US and China clash over Hong Kong in the midst of trade talks. Watch video to know more.

US and China clash over Hong Kong in the midst of trade talks

This segment of WION brings to you top stories of the morning from across the globe. Watch this video to get updated with the latest information.

WION Speed News: Watch top national and international news of the morning - November 28th, 2019

Hong Kong pro-democracy activist Joshua Wong said on Thursday (November 28) that a U.S. law backing the protests in the Chinese-controlled city was a sign for other countries to "stand with Hong Kong".

Fineprint: US required to seek yearly report on Hong Kong

Donald Trump signs bills backing HK protesters. Watch video to know more.

Donald Trump signs bills backing HK protesters

The government wants the <a href="https://www.wionews.com/india.../government-making-efforts-to-ensure- better-regulatory-mechanism-in-banking-sector-nirmala-sitharaman-...">Reserve Bank of India</a> to set up a fund to buy out stressed assets of the country's top 25 shadow lenders and revive the financial sector, a government source told reporters on Thursday.

The shadow banking sector has been battling a credit crunch ever since one of the sector's biggest firms Infrastructure Leasing &amp; Financial Services collapsed in late 2018 amid fraud allegations.

The finance ministry has proposed a bailout plan on the lines of the US&nbsp;Troubled Asset Relief Programme following the 2008 financial crisis to pull India's financial sector out of a deep slump and get credit flowing back into a weak economy, the source told a group of reporters.

"Talks are on and various rounds of discussions have happened with the central bank on a mini TARP-like programme," the source who is involved in the discussions told reporters.

"RBI could be the buyer of last resort”," the source, who cannot be named in line with his service rules, said.

In 2008, the United States Treasury Department had worked out a $700 billion bailout plan to address the financial crisis.

The government has been considering measures to revive the financial sector to get boost economic growth after five straight quarters of declines. A further decline in the growth rate is forecast for the July-September period, in data due out on Friday.

Shadow lenders account for a large chunk of India's credit market, accounting for a 30 per cent&nbsp;share of auto loans and more than 40 per cent of home loans as of December 2018, according to the central bank.

The government official said that the RBI has been reluctant to open its balance sheet for a large bailout programme for the shadow banks as it feels the step is too drastic and more discussions are required.

The RBI declined to comment on the government source's remarks.

Any new measure is likely to help such as Indiabulls Housing Finance, Piramal Enterprises, Reliance Capital, Shriram Transport Finance and Mahindra &amp; Mahindra Financial Services.

Shares of Piramal rose nearly 5 per cent&nbsp;to 1830.70 rupees a share, while Shriram Transport Finance company rose 1.3 per cent&nbsp;to 1,155 apiece from 1,140 rupees, after the news before paring some gains.

The new proposal comes after the government's 1 trillion rupees partial credit guarantee scheme under which state-run banks would buy high-rated pooled assets of financially sound shadow lenders failed to take off.

Banks, which are burdened with over 9 trillion rupees of bad loans of their own, remain risk-averse.

The government has also asked the central bank to consider a one-time waiver to banks from classifying some real estate loans as bad loans, the official said.

The government wants the Reserve Bank of India to set up a fund to buy out stressed assets of the country's top 25 shadow lenders and revive the financial sector, a government source told reporters on Thursday.

The government wants the Reserve Bank of India to set up a fund to buy out stressed assets of the country's top 25 shadow lenders and revive the financial sector, a government source told reporters on Thursday. The shadow banking sector has been battling a credit crunch ever since one of the sector's biggest firms Infrastructure Leasing & Financial Services collapsed in late 2018 amid fraud allegations. The finance ministry has proposed a bailout plan on the lines of the US Troubled Asset Relief Programme following the 2008 financial crisis to pull India's financial sector out of a deep slump and get credit flowing back into a weak economy, the source told a group of reporters. "Talks are on and various rounds of discussions have happened with the central bank on a mini TARP-like programme," the source who is involved in the discussions told reporters. "RBI could be the buyer of last resort”," the source, who cannot be named in line with his service rules, said. In 2008, the United States Treasury Department had worked out a $700 billion bailout plan to address the financial crisis. The government has been considering measures to revive the financial sector to get boost economic growth after five straight quarters of declines. A further decline in the growth rate is forecast for the July-September period, in data due out on Friday. Shadow lenders account for a large chunk of India's credit market, accounting for a 30 per cent share of auto loans and more than 40 per cent of home loans as of December 2018, according to the central bank. The government official said that the RBI has been reluctant to open its balance sheet for a large bailout programme for the shadow banks as it feels the step is too drastic and more discussions are required. The RBI declined to comment on the government source's remarks. Any new measure is likely to help such as Indiabulls Housing Finance, Piramal Enterprises, Reliance Capital, Shriram Transport Finance and Mahindra & Mahindra Financial Services. Shares of Piramal rose nearly 5 per cent to 1830.70 rupees a share, while Shriram Transport Finance company rose 1.3 per cent to 1,155 apiece from 1,140 rupees, after the news before paring some gains. The new proposal comes after the government's 1 trillion rupees partial credit guarantee scheme under which state-run banks would buy high-rated pooled assets of financially sound shadow lenders failed to take off. Banks, which are burdened with over 9 trillion rupees of bad loans of their own, remain risk-averse. The government has also asked the central bank to consider a one-time waiver to banks from classifying some real estate loans as bad loans, the official said.

