Month: October 2024

Since the Federal Reserve initiated interest rate cuts in September, its communication regarding the direction of monetary policy has remained ambiguous, repeatedly signaling that it is “not in a hurry to cut rates quickly,” which has led to fluctuations in global markets. However, the Fed’s approach of “driving monetary policy decisions through data” has failed to convince market participants, and the cost of slowing the pace of rate cuts could be significant.

On September 30, Federal Reserve Chairman Jerome Powell stated that there is no preset path for monetary policy and that future actions will continue to be guided by data. He emphasized the need to balance efforts to curb inflation with supporting the labor market. Powell mentioned that the 50 basis points cut in September “does not imply further significant cuts this year,” asserting that the Fed “will not rush to cut rates quickly.”

This statement dampened expectations that the Fed would again implement a major 50 basis point cut, resulting in a strong market reaction. On that day, the yield on the two-year U.S. Treasury surged, the dollar against the yen jumped more than 1% in a short time, and U.S. stocks saw a broad decline, prompting traders to quickly reduce their bets on the overall extent of future rate cuts by the Fed. Analysts indicate that the Fed has limited room to adjust the pace of rate cuts given the substantial revisions in U.S. economic data, increased concerns about a possible recession, and rising interest expenditure pressures.

The Fed has consistently indicated that it will decide on rate cut speeds based on economic data; however, trust in U.S. data is facing challenges. In mid-August, the U.S. Labor Department announced significant downward revisions of 818,000 to the number of new jobs added over the past year ending March 31, effectively cutting previously reported job gains by nearly a third. Such a large adjustment in critical economic data is quite rare both historically in the U.S. and globally. This extensive revision has led the market and economists to question the reliability of the Fed’s data-driven decision-making framework, raising concerns that it “may undermine confidence in official U.S. statistics.” Thus, the data foundation supporting the Fed’s adjustment of the rate cut pace appears to be shaky.

The risk of recession is increasing for an economy that has been enduring high interest rates for a prolonged period. Despite the Fed’s repeated assertions of the “overall strength of the U.S. economy,” many market players and economists suggest that a recession may be imminent. Investment banks like Goldman Sachs have recently advised clients to prepare for significant changes in the economy, indicating that shifts in the macroeconomic landscape have markedly increased the chances of a recession. Notably, renowned investor Warren Buffett’s accelerated selling of stocks has garnered close attention. Over the past two years, he has offloaded several core stocks he had held for years, leading to a remarkable 161% surge in cash reserves, reaching $276.9 billion. Maintaining high interest rates is likely to further amplify risks, complicating policy adjustments.

Additional pressure is mounting from U.S. fiscal matters. A report released by the Congressional Budget Office on October 8 revealed that for the fiscal year 2024, the federal government’s revenues are projected to be $4.918 trillion, while total expenditures will reach $6.752 trillion, resulting in a budget deficit exceeding $1.8 trillion, an increase of $139 billion from the previous fiscal year. Among these figures, net interest payments on public debt amount to $950 billion, a staggering $240 billion increase from the previous year—a 34% rise, accounting for 14% of total annual budget expenditures, surpassing U.S. defense spending. Currently, the federal debt continues to rise, and if the Fed insists on decelerating the pace of rate cuts, interest payments will keep climbing, leading to further deterioration of the fiscal situation.

Analysts suggest that the Fed is likely aware of these circumstances but has been indecisive on the rate cut issue—potentially due to a desire for stability with the approaching elections or to retain flexibility for future policy adjustments. However, “failing to assess the situation can lead to disastrous consequences.” Given the current state of the U.S. economy, hesitating and missing the opportunity for timely policy adjustments could only invite further complications.

