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The Star
2 days ago
- Business
- The Star
After tight-lipped talks in London, the US-China silence speaks volumes
With global economic ramifications on the line, those with a vested interest in supply chains and geopolitical stability watched closely and waited as high-ranking officials from the United States and China emerged from last week's trade talks in London. Then, the public was told little. In the absence of an official readout from both sides, hope for a bit more clarity has given way to a fog of questions and buzzy speculation about what happened behind those doors. Was leverage being applied? By whom and in what manner? And what does this perceived stand-off mean, not just for the two economic giants, but for a world desperate for direction? The silence, some say, hints at tensions, recalibrated power and the fragile balance of global trade, deepening uncertainty about the world's most consequential economic relationship. 'This round of negotiations could mark a turning point in the US-China trade war,' said Tao Dong, president and chief economist at Springs Capital (Hong Kong), in an op-ed published on Sunday by the New Economist think tank. China's hardball tactics around export controls on rare earth elements – the main focus of the closed-door London talks – perhaps caught the US delegation off guard and added a new layer of tension and complication to already fragile discussions, Tao said. 'The dynamic has shifted from unilateral US pressure to a more evenly matched contest – China is no longer on the defensive and is now negotiating from a position of strength. Second, the focus has moved from tariff levels to export controls – tariffs themselves are now secondary; both sides are targeting choke points in each other's supply chains, which is why commerce ministers, rather than just trade officials, are now at the table,' Tao wrote. The current state is one of fragile equilibrium Washington has likely come away with a clearer view of China's leverage – its dominance in key supply chains and its strategic advantage in rare earths, analysts said. And while some deals may be disclosed, any Chinese concessions on rare earth exports could be narrow and conditional, with reciprocal US promises still pending presidential approval. 'The current state is one of fragile equilibrium,' Tao explained, calling it more constructive than past episodes of maximum pressure. 'But at the core, structural and strategic divergences remain – these are unlikely to be resolved within the current negotiation framework.' One week ago, US President Donald Trump said on social media that a deal with China was 'done', pending final approval by himself and President Xi Jinping. Trump said China would supply full magnets and any necessary rare earths 'up front', and that the US agreed to 'Chinese students using our colleges and universities'. And on Thursday, he said he would set unilateral tariff rates with trading partners in the next week or two, and that letters would be sent to them outlining terms of the new deals before July's deadline. All of this unfolds against a broader climate of rising global uncertainty, not just in trade, but across politics and society, deepening divisions that continue to weigh on investor confidence. In the US, domestic tensions are also running high – an estimated 5 million people took to the streets in thousands of cities and towns, protesting what organisers of the No Kings march described as 'authoritarianism, billionaire-first politics, and the militarisation of our democracy'. Israel's bombardments of Iran since Friday, amid accusations that Tehran is nearing nuclear capability, have raised the spectre of a full-scale regional war, with potential ripple effects on oil prices, supply chains and US foreign policy calculations in an already fragile global economy. As of Tuesday, no official announcements had been made regarding the June 9-10 talks in London; the two negotiating teams only said that they had agreed 'in principle' to a 'framework' that each side would bring home for review by their respective leaders. Some analysts say signs indicate the London talks did not go as smoothly as the ones that took place a month prior in Switzerland and were immediately followed by joint announcements, including details of the result. The world's most consequential economic relationship hit a turbulent patch ahead of the London talks, as mutual accusations of breaching the Geneva truce deepened mistrust between Washington and Beijing. Then, an impromptu call between Xi and Trump on June 5 offered a symbolic olive branch but did little to alter the underlying power dynamics that were subsequently at play in London. Future negotiations are expected to continue, and this round signalled a willingness on both sides to make tactical concessions – trading short-term interests to de-escalate tensions, avoid mutual damage, and prevent market panic, Tao said. Still, the strategic rivalry between the US and China may extend into other domains, including technology and finance, as other industries may eventually be drawn into the crossfire, he warned. Both countries probably haven't played many of their cards – let alone their trump cards, said Xu Tianchen, senior China economist with the Economist Intelligence Unit (EIU), adding that China could still cut off rare earths to the US, and that the US is not letting its best chips go to China. 