Government wants RBI to buy out stressed assets of shadow banks: Report

<a href="https://www.wionews.com/.../north-korea-says-pointless-for-kim-to-attend- south-korea-asean-summit-263634">North Korea </a>fired two "unidentified projectiles" on Thursday, the Thanksgiving holiday in the US,&nbsp;Seoul said, as nuclear talks between Pyongyang and Washington remain deadlocked.

The brief statement from the South's Joint Chiefs of Staff (JCS) said Pyongyang fired two projectiles eastwards from South Hamgyong province which came down in the Sea of Japan, also known as the East Sea.

It said the launch was carried out at 16:59 pm local time or the early hours in Washington DC, on one of the US' biggest annual holidays.

It was also one day short of the two-year anniversary of the first test of its Hwasong-15 intercontinental ballistic missile, which analysts say is capable of reaching the entire US mainland.

Japan's defence ministry described the projectiles as "ballistic missile-like" but said they did not come down in the country's exclusive economic zone.

Pyongyang is banned from firing ballistic missiles under UN Security Council resolutions.

Thursday's launch was the latest in a series of weapons tests by Pyongyang, which fired what it called two "super-large multiple rocket launcher" systems last month.

<a href="https://www.wionews.com/.../trump-signs-hong-kong-democracy-act-china- threatens-firm-countermeasures-264966">US President Donald Trump</a> has played down the recent launches, repeatedly pointing to North Korea's moratorium on nuclear tests and intercontinental ballistic missile launches as foreign policy successes for him.

Trump and North Korean leader Kim Jong Un adopted a vaguely-worded statement on the "complete denuclearisation of the Korean peninsula" at their first summit in Singapore in June last year, but little progress has since been made.

Negotiations have been gridlocked since a second summit between the pair in Hanoi in February collapsed without a deal.

North Korea is under multiple sets of international sanctions over its nuclear weapon and ballistic missile programmes and lifting some of them was a key demand at the Hanoi summit.

Trump and Kim then agreed to restart working-level talks during a brief meeting at the Demilitarised Zone dividing the peninsula in June and the two sides met in Sweden in October, only for Pyongyang to walk away.

Earlier this month, Seoul and Washington said they would postpone planned joint military exercises to ease diplomacy with the North, an announcement Pyongyang dismissed.

The North has long condemned the joint drills, which it condemns as preparations for invasion, and carried out multiple missile launches in the summer in protest as the allies carried out their annual exercises.

North Korea has issued a series of increasingly assertive comments in recent weeks as its end-of-year deadline for the US to come up with a fresh offer approaches.

Trump hinted at the prospect of a fourth meeting with Kim in a tweet earlier this month, only to be rebuffed by the North, which said it had no interest in summits "that bring nothing to us".

North Korea fired two "unidentified projectiles" on Thursday, the Thanksgiving holiday in the US, Seoul said, as nuclear talks between Pyongyang and Washington remain deadlocked.

North Korea fired two "unidentified projectiles" on Thursday, the Thanksgiving holiday in the US, Seoul said, as nuclear talks between Pyongyang and Washington remain deadlocked. The brief statement from the South's Joint Chiefs of Staff (JCS) said Pyongyang fired two projectiles eastwards from South Hamgyong province which came down in the Sea of Japan, also known as the East Sea. It said the launch was carried out at 16:59 pm local time or the early hours in Washington DC, on one of the US' biggest annual holidays. It was also one day short of the two-year anniversary of the first test of its Hwasong-15 intercontinental ballistic missile, which analysts say is capable of reaching the entire US mainland. Japan's defence ministry described the projectiles as "ballistic missile-like" but said they did not come down in the country's exclusive economic zone. Pyongyang is banned from firing ballistic missiles under UN Security Council resolutions. Thursday's launch was the latest in a series of weapons tests by Pyongyang, which fired what it called two "super-large multiple rocket launcher" systems last month. US President Donald Trump has played down the recent launches, repeatedly pointing to North Korea's moratorium on nuclear tests and intercontinental ballistic missile launches as foreign policy successes for him. Trump and North Korean leader Kim Jong Un adopted a vaguely-worded statement on the "complete denuclearisation of the Korean peninsula" at their first summit in Singapore in June last year, but little progress has since been made. Negotiations have been gridlocked since a second summit between the pair in Hanoi in February collapsed without a deal. North Korea is under multiple sets of international sanctions over its nuclear weapon and ballistic missile programmes and lifting some of them was a key demand at the Hanoi summit. Trump and Kim then agreed to restart working-level talks during a brief meeting at the Demilitarised Zone dividing the peninsula in June and the two sides met in Sweden in October, only for Pyongyang to walk away. Earlier this month, Seoul and Washington said they would postpone planned joint military exercises to ease diplomacy with the North, an announcement Pyongyang dismissed. The North has long condemned the joint drills, which it condemns as preparations for invasion, and carried out multiple missile launches in the summer in protest as the allies carried out their annual exercises. North Korea has issued a series of increasingly assertive comments in recent weeks as its end-of-year deadline for the US to come up with a fresh offer approaches. Trump hinted at the prospect of a fourth meeting with Kim in a tweet earlier this month, only to be rebuffed by the North, which said it had no interest in summits "that bring nothing to us".

North Korea fires two 'unidentified projectiles': Seoul

US: Colorado witnesses historic snowfall, 500 flights cancelled & 350 delayed. Watch video to know more.

