China increased its fiscal spending by 10.7% in the first half of the year from 12 months earlier, Beijing authorities said Tuesday.
Ramping up stimulus
Figures by the finance ministry showed the communist regime’s incentive for supporting the slowing economy amid the trade war with the US. This comes after Chinese economy’s growth slowed to 6.2% in the second quarter, the weakest in nearly three decades. US President Donald Trump took the credit for the slowdown in China.
China to shun US firms over Taiwan arms sale
China’s Foreign Ministry, meanwhile, announced that the government and companies will stop working with US firms that have been involved in selling weapons to Taiwan. The Chinese move follows US approval of a $2.2 billion arms sale to the self-ruling, democratic island.
Gulf of Mexico production set to restart
US oil producers have restarted some of their operations in the Gulf of Mexico platforms which they had shut ahead of the Hurricane Barry. About three-quarters of oil output from 280 platforms was cut as Barry hit the Gulf and southern state of Louisiana. A sense of normality is returning to the US production.
A “five-times dead” Brexit withdrawal deal
New reports regarding a tense meeting last week between top Brexit negotiators of the UK and the EU brought up the prospects of a no-deal situation once again. Investors remain nervous of a Boris Johnson victory in ascending to the ruling Conservative party’s leadership and later prime ministry possibly by the next week. The Times newspaper reported on Tuesday that UK’s Brexit secretary Stephen Barclay told EU’s Michel Barnier five times during a tense meeting that the withdrawal agreement was “dead.”
Leyen’s Greens challenge
The German politician Ursula von der Leyen’s bid for European Commission’s presidency will either be confirmed or rejected during a European Parliament vote a Tuesday. Leyen is seeking the support of left-wing Greens who in return demand more action to combat climate change.
EU moves against Turkey
European Union on Tuesday suspended negotiations with Turkey on the Comprehensive Air Transport Agreement and decided not to hold Association Council and other meetings of the EU-Turkey high-level dialogues over the country’s drilling of oil and gas activities off the shores of Cyprus. Turkish foreign ministry said the EU decisions fortified Ankara’s determination to continue drilling activities in the Eastern Mediterranean.