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Taiwan's Investigation Bureau is probing Semiconductor Manufacturing International Corp (SMIC) for allegedly illegally hiring local engineers to gain access to advanced chip technology. The inquiry, announced on March 28, includes raids at 34 locations and questioning of 90 individuals, targeting SMIC and 11 other Chinese tech firms. SMIC has not commented on the allegations.
The Australian stock market faces challenges, with the ASX200 down 1% and sectors like Discretionary and Financials declining, while Utilities and Energy show resilience. Amid this backdrop, promising small-cap stocks with strong fundamentals, such as BSP Financial Group, are emerging as potential investment opportunities. BSP operates across several Pacific nations, boasting a solid funding base and an attractive P/E ratio, despite recent earnings growth setbacks.
Wealthy nations agreed to a $300 billion funding proposal to assist developing countries in transitioning away from polluting fuels, but the deal faced significant criticism for being insufficient. Many poorer nations, including the LDCs and small island states, expressed disappointment over their lack of consultation and the perceived inadequacy of the financial support. The agreement also included provisions for emerging economies like China to contribute, reflecting a complex dynamic between rich and developing nations amid ongoing climate challenges.
COP29 talks on fossil fuel transition faced near collapse due to opposition from Saudi Arabia and some developing nations, prompting the presidency to intervene. Despite setbacks, countries emphasized the need for strong emission-cutting measures and financing for energy transitions, with consultations led by Norway and South Africa set to conclude soon.
At COP29, the Adaptation Fund has faced a "puzzling" lack of new financial pledges, securing only $61 million against a $300 million goal, despite urgent calls for increased funding to combat climate change impacts. The reluctance from donor governments may stem from awaiting outcomes on a new climate finance goal, leaving vulnerable countries in dire need of support. With rising adaptation needs, the fund risks running out of money if contributions do not increase.
Inaction on emissions could lead to a 17% reduction in the GDP of developing Asia by 2070, according to the Asian Development Bank (ADB). Despite some progress in mitigation efforts, current policies are inadequate to meet global targets, potentially resulting in a 3 degrees Celsius rise in global temperatures this century. The ADB emphasizes the urgent need for stronger climate action to avert severe consequences.
At the Commonwealth summit in Samoa, British Prime Minister Keir Starmer faced pressure from Caribbean nations demanding reparations for the transatlantic slave trade. Despite his rejection of financial commitments, the summit's declaration emphasized the need for a meaningful conversation about historical injustices. The debate on reparations is gaining traction in the UK, with some wealthy families and institutions beginning to address their pasts, while opposition remains strong within certain political circles.
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Taiwan investigates SMIC for illegal recruitment of local engineers
07:39 28.03.2025
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commonwealth summit ignites debate on slavery reparations for britain
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14:02 27.10.2024
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