US: Colorado witnesses historic snowfall, 500 flights cancelled & 350 delayed

Approximately 731 banks and 140 government sites were torched in <a href="https://www.wionews.com/world/iran-says-pro-government-rally-to-show-who-real-iranians-are-264365">recent unrest in Iran</a>, Interior Minister Abdolreza Rahmani Fazli said in remarks published by the official IRNA news agency on Wednesday.

More than 50 bases used by security forces were attacked and approximately 70 gas stations were also burned, he said, without specifying where the attacks took place.

According to IRNA, Rahmani Fazli also said up to 200,000 people took part nationwide in the unrest that began on November&nbsp;15 after the announcement of gasoline price hikes.

London-based Amnesty International said on Monday it had recorded at least 143 protesters killed in the protests, the worst <a href="https://www.wionews.com/world/iran-begins-reconnecting-internet-after-shutdown-over-protests-263717">anti-government unrest in Iran</a> since authorities put down the "Green Revolution" demonstrations against election fraud in 2009.

Iran has rejected Amnesty's death toll. It says several people, including members of the security forces, were killed and more than 1,000 people arrested. The Center for Human Rights in Iran, a New York-based advocacy group, said the number of arrests was probably closer to 4,000.

The protests quickly turned political, with protesters calling on top leaders to step down. The government has blamed "thugs" linked to exiles and the United States, Israel and Saudi Arabia for stirring up street unrest.

The protests came as new US&nbsp;sanctions imposed this year cut off nearly all of Iran's oil exports, and as similar protest movements erupted in Iraq and Lebanon against governments that include heavily armed pro-Iran factions. 
&nbsp;

Approximately 731 banks and 140 government sites were torched in recent unrest in Iran, Interior Minister Abdolreza Rahmani Fazli said in remarks published by the official IRNA news agency on Wednesday.

Approximately 731 banks and 140 government sites were torched in recent unrest in Iran, Interior Minister Abdolreza Rahmani Fazli said in remarks published by the official IRNA news agency on Wednesday. More than 50 bases used by security forces were attacked and approximately 70 gas stations were also burned, he said, without specifying where the attacks took place. According to IRNA, Rahmani Fazli also said up to 200,000 people took part nationwide in the unrest that began on November 15 after the announcement of gasoline price hikes. London-based Amnesty International said on Monday it had recorded at least 143 protesters killed in the protests, the worst anti-government unrest in Iran since authorities put down the "Green Revolution" demonstrations against election fraud in 2009. Iran has rejected Amnesty's death toll. It says several people, including members of the security forces, were killed and more than 1,000 people arrested. The Center for Human Rights in Iran, a New York-based advocacy group, said the number of arrests was probably closer to 4,000. The protests quickly turned political, with protesters calling on top leaders to step down. The government has blamed "thugs" linked to exiles and the United States, Israel and Saudi Arabia for stirring up street unrest. The protests came as new US sanctions imposed this year cut off nearly all of Iran's oil exports, and as similar protest movements erupted in Iraq and Lebanon against governments that include heavily armed pro-Iran factions.

Hundreds of banks and government sites torched in unrest: Iran's Interior Minister

<a href="https://www.wionews.com/.../were-in-final-throes-of-trade-deal-but-will-see- how-it-goes-in-hong-kong-trump-264769">China </a>on Wednesday denounced US policies in the Middle East as "selfish", as it blamed Washington for destabilising the fraught region where Beijing has stepped up investment in recent years.

While <a href="https://www.wionews.com/.../china-overtakes-united-states-in-number-of- diplomatic-missions-264784">US President Donald Trump</a> has decided to abruptly withdraw troops from northeast Syria and reimpose sweeping sanctions on Iran, Beijing,&nbsp;the world's top crude importer,&nbsp;has doubled down on its economic commitments in the oil-rich region.

"The United States, the world's only superpower and one with tremendous influence in the region, has pursued a selfish and unilateralist policy," said Chen Xiaodong, China's assistant foreign minister.

This policy "sides with the strong at the expense of the weak, which has been a prominent factor behind the security predicament of the region," said Chen, speaking at the two-day Middle East Security Forum in Beijing.

Since taking office, President Xi Jinping has overseen a concerted effort to expand Chinese influence in the Middle East and Africa, including the construction of the country's first military base in Arab League state Djibouti.

In July 2018, Xi pledged $20 billion in loans for economic development to Arab states, which have remained largely silent on Beijing's rounding up and detention of an estimated one million Uighurs and other mostly Muslim ethnic minorities in China's western Xinjiang region.

Beijing has also increased its involvement in neighbouring Muslim countries, such as the multi-billion dollar China-Pakistan Economic Corridor.

"We hope that China could play a bigger role in the political and economic security of the region," said Jawad Anani, former deputy prime minister of Jordan, in an opening speech.

Speakers echoed China's criticism of US actions in the Middle East, such as the Iraq War, and highlighted China's support for an independent Palestinian state.

Many blamed Washington's backing of Israel,&nbsp;including Trump's decision to recognise bitterly disputed Jerusalem as Israel's capital -- for disrupting the peace process.

"Both China and Russia have benefited from the anti-US sentiment in the Middle East because both the ruling elites and ordinary people hope to see an alternative to US hegemony," Ahmed Ould Teguedi, Mauritania's foreign affairs minister, said at the forum's opening ceremony.

