China’s official media today warned India against using the Dalai Lama “card”, saying New Delhi should stop behaving like a “spoilt kid” and learn lessons from how China handled Donald Trump after the US President-elect challenged ‘One-China’ policy.
“Sometimes, India behaves like a spoilt kid, carried away by the lofty crown of being ‘the biggest democracy in the world.’ India has the potential to be a great nation, but the country’s vision is shortsighted,” an article in the state-run Global Times said.
It said India “should draw some lessons from the recent interactions between Beijing and Trump over Taiwan.”
“After putting out feelers to test China’s determination to protect its essential interests, Trump has met China’s restrained but pertinent countermeasures, and must have understood that China’s bottom line – sovereign integrity and national unity – is untouchable,” the paper said.
While the article did not elaborate on counter measures, China besides protesting to Trump over his phone call to the Taiwanese President and his comments questioning One-China policy, also seized an “unmanned underwater vehicle” in the disputed South China Sea, the first such incident in the area.
The drone was returned subsequently after protests from US and Trump, an incident seen as an attempt by China to flex its muscles ahead of the President-elect taking over office next month.
Rio Tinto has warned that it will not cut copper production, saying it would be illogical to hold back output and leave space in the market for higher-cost rivals.
Jean-Sebastien Jacques, head of copper and coal at Rio, said the Anglo-Australian mining group would not reduce output even though current prices of the industrial metal did not reflect “fundamentals”.
His comments come just days after rival commodities group Glencore said it would slash its zinc output by a third after the price of the industrial metal fell to a five-year low on concerns about slowing economic growth in China.
Rio and its peer BHP Billiton have been ramping up production of their main commodities during the current price rout, betting that their low-cost assets will enable them to survive and maintain market share while higher-cost producers go bust.
While copper prices have been slumping, Rio has been spending billions of dollars expanding output at its giant copper project in Mongolia, and is preparing a second underground phase of the mine.
“Why should I make cuts?” Mr Jacques said, in an interview ahead of LME Week, the biggest annual gathering of the metals and mining industry.
Global copper prices will recover faster than expected with demand outstripping supply within two years rather than the three to four years previously predicted, according to Rio Tinto.
The bullish forecast comes as the Anglo-Australian miner steps up talks this week with the Mongolian government aimed at finalising a deal on a $6bn expansion at the Oyu Tolgoi copper mine.
Jean-Sébastien Jacques, Rio Tinto’s head of copper and chairman of the International Copper Association, said decisions by the industry to slow copper production in response to weak prices meant the market could become balanced this year.
“It was expected to be oversupplied but because of disruption in the marketplace and because of decisions made by the industry to slow down some projects we could face a situation where the market is balanced this year,” he told the Financial Times in an interview.
“If you had asked me the question in December last year I would have said the inflection point would be three or four years down the road and today it is likely to be 18-24 months down the road,” he added.
FTSE Group, the stock market index company, has again threatened to expel Greece from its list of Developed Markets, and rank it as an Advanced Emerging market.
In its Annual Country Classification Review, published this afternoon, FTSE said it was leaving Greece on its Watch List, for yet another year.Greece was first placed on Watch for a possible downgrade in 2006.
Argentina: Possible demotion from Frontier
China ‘A’ Share: Possible inclusion as Secondary Emerging
Greece: Possible demotion from Developed to Advanced Emerging
Kazakhstan: Possible inclusion as Frontier
Kuwait: Possible inclusion as Secondary Emerging
Mongolia: Possible inclusion as Frontier
Morocco: Possible demotion from Secondary Emerging to Frontier
Poland: Possible promotion from Advanced Emerging to Developed
Qatar: Possible promotion from Frontier to Secondary Emerging
Taiwan: Possible promotion from Advanced Emerging to Developed Read More
According to the CIA World Factbook, the following countries have annual inflation rates in excess of 25%. The inflation rates are as of 2008 estimates by the CIA.
Zimbabwe 11,200,000% The country had an official estimated high inflation rate of 231,000,000% in July 2008 according to the country’s Central Statistical Office. This is the country that issued the $100 trillion dollar note.
Ethiopia 41% They have one of the fastest growing economies in the world, according to The Economist.
Venezuela 31% Petroleum accounts for around 80% of the country’s exports.
Guinea 30% The country has up to one-half of the world’s reserves of bauxite.
Saudi Arabia 28% Ninety percent of export profits come from the oil industry and oil amounts to about 45% of Saudi Arabia’s gross domestic product.
Mongolia 28% The Mongolian Stock Exchange is the world’s smallest stock exchange by market capitalization.