'If I'm to make a rough guess, I'd say that the US wanted many things from China for nothing, and that didn't impress China,' Xu said. 'Negotiations will 100 per cent continue, taking place every several months. But based on the limited evidence from the London talks, they will be tug-of-wars that are lengthy but struggle to produce meaningful results.' And while the London talks appear to have yielded little progress, some analyses suggest that they have laid bare the West's deep reliance on, and vulnerability to, China's tightening grip on rare earths. The materials, critical in hi-tech industries, from EV batteries to missile systems, are at the heart of the current stand-off and remain a weakness that the US and Europe are only now scrambling to reduce and will take years to rectify. Regarding the pressing question of how much China will ease its rare earth exports, Arthur Kroeber, founding partner of China-focused economic research consultancy Gavekal Dragonomics, said in a report last week that this is the best bet: 'China will reopen to commercial buyers enough for them to satisfy their ongoing need, but not so much that they can stockpile. And [China] may be even stingier with buyers that feed into the US defence supply chain.' I think those tariffs will be 'frozen' permanently – put back into Pandora's box Despite the narrow space in which a deal can be made, Washington is now more likely to give up ground on some firmly held positions, even those concerning national security, to get a trade agreement, he added. 'The jousting of recent weeks suggests that China has set its sights on eroding US export controls. This makes sense: China has more to gain from reopening the flows of US technology than it does from expanding the US market opportunities for its hi-tech firms,' he pointed out. According to a Reuters report quoting people familiar with the matter, the recent US-China trade talks in London failed to resolve key national security-related export restrictions. Beijing has yet to commit to approving exports of certain rare earth magnets critical to US defence systems, while Washington continues to block China's access to advanced AI chips over military-use concerns. China and the US are likely withholding specifics to preserve negotiating leverage and manage domestic perceptions, some say. Washington may be avoiding any appearance of concession, given Trump's hardline stance on trade, while Beijing may prefer to frame any potential deal as a strategic win that buys time, said Zhuang Bo, global macro strategist at Loomis Sayles Investments Asia. Economic incentives remain strong for both sides to avoid renewed escalation, he pointed out, as 'the US is grappling with inflationary pressures and persistent supply-chain vulnerabilities, while China is contending with a sharp decline in exports to the US and domestic economic headwinds, including deflation'. In this context, there is 'a high likelihood of an extension [beyond the August 10 deadline of paused tariffs] if no agreement is finalised', Zhuang added. Xu with the EIU also said an extension seems likely because 'if they don't do so, tariffs will immediately go back to levels the US can't afford'. 'I think those tariffs will be 'frozen' permanently – put back into Pandora's box,' Xu said. 'But, of course, that won't be the end of the tariff story; the US will find other tools contained in decades-old legislation.' Communist Party mouthpiece People's Daily said in a commentary on Thursday that the London talks were a step toward solving trade disputes through equal dialogue. The newspaper called for the US to honour its words with actions. China is positioned to handle the headwinds. The US is not so well-positioned Vice-Premier He Lifeng, who led China's delegation in London, said Beijing was 'sincere but also principled'. He urged the two to safeguard the hard-won outcomes of their dialogue and maintain ongoing communication, the state's Xinhua reported. Alberto Vettoretti, managing partner of the business consultancy Dezan Shira & Associates, said US officials could extend the tariff pause if the two sides have made genuine progress on key issues, including lifting reciprocal export restrictions, but more time is needed to agree on other areas. 