The conference came as a report Wednesday said for the first time, China has more diplomatic missions around the world than the US.

China on Wednesday denounced US policies in the Middle East as "selfish", as it blamed Washington for destabilising the fraught region where Beijing has stepped up investment in recent years.

China on Wednesday denounced US policies in the Middle East as "selfish", as it blamed Washington for destabilising the fraught region where Beijing has stepped up investment in recent years. While US President Donald Trump has decided to abruptly withdraw troops from northeast Syria and reimpose sweeping sanctions on Iran, Beijing, the world's top crude importer, has doubled down on its economic commitments in the oil-rich region. "The United States, the world's only superpower and one with tremendous influence in the region, has pursued a selfish and unilateralist policy," said Chen Xiaodong, China's assistant foreign minister. This policy "sides with the strong at the expense of the weak, which has been a prominent factor behind the security predicament of the region," said Chen, speaking at the two-day Middle East Security Forum in Beijing. Since taking office, President Xi Jinping has overseen a concerted effort to expand Chinese influence in the Middle East and Africa, including the construction of the country's first military base in Arab League state Djibouti. In July 2018, Xi pledged $20 billion in loans for economic development to Arab states, which have remained largely silent on Beijing's rounding up and detention of an estimated one million Uighurs and other mostly Muslim ethnic minorities in China's western Xinjiang region. Beijing has also increased its involvement in neighbouring Muslim countries, such as the multi-billion dollar China-Pakistan Economic Corridor. "We hope that China could play a bigger role in the political and economic security of the region," said Jawad Anani, former deputy prime minister of Jordan, in an opening speech. Speakers echoed China's criticism of US actions in the Middle East, such as the Iraq War, and highlighted China's support for an independent Palestinian state. Many blamed Washington's backing of Israel, including Trump's decision to recognise bitterly disputed Jerusalem as Israel's capital -- for disrupting the peace process. "Both China and Russia have benefited from the anti-US sentiment in the Middle East because both the ruling elites and ordinary people hope to see an alternative to US hegemony," Ahmed Ould Teguedi, Mauritania's foreign affairs minister, said at the forum's opening ceremony. The conference came as a report Wednesday said for the first time, China has more diplomatic missions around the world than the US.

China slams 'selfish' US-Middle East policies

Lebanon's Saad al-Hariri said on Tuesday he did not want to be prime minister of a new government, putting the onus on adversaries including the Iran-backed group Hezbollah to find an alternative who can steer the country out of crisis.

<a href="https://www.wionews.com/.../lebanese-protesters-clash-with-supporters-of- hezbollah-amal-in-beirut-264299">Hariri</a>, who is Lebanon's leading Sunni Muslim politician and is aligned with Western and Gulf Arab states, said his decision was final. He quit on October&nbsp;29 in the face of nationwide protests against Lebanon's ruling elite over rampant state corruption.

His decision leaves no clear frontrunner to form a government that must tackle the worst economic crisis since the 1975-90 civil war. The post is reserved for a Sunni Muslim in Lebanon's sectarian power-sharing system.

Five weeks since the protests began, the situation facing <a href="https://www.wionews.com/.../lebanon-protesters-continue-in-defiance-despite -hezbollah-attack-264509">Lebanon</a> is as grave as any since the end of the civil war, raising concerns for the stability of a heavily indebted state riven by sectarianism.

Hezbollah and its allies had wanted Hariri to return as premier but rejected his demand for the formation of a cabinet of expert ministers with no political parties represented. Instead, they sought a government comprising both technocrats and politicians.

"I am sticking by the rule 'not me, rather someone else' to form a government that addresses the aspirations of the young men and women," Hariri said in a written statement.

"I have full hope and confidence, after announcing this clear and decisive decision, that the president of the republic ... will immediately call the binding parliamentary consultations" to designate a new prime minister, he said.

A prominent contractor mooted by political sources as a candidate, Samir Khatib, told Lebanese broadcaster MTV he was ready to take on the job if there was consensus in his favour.

A statement from Hariri's office denied he had proposed names currently circulating on social media and said his choice would be determined when the formal process of designating the prime minister had begun.

CONSULTATIONS

President Michel Aoun, a Maronite Christian allied to Hezbollah, must now hold official consultations with members of parliament to designate a new prime minister. The candidate with the greatest support will be nominated.

A ministerial source close to Aoun said the next government would not be of "one colour" and efforts would be made with Hariri to agree on the next prime minister.

Aoun's consultations with lawmakers are expected to be held on Thursday or Friday, the source said.

Druze leader Walid Jumblatt, a political ally of Hariri, said Hariri had taken the decision after attempts to impose "unacceptable conditions" on him.

"He decided to leave the way for somebody else, which is good," Jumblatt told Reuters.

"The prime minister did his best to have an acceptable technocratic government, to find a compromise. It was rejected, so he decided to quit. Let's hope that the new one can succeed and basically concentrate on the economic crisis," he said.

The long-brewing economic crisis, which is rooted in state corruption and waste, has been exacerbated by a shortage of hard currency that has led the pegged Lebanese pound to weaken sharply on the black market.

The pound slid further on Tuesday with five foreign exchange dealers offering dollars at rates of between 2,100 and 2,130 pounds or 41 per cent&nbsp;weaker than the official rate of 1,507.5 pounds.

