BNY Mellon profit surges 67% on one-time gain

Adds details, analyst estimates Jan 16 (Reuters) – Bank of New York Mellon Corp BK.N, the world’s largest custodian bank, reported a 67% jump in quarterly profit on Thursday, helped by a one-time gain from the sale of an unspecified equity investment. The bank said fee revenue rose 26% due to the gain. Excluding that, fee revenue was flat. Like other U.S. banks that reported results this week, net interest revenue at BNY Mellon also declined. It fell 8% to $815 million as the bank earned less on interest-earning assets…

Trade deal no panacea for rocky U.S. relations with China

WASHINGTON/BEIJING (Reuters) – From Huawei to the South China Sea, deep political rifts between Beijing and Washington are set to persist, despite a trade relations breakthrough, as the United States pushes back against an increasingly powerful and assertive China. Relations between the world’s two largest economies have deteriorated sharply since U.S. President Donald Trump imposed punitive trade tariffs in 2018, igniting a trade war. “The broader, darkening picture is not going to be brightened much by this deal,” Bates Gill, an expert on Chinese security policy at Macquarie University in…

China And The Philippines Finally Agree To Cooperate In The South China Sea

The Chinese and Philippine foreign ministers sealed an agreement for the two countries to pursue joint oil and gas exploration in the South China Sea, Xinhua reports. The talks between the two countries on the South China Sea’s oil and gas potential and how to exploit it have been going on for years. An agreement has been difficult to reach, however, mostly because of China’s territorial claims to the basin, which cover nearly the entirety of it. Even so, earlier this year, the presidents of China and the Philippines reached…

Don’t be a self-centred, mercantilist and disruptionist power

At the Raisina Dialogue, the Indian External Affairs Minister Dr S Jaishankar pointing out that India is not a ‘disruptionist power’ at the world stage and it should not be a self-centred or a mercantilist.  He, in fact, was indicating that China, which of late has been destroying the strategic balance and behaving like a mercantilist power by indulging in its debt trap game plan under the Belt Road Initiative (BRI), should desist from such sinister activities.  Such remarks have been made in the backdrop of continuing Chinese aggressive activities…

China leaves rivals in the dust with influence in Myanmar

Taiwan’s presidential election on January 11 made Chinese foreign policy look messier than it actually is. Tsai Ing-wen won a handsome victory on a wave of umbrage against China’s habit of pushing its smaller neighbors around. Her landslide suggested missteps and overreach by President Xi Jinping too. That impression appeals to China’s critics, especially in the U.S., who like to view Xi as a bully. Sadly for them, it is far from an accurate reflection of Beijing’s steady and largely successful recent increase in influence elsewhere in its neighborhood. A…

Russia’s Past Can Help Explain China’s South China Sea Strategy

Key point: China has studied the Soviet Union in detail. The “sail by” of USS Lassen within the 12 nautical mile claim line of the new Chinese facilities on Subi reef in the South China Sea occurred without major incident last week. Despite some fiery Chinese rhetoric, war has not broken out and that is a profoundly good thing. Actually, nothing much has changed at all, so it seems. The tense stalemate persists as before. China will continue to build up its new “bases” in and among the Spratly islets. The…

Joint development of the South China Sea: The way forward to avoid conflict — Jason Loh | What You Think

JANUARY 16 — The South China Sea remains a flashpoint that is potentially vulnerable to outbreak of armed conflict among the claimant nations – China, Vietnam, the Philippines, Malaysia and Indonesia. China’s militarisation of the South China Sea by way of installation of military hardware and upgrading of the facilities for military purposes are not conducive for a peaceful or non-military solution. Examples include the construction of hangars and bases for the People’s Liberation Army (PLA) Navy and Air Force as part of the wider anti-access, anti-denial (AA/AD) first-line of…

Indonesia, UK to Strengthen Defense Cooperation

Jakarta. The United Kingdom has reiterated its commitment to continue defense cooperation with Indonesia, particularly in the maritime sector, UK Minister for Asia and the Pacific Heather Wheeler said on Wednesday.  Wheeler’s comment came just days after Indonesia and China were involved in a tense standoff in Indonesia’s exclusive economic zone (EEZ) in the North Natuna Sea, a disputed territory with China that the Asian giant prefers to call the South China Sea. Foreign countries can freely pass the EEZ but only Indonesia has the right to exploit resources in the zone, including fish…

China news: Flu epidemic fears grow as deadly coronavirus spreads from China to Japan | World | News

A government official said that a Japanese man had tested positive for the virus. The man is believed to be in his 30s, and was reported to have travelled to Wuhan in eastern China where the outbreak originated. The virus has been described as similar to SARS (severe acute respiratory syndrome) and has infected a number of individuals since the outbreak in December. It is believed an outbreak of pneumonia has caused the latest strain of coronavirus. A Chinese woman was quarantined in Thailand on Monday after authorities realised she…

Potent New Challenge to Beijing’s Nine-Dash Line – Asia Sentinel

As Vietnam takes over (from January 1) the chairmanship of ASEAN, it has received a welcome, surprise present from Malaysia, one that should strengthen solidarity among the maritime-focused members of the organization in challenging China’s imperialist claims to almost the whole South China Sea, stretching almost to the coasts of Borneo, Luzon and Palawan.  The claims are based on wholly fictitious “historic rights” to seas of which China occupies only about 30 percent of the littoral and which were regularly sailed by the peoples of what are now Vietnam, the…