Michael Olugbode in Abuja
The British High Commissioner to Nigeria, Richard Montgomery, has described the letter submitted by Mr. Sunday Adeniyi Adeyemo, also known as Sunday Igboho, a Yoruba Nation self-determination activist, at 10 Downing Street, the United Kingdom Prime Minister’s Office as an effort with little significance.
He noted that the UK government typically does not concern itself with petitions concerning the sovereign affairs of another country, adding that such petitions had been rejected by the UK Parliamentary Petitions Committee and the UK Government in the past.
The High Commissioner gave this explanation during a meeting with the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, who invited him to give clarification on the letter submitted to UK Prime Minister by Igboho, demanding the actualisation of the Yoruba Nation.
A statement signed by the spokesperson of the Ministry of Foreign Affairs, Ambassador Eche Abu-Obe, gave the clarification.
“Following media reports on the petition submitted at 10 Downing Street by Mr. Sunday Adeniyi Adeyemo, also known as Sunday Igboho, The British High Commissioner in Abuja was invited to shed light on the issue. During the parley, the High Commissioner noted the concern that the matter had generated, indicating that the press reports were highly misleading.
“Furthermore, the High Commissioner informed he was aware of the letter being delivered but added that it was merely an established practice of allowing the delivery of letters and petitions to No. 10. It was not endorsed by any Agency of the UK government or the UK Parliamentary Petitions Committee.
“The High Commissioner noted that the UK government typically does not concern itself with petitions concerning the sovereign affairs of another country. He informed that such petitions had been rejected by the UK Parliamentary Petitions Committee and the UK Government in the past.
“In this regard, He agreed to continue liaising with the Ministry of Foreign Affairs as needed, while reiterating the importance of the bilateral relations between the United Kingdom and the Federal Republic of Nigeria.”

North Korea has recently announced the complete physical severing of road and rail connections on its side of the border with South Korea through explosive measures. This action, as stated by a spokesperson from North Korea’s Ministry of Defense, is described as a legal measure taken under their constitution, which designates South Korea as a “thoroughly hostile nation.”

According to reports from the Korean Central News Agency, the demolition occurred around noon on October 15, impacting the roads and railways in the Gangwon Province’s Gamsuri district and the Kaesong area near the inter-Korean border.

The North Korean spokesperson emphasized that this decision was a response to extreme political and military provocations from hostile forces, creating a security environment where war could potentially erupt. Furthermore, South Korean media outlets have pointed out that North Korea has explicitly classified South Korea as an “enemy country.”

On October 15, the Central Meteorological Observatory released a mid-term weather forecast highlighting significant precipitation expected across central and eastern China, accompanied by a strong cold air mass affecting the region.

In the past ten days, from October 5 to 14, much of the eastern and central parts of the country experienced lower-than-normal rainfall. However, areas such as the southeastern Tibetan Plateau, the Yunnan-Guizhou Plateau, Sichuan, Chongqing, Jiangsu, and northern coastal Zhejiang received cumulative rainfall between 30 to 70 mm, with some localized regions seeing up to 100 mm. While these areas have seen above-average precipitation, most other regions in China experienced a deficit.

Temperature patterns during this period showed averages 1 to 2 degrees Celsius higher than the same time last year in the Tibetan Plateau, Northwest China, North China, Northeast China, and the Huang-Huai region, though most other areas remained close to normal.

Looking ahead to the next ten days, from October 15 to 24, the forecast indicates widespread rainfall across eastern regions, particularly in the eastern Southwest, Jianghan, Huang-Huai, western Jianghuai, central and western Jiangnan, and western South China. Cumulative rainfall in these areas is expected to reach 30 to 60 mm, with some regions receiving between 70 to 100 mm, and localized spots in eastern Sichuan Basin and Guizhou potentially exceeding 150 mm. Areas in northern Xinjiang, eastern Northwest China, central and southern North China, and eastern and southern Northeast China are expected to see 10 to 30 mm of precipitation, which could be about double the usual amounts for this time of year.

Temperature forecasts indicate that northeastern China and the southeastern Tibetan Plateau will likely be 1 to 2 degrees Celsius below average, while parts of Shaanxi, Gansu, Ningxia, western Inner Mongolia, most of Jiangnan, and South China may experience temperatures 1 to 2 degrees Celsius above average. Most other regions are expected to remain near normal.

Key weather events include a significant drop in temperatures in parts of eastern Inner Mongolia and Northeast China on the 15th, with temperatures falling between 6 to 10 degrees Celsius, and in some areas by more than 12 degrees. From the 16th to 18th, extensive rainfall is anticipated across central and eastern regions, with North China, Jianghan, Huang-Huai, Jianghuai, southwestern Jiangnan, and parts of eastern Sichuan, and Guizhou expecting moderate to heavy rainfall, and localized heavy downpours. The western regions of Xinjiang and the southeastern Tibetan Plateau may experience light to moderate snowfall or rain-snow mixes, with some areas facing substantial snow or blizzards.