President Donald Trump's administration has been holding off on more than $100 million of military assistance to Lebanon already approved by Congress.

David Hale, US&nbsp;Undersecretary for Political Affairs at State Department earlier this month confirmed the freeze in his testimony during the Trump impeachment inquiries.

On Tuesday, David Schenker, US&nbsp;Assistant Secretary of State for Near Eastern Affairs said a review was underway but gave no further details.

Lebanon's Saad al-Hariri said on Tuesday he did not want to be prime minister of a new government, putting the onus on adversaries including the Iran-backed group Hezbollah to find an alternative who can steer the country out of crisis.

Lebanon's Saad al-Hariri said on Tuesday he did not want to be prime minister of a new government, putting the onus on adversaries including the Iran-backed group Hezbollah to find an alternative who can steer the country out of crisis. Hariri, who is Lebanon's leading Sunni Muslim politician and is aligned with Western and Gulf Arab states, said his decision was final. He quit on October 29 in the face of nationwide protests against Lebanon's ruling elite over rampant state corruption. His decision leaves no clear frontrunner to form a government that must tackle the worst economic crisis since the 1975-90 civil war. The post is reserved for a Sunni Muslim in Lebanon's sectarian power-sharing system. Five weeks since the protests began, the situation facing Lebanon is as grave as any since the end of the civil war, raising concerns for the stability of a heavily indebted state riven by sectarianism. Hezbollah and its allies had wanted Hariri to return as premier but rejected his demand for the formation of a cabinet of expert ministers with no political parties represented. Instead, they sought a government comprising both technocrats and politicians. "I am sticking by the rule 'not me, rather someone else' to form a government that addresses the aspirations of the young men and women," Hariri said in a written statement. "I have full hope and confidence, after announcing this clear and decisive decision, that the president of the republic ... will immediately call the binding parliamentary consultations" to designate a new prime minister, he said. A prominent contractor mooted by political sources as a candidate, Samir Khatib, told Lebanese broadcaster MTV he was ready to take on the job if there was consensus in his favour. A statement from Hariri's office denied he had proposed names currently circulating on social media and said his choice would be determined when the formal process of designating the prime minister had begun. CONSULTATIONS President Michel Aoun, a Maronite Christian allied to Hezbollah, must now hold official consultations with members of parliament to designate a new prime minister. The candidate with the greatest support will be nominated. A ministerial source close to Aoun said the next government would not be of "one colour" and efforts would be made with Hariri to agree on the next prime minister. Aoun's consultations with lawmakers are expected to be held on Thursday or Friday, the source said. Druze leader Walid Jumblatt, a political ally of Hariri, said Hariri had taken the decision after attempts to impose "unacceptable conditions" on him. "He decided to leave the way for somebody else, which is good," Jumblatt told Reuters. "The prime minister did his best to have an acceptable technocratic government, to find a compromise. It was rejected, so he decided to quit. Let's hope that the new one can succeed and basically concentrate on the economic crisis," he said. The long-brewing economic crisis, which is rooted in state corruption and waste, has been exacerbated by a shortage of hard currency that has led the pegged Lebanese pound to weaken sharply on the black market. The pound slid further on Tuesday with five foreign exchange dealers offering dollars at rates of between 2,100 and 2,130 pounds or 41 per cent weaker than the official rate of 1,507.5 pounds. President Donald Trump's administration has been holding off on more than $100 million of military assistance to Lebanon already approved by Congress. David Hale, US Undersecretary for Political Affairs at State Department earlier this month confirmed the freeze in his testimony during the Trump impeachment inquiries. On Tuesday, David Schenker, US Assistant Secretary of State for Near Eastern Affairs said a review was underway but gave no further details.

Lebanon's Hariri says he does not want be PM

<a href="https://www.wionews.com/.../china-aims-to-boost-revenue-for-renewable- power-firms-264353">Beijing</a> on Wednesday accused developed countries including the US of doing too little to curb global warming, ahead of a UN summit discussing controversial issues including climate compensation.

China is the world's second-largest economy and the biggest emitter of carbon dioxide but has repeatedly argued that developed nations should lead on tackling international climate obligations.

"Developed countries' insufficient political will to provide support" is the "biggest problem" currently facing international climate efforts, said Zhao Yingmin, vice-minister of ecology and environment, at a press conference Wednesday.

An environment ministry report released at the briefing also criticised the US,&nbsp;currently in the process of pulling out of the <a href="https://www.wionews.com/.../greenhouse-emissions-hit-new-record-could- bring-destructive-effects-un-264634">2015 Paris Agreement</a> on global warming.

"These unilateral behaviours seriously harm the global community's willingness and trust in tackling climate change together," the report says.

The US generated more oil and gas than any other nation last year and is the world's number two coal producer after China.

Zhao called for developed countries to honour financial commitments including providing $100 billion to poorer states harmed by climate change.

The $100 billion,&nbsp;which China has said it is entitled to part of,&nbsp;was a nonbinding accompaniment to the Paris Agreement and was the annual amount that rich countries pledged to muster by 2020.

The European Commission has called for the EU to adopt a carbon border tax that would impose higher tariffs on imported goods made through greenhouse gas-intensive processes.

But China's report said carbon border taxes currently being considered by "some developed countries" would "seriously harm" the global community's willingness to tackle the issue.