'If trade talks stall entirely, and little to no progress is made, then it's possible Trump would try to pressure China by raising tariffs again,' he said. 'How Trump acts on July 8, when the 90-day pause on the Liberation Day tariffs is up, and whether the US raises tariffs on countries that haven't concluded deals with the US, could be a good indicator of how he will act with China in August.' China's global export curbs could backfire – preferential treatment for the US risks alienating other partners, he added. 'Third countries will likely push their own agenda and adopt a multipronged approach. Companies from China will continue to expand overseas to curb related risks, so neighbouring countries shall benefit from the current instability,' Vettoretti said. In terms of dealing with China, Trump's urgency depends on whether he realises he misplayed his hand – or was misled, said Victor Gao, vice-president of the Centre for China and Globalisation, a Beijing-based think tank, as a prolonged deadlock risks backlash from consumers and US firms long reliant on profitable China ties. 'China is positioned to handle the headwinds. The US is not so well-positioned,' Gao said. 'China is willing to wind down its positions to zero.' So far, Trump has claimed that Chinese imports into the US receive a sum of '55 per cent' tariffs. Gavekel's Kroeber said a deal on fentanyl would be low-hanging fruit, but Trump's trade negotiators may be reluctant to surrender much of their tariff leverage for a side-agreement on drugs. If Trump truly wants a deal, Kroeber added, he could easily ease chip-export controls via the Bureau of Industry and Security, a single-agency decision. But flashy wins like Chinese factories creating US jobs are more politically rewarding – and require complex reviews by the Committee on Foreign Investment in the US, which includes nine departments, including Defence and Homeland Security. Either path demands Trump break from years of national-security orthodoxy, and Trump 'is still far from making that move', Kroeber said. Dan Murphy, executive director at the Mossavar-Rahmani Centre for Business and Government of Harvard Kennedy School, said last week during the Caixin Summer Summit in Hong Kong that the US and China might be missing or not factoring in potential risks and complications while failing to grasp the big picture. 'My concern, and I think it is going to be a core concern that extends to the economy of China and Asia, is that China and the United States are looking [at each other] from farther away, and we are seeing a less nuanced and less complicated picture, and this can lead to miscalculations.' - SOUTH CHINA MORNING POST
Hi Dubai
21-05-2025
- Business
- Hi Dubai
Yalla Group Reports Strong Q1 Growth as Revenue and User Base Climb
Yalla Group, the leading MENA-based online social networking and gaming platform, posted robust financial results for Q1 2025, reporting significant gains in revenue, profit, and user engagement despite seasonal headwinds. The company recorded AED308.2 million (US$83.9 million) in revenue for the quarter ending 31 March, marking a 6.5% increase from the same period last year. Net income rose 17% year-over-year to AED133.7 million (US$36.4 million), with non-GAAP net income reaching AED143.6 million (US$39.1 million), reflecting a strong 46.6% non-GAAP net margin. Yalla's Average Monthly Active Users (MAUs) surged to 44.6 million, a 17.9% increase from Q1 2024, signalling sustained growth and deepening user engagement across its platforms. Founder and CEO Yang Tao attributed the strong performance to the company's focus on enhancing user experience and operational efficiency. 'Despite seasonal factors such as Ramadan, we outperformed expectations, highlighting the resilience of our business model,' he said. Tao also emphasized Yalla's increased use of artificial intelligence in user behaviour analysis and data management, noting it has significantly improved decision-making and user retention. Group President Saifi Ismail echoed the optimism, pointing to the company's organic growth and minimal marketing spend. 'Our performance underscores the strength of our brand and the scalability of our platform,' he said, adding that continued investment in AI and data analytics is central to Yalla's long-term strategy. As the region's digital landscape evolves, Yalla Group remains focused on delivering sustainable growth through innovation, efficiency, and a user-first approach. News Source: Emirates News Agency
Yahoo
21-05-2025
- Business
- Yahoo
Huang Zitao successfully launches his sanitary napkins business