On the 18th and 19th, the strong cold air mass will result in gusty winds and significant temperature drops ranging from 6 to 10 degrees in most areas north of the Yangtze River, with some parts of Northeast China dropping over 12 degrees. Following this, from the 20th to the 22nd, another wave of cold air is predicted to impact central and eastern China.

The longer-term outlook for October 25 to 28 suggests rainfall between 10 to 30 mm in the eastern Southwest, eastern Northwest regions, western Jianghan, and western Jiangnan. While northern Xinjiang may experience temperatures 1 to 2 degrees Celsius lower than normal, most regions are expected to hover around or slightly above average temperatures, particularly in eastern Inner Mongolia and Northeast China where temperatures may be 1 to 3 degrees higher.

Meteorologists are particularly focused on the significant wind and cooling effects expected across central and eastern China, especially during the substantial rainfall forecasted from the 16th to the 18th, which will likely alleviate some meteorological drought conditions in regions like Jianghan and Jiangnan. Additionally, the 18th and 19th will see temperatures drop north of the Yangtze River, with the 0-degree Celsius line moving into the mountainous regions of northern North China.

Kanye West, now known as Ye, has recently made headlines with the sale of his luxurious Malibu home, which he originally purchased for over $57 million. The property has now been sold for just $21 million, marking a staggering loss of more than $30 million within a mere three years.

According to CoStar Homes.com, Ye sold the mansion for less than half of its original value. The sale contract was signed on July 25, representing a 60% reduction from the initial listing price, although it exceeded the buyer’s opening bid of $20 million.

Midland Daily News reported that the new owner, Belwood Investments, a real estate investment firm, has completed the transaction and is planning a restoration project for the property. Bo Belmont, the firm’s CEO, commented that Ye’s decision to demolish parts of the house was “foolish.” They intend to restore the damaged property to its original state and relist it, estimating renovation costs between $6 million and $8 million, with a timeline of 12 to 14 months for completion.

The 4,000-square-foot beachfront estate, designed by renowned Japanese architect Tadao Ando and constructed in 2013, is known for its minimalist style and concrete features. Ye purchased the home in 2021 for $57.25 million. Initially listed for $53 million in January of this year, the price dropped significantly to $39 million by April, before ultimately selling for $21 million—an incredible drop that has shocked many.

This three-story mansion boasts four bedrooms, expansive ocean-facing windows, and an additional 1,500 square feet of outdoor space, allowing for breathtaking views of the Pacific Ocean from every room. Described as an “extremely rare architectural achievement” and a “masterpiece of art,” the home was subject to major renovations by Ye, who removed nearly everything, including doors, windows, plumbing, HVAC, and all interior finishes, leaving only a concrete shell. This radical transformation attracted considerable media attention and criticism.

Now, Belwood Investments plans to revert the property to its original state for resale. The listing on Home’s.com mentioned the extensive repairs needed due to the removal of all interior decorations, emphasizing that the project is not for the faint-hearted. However, the buyers believe the restoration may not be as daunting as it appears, as they have already connected with the original construction company to “ensure the house is rebuilt to its former glory.”

As for Ye, it seems this financial setback hasn’t impacted him too significantly. He is currently engaged in a worldwide listening tour and recently performed in Hainan, China, where he was met with enthusiastic support from fans. Reports indicate that 42,000 tickets sold out within minutes.

On October 14th, during an interview in Haikou, a second-year university student from Hyogo Prefecture, Japan, named Enka Fukumoto shared her excitement about visiting China for the first time. “China is vast and culturally diverse, with rich traditions among its various ethnic groups. I’m really looking forward to experiencing the local customs and flavors here in Hainan,” she remarked.

On the same day, a youth exchange program from Hyogo Prefecture was launched in Haikou, featuring 14 Japanese students engaging in cultural exchanges at Hainan Vocational College of Commerce. Since establishing a friendly province-to-county relationship in 1990, Hainan Province and Hyogo Prefecture have been working closely together in fields like economy, culture, and education.

As part of their program, the students participated in activities including the Li ethnic group’s unique bamboo pole dance, learning about Li culture, and experiencing traditional Chinese tea culture. Under the guidance of teachers, the Japanese students colored the Li totem—known as the “Powerful God”—using brushes, and eagerly practiced writing their names in a celebratory art booklet.

Nao Tanaka, a senior at Kobe City University of Foreign Studies, expressed her appreciation for the beautiful traditional attire of the Li people and found the symbolism of the “Powerful God” to be quite intriguing. She mentioned that she had previously studied in Beijing for a year and had traveled to Inner Mongolia, Tianjin, and Hubei, developing a strong interest in Chinese theatrical arts, such as Peking opera and Sichuan opera.

