty of other areas for confrontation, such as China’s growing technological might – its ultrafast 5G cellular network is just an example.
China’s Belt and Road Initiative of infrastructure and trade development across Asia and Africa and even into Europe will also keep tensions simmering as the US finds itself increasingly on the sidelines.
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Coronavirus (Covid-19)
Covid-19 travel pass to pilot on Etihad and Emirates Airways flights

A travel pass for passengers inoculated against Covid-19 or who have tested negative will be piloted on flights for Dubai’s Emirates and Abu Dhabi’s Etihad Airways. With the travel pass issued by the International Air Transport Association, passengers can keep control of their data and share their test results with airlines and authorities for travel.
The travel pass will be offered on selected flights from Abu Dhabi in the first quarter, and will expand the pass to other destinations of the trail is successful. Emirates is going to implement phase 1 of the travel pass in April for flights departing from Dubai.
Recently, the IATA travel pass programme has been also tested in International Airlines Group and Singapore Airlines.
SOURCE: Reuters
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World
Australia might keep borders closed throughout 2021

It might be a while until tourists can visit Australia. Borders might not be fully reopen until at least 2022. Australia is rolling out its immunisation program next month, but even if most of the population is vaccinated against Covid-19, the Australian government says it will probably wait to make sure the vaccine prevents the transmission of the virus before fully reopening borders.
Australia’s borders are only open for citizens, residents, those with family in Australia and travellers who have been in New Zealand for the previous 14 days. All incoming travellers must quarantine for 14 days unless they come from an area classified as a “green safe travel zone.”
There are currently 1,881 active Covid-19 cases in Australia, according to Worldometers. No local Covid-19 cases were reported today. Since the start of the pandemic, Australia has reported more than 22,000 local cases and 909 deaths related to Covid-19.
The state of New South Wales is a main focus for Covid-19 prevention measures at this stage and some neighbouring states have imposed travel restrictions on those from the state. NSW state Premier Gladys Berejiklian floated the idea about allowing venues in the area to ban entry to those who aren’t vaccinated against Covid-19.
“Already airlines have indicated that if you’re not vaccinated you can’t travel overseas and I think that’ll be an incentive to a lot of people… We’ll also consider whether we allow venues … make up their own rules if they have a business or run a workplace about what they feel is Covid safe.”
SOURCE: Aljazeera
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Politics
Companies pull out from Trump brand after storming of Capitol incident

Corporate America is adding its weight in response to the insurgency at the Capitol building on January 6, and are pulling out from any association with the Trump brand after the storming of the capitol incidentwhich economists say will have a profound medium and long-term effect on his business interests. Recently, Signature Bank closed Trump’s personal accounts and the PGA of America stopped plans to hold its 2022 championship at Mr. Trump’s New Jersey golf course.
Such a parting of ways signals the business community’s weariness in being associated with a political figure that has attracted worldwide attention and is indicative of what may happen to the Trump brand. The president’s role in the incident, confirmed by his impeachment by the House this week, has gained criticism from the Business Roundtable to the AFL-CIO labour federation.
Michael D’Antonio, the author of a Trump biography, says the capitol incident has been a game-changer for the support of extreme politics.
“Trump’s name is really an albatross. He is the most disgraced president in history. This is a person who’s synonymous with a mob attacking the US Capitol. I just think this went a step too far.”
Other experts like Tim Calkins, a marketing professor at Northwestern University’s Kellogg School of Management, say Trump’s brand will inevitably suffer long-term.
“Before his term, Trump stood for wealth, success and over-the-top luxury. Now the brand has associations with anti-government views, racism and extremism. This makes the brand fairly toxic.”
Deutsche Bank, to which Trump reportedly owes around $400 million, is also planning to stop engaging in business with him. But the president dismissed any business challenges in an October 15 televised event by saying that the $400 million he owed was “a tiny percentage of my net worth.”
It appears true that some of Trump’s properties have benefitted from his presidency as taxpayer revenue has continuously flowed into his golf courses and clubs where he stays with his family, the secret service and the White House staff.
In fact, CREW estimates that Trump’s properties took in over $100 million from more than 500 visits by the president, according to a report in September 2020. But even that business transaction has received widespread criticism as many say Trump should not have mixed politics with his personal businesses.
D’Antonio predicts that Trump may sell current assets to pay off his Deutsche Bank debt, which means there could be fewer to none Trump hotels, golf courses or towers in the next 10 years.
SOURCE: Bangkok Post
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