21 May - Huang Zitao has successfully sold 195,000 pieces of his sanitary napkins in just 15 minutes, just as he launched his brand Domyway on 18 May. The singer, who held the launch in Dongyang, Zhejiang, shared that the business is an important turning point in his life, and that he hopes people will think of him as Huang Zitao the entrepreneur and not Huang Zitao the celebrity whenever they see the brand. The sanitary napkin brand is sold for RMB49.80 for a pack of 62 pieces, and RMB 99.80 for 124 pieces. Each set includes mini pads, day-use pads, night-use pads, and sanitary pants. Tao also disclosed the factory arrangement of his product, saying that the factory currently has three fully automatic production lines, which can produce 1,200 sanitary napkins per minute. It also introduced traditional and AI dual systems for stain detection, with a scrap rate of only 2 percent. It is understood that the total investment in the brand was approximately RMB 275 million. He also thanked his own wife Xu Yiyang during the launch, saying that the singer has personally tested the product many times and even made suggestions for research and development. (Photo Source: Huang Zitao Weibo, Oriental Daily)
Tahya Masr
21-05-2025
- Business
- Tahya Masr
Yalla Group announces strong financial results for Q1, 2025 reporting steady growth in revenues
Yalla Group Limited ("Yalla" or the "Company") (NYSE: YALA), the largest Middle East and North Africa (MENA)-based online social networking and gaming company, today announced its unaudited financial results for the first quarter of the fiscal year 2025, ending on March 31. The company reported quarterly revenue of AED 308.2 million (USD 83.9 million), a 6.5 percent increase compared to the same period last year. Net income for the quarter rose to AED 133.7 million (USD 36.4 million), marking a 17 percent year-over-year increase. On a non-GAAP basis, net income reached AED 143.6 million (USD 39.1 million), up 10.9 percent from the same quarter in 2024, with a non-GAAP net margin of 46.6 percent. Average Monthly Active Users (MAUs) grew to 44.6 million, a 17.9 percent increase from 37.8 million in the corresponding period last year, underscoring the continued expansion and engagement of Yalla's user base across the region. Outperformed expectations Speaking on the occasion, Mr. Yang Tao, Founder, Chairman and Chief Executive Officer of Yalla said: 'We kicked off 2025 with a strong and promising first quarter. Despite seasonal factors such as Ramadan, we outperformed expectations, reflecting the resilience of our business model and the effectiveness of our long-term growth strategy. "Our steadfast commitment to enhancing user experience, improving operational efficiency, and deepening engagement across our platforms has contributed to healthy momentum. The improvements we've made to user acquisition and gamification are driving higher retention and increasing the value we deliver to our user base.' Tao highlighted that expanding the application of artificial intelligence technologies to analyze user behavior and manage data has significantly enhanced decision-making efficiency. He concluded: "Building on the continued success of our platforms and the company's ongoing development, we are leveraging this growth momentum to increase the value we deliver. We are committed to achieving sustainable returns for our shareholders and strengthening our leadership in the regional digital communication and entertainment sector." Sustainable growth For his part, Saifi Ismail, Group President at Yalla Group, said: 'We are very pleased with the strong operational results achieved this quarter, especially given the seasonal impact of Ramadan. The impressive growth in monthly active users, driven organically and without additional marketing spend, highlights the effectiveness of our product strategy and the growing strength of our brand across the region. This performance validates our focus on scalable, efficient growth and reinforces the solid foundation we've built for continued expansion.' "As the global economy adjusts to shifting macroeconomic dynamics, the MENA region stands out for its digital readiness, something which aligns well with our long-term strategy. We are particularly proud of the progress we've made in AI deployment, notably in our proprietary content moderation platform, which now leads the region in recognition speed and accuracy." He added: "As we look to the future, we are committed to driving sustainable, high-quality growth through product innovation, operational excellence, and enhanced user experience. Our continued investment in AI and data analytics is enabling smarter decision-making and greater agility in responding to market trends. These capabilities, combined with our strong regional positioning and scalable platform, put us in an excellent position to continue delivering value to both our users and shareholders.'