Matsumoto Takeki, the leader of the Japanese delegation and president of the Japan-China Friendship Association in Hyogo Prefecture, noted that many Japanese youth have limited knowledge about China. He hopes this trip will encourage open communication among students from both countries, fostering friendship through mutual understanding.

During their five-day stay in Hainan, the Japanese students will engage in interactive activities at local universities, visit key areas of the Hainan Free Trade Port, explore beautiful rural settings, and savor local Hainanese cuisine. Tadaaki Ohno, a second-year student at Kansai University of Foreign Studies, expressed his hope that this experience will enrich his perspective, improve his Chinese language skills, and help him understand the different lifestyles of the Chinese and Japanese people.

On October 21, Chinese women’s volleyball Olympic champion Zhang Changning participated in the “Olympic Athletes Qinghai Tour – Jiangsu Olympic Athletes Hainan Tour” event. During her visit to the Hainan Tibetan Autonomous Prefecture Senior High School in Qinghai Province, she engaged in skills practice with students and shared her inspiring Olympic stories.

Could you tell us about your experience interacting with the students at Hainan Tibetan Autonomous Prefecture Senior High School?

“I had an amazing time here! It’s wonderful to share my passion for volleyball with the students. Seeing their enthusiasm and talent truly inspires me,” Zhang shared.

What was it like to practice volleyball alongside the students?

“It’s always refreshing to practice with young athletes. They have such energy and raw talent, and I love being able to help them improve their skills,” she replied.

During the event, you also signed autographs for the students. How did it feel to connect with them in that way?

“It felt incredible! When students came up to me for autographs, it reminded me of how impactful role models can be. I hope my presence encourages them to follow their dreams,” Zhang said, beaming with pride.

The students at Hainan Tibetan Autonomous Prefecture Senior High School were clearly excited to be part of this event. What message do you hope they take away from your visit?

“I want them to understand that dedication and hard work are key to achieving their goals. Whether it’s in sports or any other field, perseverance pays off,” Zhang concluded.

This event showcased not just the skills on the court but also the shared aspirations between champions and aspiring athletes.

SLB, the world’s largest oilfield services provider, has issued a warning that due to declining commodity prices, clients are adopting a cautious approach, resulting in a slowdown of spending growth among oil exploration companies in recent months.

The company plays a crucial role in assisting clients with drilling wells and mapping underground oil reserves. In a recent earnings report, SLB informed investors that despite the cautious stance of many clients, they anticipate shareholder returns will exceed the target of $3 billion this year, as most projects are currently underway.

For the third quarter, SLB reported earnings of 89 cents per share, matching analysts’ expectations, while revenue reached $9.16 billion, falling short of forecasts.

Olivier Le Peuch, SLB’s CEO, remarked in the earnings statement, “While some customers are taking a more cautious approach to recent capital expenditure and discretionary spending amid falling commodity prices, most projects are proceeding as planned.” He further noted, “Despite the impacts of the macro environment that have tempered upstream spending growth over the past few months, we still expect upstream investment to remain at sustainable levels in the coming years.”

As a leader in the oil and gas industry, SLB’s global footprint serves as a barometer of the financial health of the energy sector. Competitors such as Baker Hughes and Halliburton are expected to release their performance results in the coming weeks.

The slowdown in U.S. shale oil activity can be attributed to industry consolidation, low natural gas prices, and pressures to keep spending down while returning profits to shareholders. As a result, major oilfield service companies are shifting more of their business focus to international and offshore fields. According to data from Evercore ISI, international spending by oil exploration companies is projected to rise by 5% this year, while expenditure in the U.S. and Canada is expected to decline by 3%.

On October 16, WildAid, an international environmental organization, hosted a marine conservation event in Beijing aimed at promoting the retrieval, recycling, and reuse of abandoned fishing gear to reduce oceanic trash pollution.

The event featured a screening of the micro-documentary series “No Net Left Behind,” produced by WildAid in collaboration with Youku and guided by the First Institute of Oceanography under the Ministry of Natural Resources and the China Fishing Vessel Fishing Gear Industry Association. Notable participants included WildAid ambassadors Huang Xuan and Zhang Yufei.