Zhao was speaking a week ahead of a Madrid summit to discuss the UN Framework Convention on Climate Change -- based on the principle all nations must give proportionately to mitigate climate change.

The UN said Tuesday the world will miss its chance to avert climate disaster without an immediate and all-but-impossible fall in fossil fuel emissions.

Climate groups said Monday the US and Europe bear more than half the cost of repairing the existing environmental damage, based on their historic greenhouse gas emissions.

Beijing said Wednesday it had reduced carbon emissions intensity by 45 percent between 2005 and 2018.

But China's absolute carbon emissions have continued to rise, according to Tuesday's UN report.

A separate study earlier this month warned that Beijing's planned coal powerplants were equivalent to all of the EU's current generating capacity.

Beijing on Wednesday accused developed countries including the US of doing too little to curb global warming, ahead of a UN summit discussing controversial issues including climate compensation.

Beijing on Wednesday accused developed countries including the US of doing too little to curb global warming, ahead of a UN summit discussing controversial issues including climate compensation. China is the world's second-largest economy and the biggest emitter of carbon dioxide but has repeatedly argued that developed nations should lead on tackling international climate obligations. "Developed countries' insufficient political will to provide support" is the "biggest problem" currently facing international climate efforts, said Zhao Yingmin, vice-minister of ecology and environment, at a press conference Wednesday. An environment ministry report released at the briefing also criticised the US, currently in the process of pulling out of the 2015 Paris Agreement on global warming. "These unilateral behaviours seriously harm the global community's willingness and trust in tackling climate change together," the report says. The US generated more oil and gas than any other nation last year and is the world's number two coal producer after China. Zhao called for developed countries to honour financial commitments including providing $100 billion to poorer states harmed by climate change. The $100 billion, which China has said it is entitled to part of, was a nonbinding accompaniment to the Paris Agreement and was the annual amount that rich countries pledged to muster by 2020. The European Commission has called for the EU to adopt a carbon border tax that would impose higher tariffs on imported goods made through greenhouse gas-intensive processes. But China's report said carbon border taxes currently being considered by "some developed countries" would "seriously harm" the global community's willingness to tackle the issue. Zhao was speaking a week ahead of a Madrid summit to discuss the UN Framework Convention on Climate Change -- based on the principle all nations must give proportionately to mitigate climate change. The UN said Tuesday the world will miss its chance to avert climate disaster without an immediate and all-but-impossible fall in fossil fuel emissions. Climate groups said Monday the US and Europe bear more than half the cost of repairing the existing environmental damage, based on their historic greenhouse gas emissions. Beijing said Wednesday it had reduced carbon emissions intensity by 45 percent between 2005 and 2018. But China's absolute carbon emissions have continued to rise, according to Tuesday's UN report. A separate study earlier this month warned that Beijing's planned coal powerplants were equivalent to all of the EU's current generating capacity.

China says developed countries lack 'political will' on climate goals

South Korea's <a href="https://www.wionews.com/business-economy/feuding-korean-firms-risk-disrupting-electric-car-battery-supplies-264839">Hyundai Motor</a>&nbsp;has signed a deal to build a $1.5 billion car plant in Indonesia, the company said, its first in Southeast Asia, where Japanese carmakers dominate the market.

The deal comes as Seoul looks to diversify its trade-dependent economy, the world's 11th largest, away from reliance on traditional partners China and the US.

Indonesia is the region's largest automobile market, and the $1.55 billion deal&nbsp;aims to "combat slowing demand in the global automotive market" and propel future growth, Hyundai said in a statement.

The plant, to be built in Bekasi, east of Jakarta, will start production in 2021, Hyundai said, ultimately aiming to produce 250,000 vehicles a year.

<a href="https://www.wionews.com/world/north-korea-says-pointless-for-kim-to-attend-south-korea-asean-summit-263634">South Korea's President Moon Jae-in </a>has been pushing a "New Southern Policy", seeking to bolster economic ties with Southeast Asia as the country aims to reduce over-reliance on Beijing and Washington, and Hyundai's announcement coincided with a South Korea-ASEAN summit in Busan.

Hyundai, the South's largest automaker, said it was building the factory in Indonesia to avoid import tariffs&nbsp;ranging from five to 80 percent in the ASEAN region.

At present it lags far behind its Japanese rivals in the region, with its sales reaching 122,883 vehicles versus <a href="https://www.wionews.com/sports/rallying-new-world-champion-tanak-leaves-toyota-for-hyundai-259174">Toyota's</a> 854,032 and<a href="https://www.wionews.com/business-economy/renault-nissan-alliance-in-flux-a-year-after-ghosn-shock-262664"> Renault–Nissan–Mitsubishi's</a> 351,267 from January to September this year, according to research firm LMC Automotive.

South Korea's central bank last month cut its key interest rate to its lowest in two years in an effort to prop up slowing growth with the economy hit by a bitter trade spat with Japan.

Hyundai shares were up 1.22 per cent in Wednesday afternoon trading in Seoul.

South Korea's Hyundai Motor has signed a deal to build a $1.5 billion car plant in Indonesia, the company said, its first in Southeast Asia, where Japanese carmakers dominate the market.

