Top Stories Today – August 14, 2019
Top Stories Today – August 14, 2019
Hypersonic missiles pose huge global threat
New missile technologies, including so-called hypersonic systems capable of traveling at more than 25 times the speed of sound, are fueling a new global arms race, according to a new report from analyst group the European Leadership Network. The research warns that the collapse this month of the Intermediate Range Nuclear Forces (INF) Treaty between the United States and Russia is just the latest example of the growing pressure on the global security architecture.
Russia conducted the latest test flight of its “Avangard” hypersonic missile system in December of last year. Moscow says the Avangard is able to evade all current defense systems. The United States, China and Australia also are developing their own systems, said report author Katarzyna Kubiak of the European Leadership Network. The Voice of America
Bond markets flash recession warnings
Stock markets slumped on Wednesday as Germany’s economy went into reverse, fueling fears of global recession and slamming the brakes on a rally for equities after Washington delayed tariffs on some Chinese imports. Europe’s biggest economy shrank 0.1% in the second quarter as the trade war and weak demand dragged on German manufacturers. The euro zone as a whole barely grew in the same quarter, with the 19-country bloc adding 0.2% – a slowdown from the first three months of the year.
The gap between US two-year and 10-year Treasury yields – a metric closely watched for signs of a slowdown – inverted for the first time since 2007, raising the specter of a global recession. “The trade war and the dispute between US and China has already had an impact – especially when you look at countries most sensitive to global trade like Germany and even Italy,” said Christophe Barraud, chief economist and strategist at Market Securities in Paris. Reuters
N Korea: Deploying US missiles would be a reckless act
Any move by the United States to place new ground-launched, intermediate-range missiles in South Korea could spark a “new Cold War” and an escalating arms race in the region, North Korean state media said on Wednesday.
US Defense Secretary Mark Esper this month said he was in favor of placing ground-launched, intermediate-range missiles in Asia, a day after the United States withdrew from the Intermediate Nuclear Forces (INF) treaty with Russia. South Korea’s defense ministry has said there had been no discussion of placing American intermediate-range missiles in the country, and there were no plans to consider the idea. Reuters
Trump official: Statue of Liberty poem is about Europeans
A top Trump administration official says that the famous inscription on the Statue of Liberty welcoming immigrants into the country is about “people coming from Europe” and that America is looking to receive migrants “who can stand on their own two feet.”
The comments on Tuesday from Ken Cuccinelli, the acting director of US Citizenship and Immigration Services, came a day after the Trump administration announced it would seek to deny green cards to migrants who seek Medicaid, food stamps, housing vouchers or other forms of public assistance. The move, and Cuccinelli’s defense, prompted an outcry from Democrats and immigration advocates who said the policy would favor wealthier immigrants and disadvantage those from poorer countries in Latin America and Africa. The Associated Press
Flights restart at Hong Kong airport
Flights resumed at Hong Kong’s airport Wednesday after two days of disruptions marked by outbursts of violence that highlight the hardening positions of pro-democracy protesters and the authorities in the semi-autonomous Chinese city.
About three dozen protesters remained camped in the airport’s arrivals area a day after a mass demonstration and frenzied mob violence forced more than 100 flight cancelations. Additional identification checks were in place, but check-in counters were open and flights appeared to be operating normally. Protesters spread pamphlets and posters across the floor in a section of the terminal but were not impeding travelers. Online, they also circulated letters and promotional materials apologizing to travelers and the general public for inconveniences during the past five days of airport occupations. The Associated Press
Ex-Chancellor accuses UK PM of Brexit wrecking
Former Chancellor Philip Hammond has accused the PM of trying to wreck the chance of a new Brexit deal, by making demands the EU could never accept. In a Times article, Hammond said a no-deal Brexit would be “a betrayal” of the 2016 referendum result. He told the BBC he was “confident” that Parliament “has the means” to express its opposition to a no-deal exit.
A No 10 source said the UK would leave on 31 October despite Hammond’s “best efforts to the contrary”. The source added that Hammond, as chancellor, “did everything he could” to block preparations for leaving and had “undermined negotiations”. The former chancellor rejected this suggestion in a tweet, saying he wanted to deliver Brexit “and voted to do so three times”. BBC
President-elect: Guatemala can’t do migrant deal with US
President-elect Alejandro Giammattei said Tuesday that Guatemala will not be able to hold up its side of an immigration agreement with the United States by serving as a “safe third country” for asylum seekers. Giammattei told The Associated Press his country cannot tend to its own people, let alone those from other countries. The agreement signed with the United States in July by Guatemala’s current administration would require asylum seekers from other countries transiting Guatemala to seek asylum here rather than in the US
Guatemalans make up one of the largest groups emigrating from Central America because of poverty, unemployment and crime. Critics say it is hard to see how the country could offer a safe haven to migrants from other nations. The Voice of America
US delays new tariffs on some Chinese exports
The United States is delaying a new 10% tariff on some key Chinese imports which was supposed to take effect Sept. 1. The Office of the US Trade Representative said the levies on laptop computers and computer monitors, cellphones, video game consoles, some toys, shoes and clothing will be put off until Dec. 15. The postponement could help US consumers, who often buy such items as Christmas presents.
After days of losses, US stock indexes surged on news of the tariff rollbacks. Markets in New York jumped 1.5% or more. Trump contended Tuesday that tariffs he has already imposed on hundreds of billions of dollars of Chinese goods are benefiting the US Treasury. He said the tariffs are not hurting US consumers or farmers whose produce China has stopped buying. The Voice of America