Japan Times
20-05-2025
- General
- Japan Times
'Memory keepers' pass on Hiroshima A-bomb survivors' stories
Since fiscal 2012, the Hiroshima city government has been training "memory keepers" — individuals who learn and pass on the testimonies of hibakusha, or atomic bombing survivors, along with their hopes for peace, to future generations on their behalf. As of April 1 this year, nearly 80 years after the end of World War II, only 29 hibakusha remained willing and able to publicly share their experiences, with an average age of 87.6. Meanwhile, the number of city-trained memory keepers has grown to about 240. They now play an active role in sharing these stories at schools across the country, including in Hiroshima. In February, the Hiroshima Peace Memorial Museum hosted a lecture to revisit the experience of Masahiro Kunishige, who was exposed to radiation at a location about 2 kilometers from the epicenter of the nuclear explosion in the western city on Aug. 6, 1945, when he was 14 years old. He sustained burns to his face and left arm. Kunishige passed away in 2022 at the age of 91. Akemi Tao, a 74-year-old Hiroshima resident, served as a testimony successor at the event. Using photos and illustrations, she brought Kunishige's experience to life for an audience of about 10 people during a one-hour presentation. "When I nervously touched my face with both hands, the skin of my left cheek was hanging," Tao said, speaking on behalf of Kunishige. "When I returned home, both my parents welcomed me. I cried loudly, overwhelmed by relief, happiness and pain." Tao also provided her own reflections. "In war, it's ordinary citizens who suffer the most, especially vulnerable groups like the elderly and children," she said. "I hope to communicate the realities of the atomic bombing and contribute to preserving peace, even in a small way." Becoming a memory keeper requires about two years of training. Applicants study the realities of the U.S. nuclear attack and practice public speaking skills. They subsequently select hibakusha whose story they wish to convey, meet with the individuals to hear their experiences at firsthand, and prepare a draft lecture of around 10,000 written characters. After their draft is reviewed by staff from the city government's peace promotion section, applicants undergo practical training. Once they complete the process, they are officially commissioned by a city-affiliated organization to serve as storytellers. "I was told that my manuscript lacked impact, so I rewrote it many times. I almost gave up," Tao said, looking back on her training. Now, however, she is sometimes specifically requested by schools to give lectures. "I feel happy that I'm contributing to peace education," she said, adding that she hopes one day to recount Kunishige's story in English. The number of lectures given by such legacy successors is increasing, with 533 held in Hiroshima and 539 elsewhere during fiscal 2024, which ended in March this year. As their ranks grow, however, some memory keepers have reported having limited opportunities to present hibakusha stories. "We need to train (memory keepers) while hibakusha are still alive," a city official said. "We will work to create more opportunities for them (to speak)." In fiscal 2022, the city government began training "family memory keepers," who pass down the experiences of victims from their own families. As of April 1 this year, 39 people had been commissioned for the role. "To shed light on a wide range of experiences related to the atomic bombing, we hope to preserve the stories of those who are willing to share with their family members, even if they don't take part in public storytelling," a city official said. Ayako Hosokawa, a 67-year-old narrator of hibakusha stories from Higashihiroshima, Hiroshima Prefecture, has also been serving as a family memory keeper since fiscal 2023, preserving and sharing her aunt's experience. When she revealed to children attending her lecture that some atomic bombing survivors were reluctant to talk about their experiences, a number of audience members were surprised and expressed gratitude for the opportunity to hear her talk, according to Hosokawa. "I think (the children) reflected on the feelings of the citizens after nuclear weapons were used and realized how valuable it was for my aunt to share her experiences with them," she said. In September last year, the city government extended the recruitment period for hibakusha witnesses and family memory keepers from the month of May to the entire year, allowing atomic bombing survivors to apply when their health permits. "The project depends on the cooperation of hibakusha. We aim to introduce more initiatives that can ease their burdens," a city official said.