South Korea's Hyundai Motor has signed a deal to build a $1.5 billion car plant in Indonesia, the company said, its first in Southeast Asia, where Japanese carmakers dominate the market. The deal comes as Seoul looks to diversify its trade-dependent economy, the world's 11th largest, away from reliance on traditional partners China and the US. Indonesia is the region's largest automobile market, and the $1.55 billion deal aims to "combat slowing demand in the global automotive market" and propel future growth, Hyundai said in a statement. The plant, to be built in Bekasi, east of Jakarta, will start production in 2021, Hyundai said, ultimately aiming to produce 250,000 vehicles a year. South Korea's President Moon Jae-in has been pushing a "New Southern Policy", seeking to bolster economic ties with Southeast Asia as the country aims to reduce over-reliance on Beijing and Washington, and Hyundai's announcement coincided with a South Korea-ASEAN summit in Busan. Hyundai, the South's largest automaker, said it was building the factory in Indonesia to avoid import tariffs ranging from five to 80 percent in the ASEAN region. At present it lags far behind its Japanese rivals in the region, with its sales reaching 122,883 vehicles versus Toyota's 854,032 and Renault–Nissan–Mitsubishi's 351,267 from January to September this year, according to research firm LMC Automotive. South Korea's central bank last month cut its key interest rate to its lowest in two years in an effort to prop up slowing growth with the economy hit by a bitter trade spat with Japan. Hyundai shares were up 1.22 per cent in Wednesday afternoon trading in Seoul.

Hyundai Motor to invest $1.5 billion in Indonesia factory

By David Banks

President Donald Trump’s decisions to withdraw US&nbsp;troops from northern Syria – and then to send them back into action – has raised new concerns around the world about the reliability of US&nbsp;promises.

Since the beginning of Trump’s presidency, I and other foreign policy scholars have worried that Trump’s tendencies toward hyperbole, exaggeration and outright lying could disrupt a relatively stable international community.

For the last several years, I was relieved to find that didn’t happen. Some of the president’s public statements about NATO, trade and nuclear weapons were concerning, but largely didn’t result in major shifts in US&nbsp;policy or changing courses of American action.

However, by announcing that the US military in northern Syria would leave positions they occupied between Turkish and Kurdish forces – two US allies who viewed each other as enemies – and then apparently reversing that decision, Trump has likely caused US allies and rivals to view American commitments in a new, uncertain light.

Other countries have seen how quickly the US&nbsp;can reverse longstanding commitments. They may now adjust their own diplomatic and military strategies to depend less on the US. That, in turn, may reduce the power and influence the US has in the international community, increasing global instability.

Slow-moving bureaucracy

In the first several years of the Trump presidency, bureaucratic lack of action in the Pentagon and the State Department meant that statements from the president didn’t actually change what US troops and diplomats did in other countries.

The message other nations took from that was that they couldn’t totally ignore the president’s words, but they did not need to worry about their implications very much. Despite what Trump said, they felt they could continue to depend on the US for assistance, aid and support.

For instance, a Japanese foreign ministry official told the Japan Times newspaper, “The Japanese government shouldn’t react to a tweet by the president each time … If it’s their official position, we need to deal with it, but the president says various things.”

Put another way, Trump’s statements were hurting the reputation of the US, but not damaging the country’s credibility about its commitments.

To many scholars of foreign policy, this might be surprising. The behaviour of a country’s leader is expected to affect that country’s global reputation, which is usually key to international credibility. Developing consistent positions deters would-be challengers of US&nbsp;allies or interests.

That’s why national officials in the US and around the world are typically quite careful with what they say and how they say it.

(David Banks is Professorial Lecturer of International Politics, American University School of International Service) 
 
(This article was originally published on The Conversation. Read the <a href="https://www.wionews.com/opinions/uk-election-2019-a-choice-between-low-tax-individualism-or-generous-state-with-unknown-price-tag-264595">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) &nbsp;

 
&nbsp;

By David Banks President Donald Trump’s decisions to withdraw US troops from northern Syria – and then to send them back into action – has raised new concerns around the world about the reliability of US promises.

By David Banks President Donald Trump’s decisions to withdraw US troops from northern Syria – and then to send them back into action – has raised new concerns around the world about the reliability of US promises. Since the beginning of Trump’s presidency, I and other foreign policy scholars have worried that Trump’s tendencies toward hyperbole, exaggeration and outright lying could disrupt a relatively stable international community. For the last several years, I was relieved to find that didn’t happen. Some of the president’s public statements about NATO, trade and nuclear weapons were concerning, but largely didn’t result in major shifts in US policy or changing courses of American action. However, by announcing that the US military in northern Syria would leave positions they occupied between Turkish and Kurdish forces – two US allies who viewed each other as enemies – and then apparently reversing that decision, Trump has likely caused US allies and rivals to view American commitments in a new, uncertain light. Other countries have seen how quickly the US can reverse longstanding commitments. They may now adjust their own diplomatic and military strategies to depend less on the US. That, in turn, may reduce the power and influence the US has in the international community, increasing global instability. Slow-moving bureaucracy In the first several years of the Trump presidency, bureaucratic lack of action in the Pentagon and the State Department meant that statements from the president didn’t actually change what US troops and diplomats did in other countries. The message other nations took from that was that they couldn’t totally ignore the president’s words, but they did not need to worry about their implications very much. Despite what Trump said, they felt they could continue to depend on the US for assistance, aid and support. For instance, a Japanese foreign ministry official told the Japan Times newspaper, “The Japanese government shouldn’t react to a tweet by the president each time … If it’s their official position, we need to deal with it, but the president says various things.” Put another way, Trump’s statements were hurting the reputation of the US, but not damaging the country’s credibility about its commitments. To many scholars of foreign policy, this might be surprising. The behaviour of a country’s leader is expected to affect that country’s global reputation, which is usually key to international credibility. Developing consistent positions deters would-be challengers of US allies or interests. That’s why national officials in the US and around the world are typically quite careful with what they say and how they say it. (David Banks is Professorial Lecturer of International Politics, American University School of International Service) (This article was originally published on The Conversation. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Syria military presence risks US credibility with world community