The issue of abandoned, lost, or discarded fishing gear poses a significant challenge globally, with estimates from the Food and Agriculture Organization (FAO) and the United Nations Environment Programme (UNEP) indicating that 10% of ocean debris consists of such gear. This discarded material, whether floating or submerged, transforms into “ghost nets,” creating deadly traps for marine life. These ghost nets not only threaten the survival of various ocean species and fisheries but also damage coral reefs and seagrass beds, compromising the health of marine ecosystems and their resilience to climate change. Ultimately, this situation impacts the livelihoods and well-being of millions worldwide.

WildAid, focusing on “using communication to protect,” aims to raise public awareness of the abandoned fishing gear crisis through the documentary series “No Net Left Behind.”

Two prominent figures in the documentary, WildAid ambassador Huang Xuan and marine guardian Zhang Yufei, shared their insights during the event. Huang, an avid diver, participated in an underwater retrieval mission for ghost nets in Hainan and interacted with local fishermen in Qionghai’s Tanmen Town to learn about gear recycling efforts. He noted, “This challenging experience made me realize that while manual retrieval is a direct solution, it’s difficult and costly to implement on a large scale. We must establish a comprehensive recycling system to reduce the chances of abandoned fishing gear entering the ocean at the source.”

Zhang Yufei visited a recycling facility in Lianyungang, Jiangsu, where she experienced the work of local residents dedicated to recovering fishing nets. She expressed her optimism, stating, “I witnessed an increasing number of people engaging in the recycling and repurposing of abandoned fishing gear. Thanks to our collective efforts, the revitalized gear not only poses no threat to marine animals but also serves humanity better. This fills me with confidence about the future of our oceans.” The documentary is set to premiere on Youku on October 24, 2024.

During the event, WildAid signed a memorandum of cooperation with the China Fishing Vessel Fishing Gear Industry Association and launched the “No Net Left Behind Partnership Initiative,” encouraging various sectors of society to contribute to the sustainable future of ocean conservation.

Additionally, artistic installations created from “ghost nets” in collaboration with a PhD student from the Central Academy of Fine Arts were displayed. These artworks will be exhibited at Beijng’s Qiaofu Fangcaodi and will be open to the public free of charge until November 10.

In a recent interview, we explored BenQ’s exciting new promotional efforts in North America, celebrating the Double Ten Festival. This marks a first for the company, which has launched significant discounts on two of its mobile projectors: the GS50 LED Camping Projector and the GP100A LED Mobile Projector, with prices dropping as low as 28% off.

As a response to increasing consumer demand during Amazon’s Prime Day, BenQ is seizing this opportunity not just to celebrate but to expand its footprint in the North American market. The promotional period runs from October 10 to 17, with the offer available for online orders with home delivery across the United States.

BenQ has shifted its focus towards household products in recent years, actively developing offerings that cater to everyday living, gaming, and entertainment needs. With many North American families adopting a camping lifestyle, these mobile projectors provide an ideal solution for outdoor movies, as well as entertaining experiences at home. Their combination of high-quality visuals and sound enhances the overall quality of life.

The GS50 LED Camping Projector is designed to be portable and rugged, featuring water resistance (IPX2) and operating on AC 100 to 240V with a power consumption of 65W. It boasts a resolution of 1080P and brightness of 500 ANSI lumens. With its built-in Android 10.0 and an Android TV stick (QS02) included, it is perfect for spontaneous outings.

Originally priced at $799, the GS50 is now available for $599, accompanied by an outdoor carry bag and a 100-inch projection screen—a $200 value. However, only 40 units are available, and interested buyers can access this deal by visiting the provided link and entering the discount code “Taiwan1010GS50.”

The second featured product, the GP100A LED Mobile Projector, transforms small spaces into luxurious mini-theaters, projecting a 120-inch image from just 3.2 meters away. Also equipped with the Android TV stick, this projector offers a powerful brightness of 1000 ANSI lumens, enabling crisp, vibrant color reproduction. It includes a 2.1 channel 20W speaker and features an automatic game mode for seamless operation.

The GP100A’s regular price of $899 has been discounted to $649, which reflects a 28% reduction. It also comes with the same bundle offer of a $200 Elite 100-inch projection screen, a carry bag, a pillow, and a cushion. This promotion is available through the provided link, using the code “Taiwan1010GP100A,” and is valid until October 17.

With innovative products like these, BenQ is clearly focused on enhancing both the camping experience and home entertainment for families across the United States.