Commentary Much of the commentary on the motives behind the expansion of the BRICS trading alliance—Brazil, Russia, India, China, South Africa—announced last month has been centered on the anti-American bias of the coalition. Specifically, that behind the smiley-faced façade of an ostensible economic cooperation community lies a deep-seated opposition to the U.S.-dominated global financial system, and the weaponization of economic sanctions against any nation that opposes the U.S. led world order. De-dollarization—i.e., the imminent demise of the U.S. dollar as the world’s reserve currency—has become an increasingly common topic of discussion....Read more https://www.theepochtimes.com/opinion/oil-the-hidden-motive-behind-the-brics-expansion-5494748
Canada’s corporate ethics watchdog has launched an investigation into allegations that Levi Strauss Canada is working with companies that use forced labour in China. Sheri Meyerhoffer, the ombudsperson for responsible enterprise, is looking into whether the denim company known for Levi’s jeans has supply relationships with Chinese companies that source materials from Uyghur people forced to work in the Xinjiang region. Meyerhoffer’s office is tasked with investigating complaints about possible human-rights abuses in the operations of Canadian garment, mining and oil and gas companies. Levi Strauss denies the allegations, saying they are based on outdated and inaccurate data....
U.S. Special Presidential Envoy for Climate John Kerry met with Chinese deputy leader Han Zheng in New York City on Sept. 19 as the Biden administration seeks to stabilize strained relations with China. The two sides met on the margins of the United Nations General Assembly to discuss the “critical importance of bilateral and multilateral efforts to address the climate crisis,” according to the State Department. Mr. Kerry stated on X, formerly known as Twitter, that he had a “constructive conversation” with Mr. Han. He reiterated the urgency to limit global warming to 1.5 degrees Celsius. He also urged the Chinese Communist Party (CCP), which rules China as a one-party regime, to “raise ambition” in accelerating decarbonization efforts and reducing emissions of super pollutants like methane....
China’s ongoing real estate crisis is threatening the country’s economy, leaving many global fund managers wary, according to a September poll by the Bank of America. The poll surveyed 222 global fund managers with $616 billion in assets under management and found investors are bracing for a further decline in China’s stock market. Bank of America said the “avoid China” sentiment has become one of the main opinions among those who were surveyed. One-third of surveyed fund managers cited Chinese real estate as the most likely source for a “systemic credit event,” doubling the percentage from the previous month. Over one-fifth of responders said shorting China’s equities would be the most crowded position in the financial markets....