Asian&nbsp;shares&nbsp;rose on Wednesday and European stocks looked set for gains after&nbsp;<a href="https://www.wionews.com/business-economy/nifty-sensex-end-lower-it-stocks-slump-263898">US&nbsp;President Donald&nbsp;Trump</a>&nbsp;said negotiators were close to inking an initial&nbsp;trade&nbsp;deal, while expectations the Federal Reserve will keep rates low underpinned sentiment.

Trump's upbeat comments on&nbsp;trade&nbsp;stoked confidence in Asia with MSCI's broadest index of Asia-Pacific&nbsp;shares&nbsp;outside Japan&nbsp;up 0.29 per cent. Australian shares added 0.93 per cent&nbsp;and Japan's Nikkei rose 0.39 per cent.

In Europe, pan-region Euro Stoxx 50 futures were up 0.16 per cent&nbsp;at 3,710, German DAX futures&nbsp; gained 0.16 per cent&nbsp;to 13,262.5 and FTSE futures rose 0.1 per cent&nbsp;to 7,412.

Chinese blue-chip&nbsp;shares, in contrast, dropped 0.21 per cent&nbsp;after the data showed profits at&nbsp;China's industrial firms declined in annual terms for the third consecutive month in October. The decline tracked sustained drops in producer prices and exports and underscored slowing momentum in the world's second-largest economy.

Trump&nbsp;said on Tuesday the United States and&nbsp;China&nbsp;are close to agreement on the first phase of a&nbsp;trade&nbsp;deal&nbsp;after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues.

The positive mood pushed Wall Street indexes to fresh record closing highs on Tuesday. But while&nbsp;Trump&nbsp;said Washington was in the "final throes" of work on a&nbsp;trade&nbsp;deal&nbsp;with Beijing, he also underscored&nbsp;US&nbsp;support for protesters in Hong Kong, seen as a sore point for Beijing.

Trump's comments came alongside softer-than-expected economic data from the United States, which showed a fourth straight monthly contraction in consumer confidence and an unexpected drop in new home sales in October.

However, consumer confidence still remained at levels able to support steady consumer spending, and the housing data for September was revised up, with purchases touching more than 12-year highs.

Kay Van-Petersen, the global macro strategist at Saxo Capital Markets in Singapore, said while&nbsp;US-China&nbsp;trade&nbsp;headlines may be driving some tactical,&nbsp;near-term moves in the market, they were mostly just "noise".

The broader market direction is "about the accommodative Fed and accommodative monetary policy and the fact that structurally the meta-trend is still lower in yields and rates," he said.

Some analysts said a fall in&nbsp;US&nbsp;bond yields on Tuesday also pointed to more mechanical explanations beyond&nbsp;trade&nbsp;for rising equity prices.

"It reinforces the notion that it really is the Fed pump-priming to grease the wheels of market liquidity which are driving both these moves," Greg McKenna, strategist at McKenna Macro, said in a morning note.

Fed Chair Jerome Powell said on Monday monetary policy was "well-positioned" to support the strong&nbsp;US&nbsp;labor market.

On Tuesday, the Dow Jones Industrial Average rose 0.2 per cent&nbsp;to 28,121.68, the S&amp;P 500&nbsp; gained 0.22per cent&nbsp;to 3,140.52 and the Nasdaq Composite&nbsp;added 0.18 per cent&nbsp;to 8,647.93. All three indexes notched record closing highs.

On Wednesday, the rally in US&nbsp;Treasuries moderated across the curve, with benchmark 10-year notes&nbsp;yielding 1.7431 per cent, up from their&nbsp;US&nbsp;close of 1.74 per cent&nbsp;on Tuesday.

The two-year yield watched as a guide to market expectations of Fed policy, rose to 1.5939 per cent&nbsp;compared with the&nbsp;US&nbsp;close of 1.586 per cent.

In currency markets, the dollar strengthened 0.11 per cent against the yen to 109.15&nbsp;and the euro&nbsp;weakened 0.08 per cent&nbsp;to buy $1.1009.

The dollar index, which tracks the greenback against a basket of six major rivals, was up 0.09 per cent&nbsp;at 98.341.

Oil prices retreated after rising Tuesday on reassuring&nbsp;trade&nbsp;headlines. The US&nbsp;West Texas Intermediate crude&nbsp;was down 0.21 per cent&nbsp;at $58.29 per barrel.

Global benchmark Brent crude lost 0.11 per cent&nbsp;to $64.20 per barrel.

Gold was lower, changing hands at $1,458.33 per ounce on the spot market, down 0.2 per cent.

Asian shares rose on Wednesday and European stocks looked set for gains after US President Donald Trump said negotiators were close to inking an initial trade deal, while expectations the Federal Reserve will keep rates low underpinned sentiment.

Asian shares rose on Wednesday and European stocks looked set for gains after US President Donald Trump said negotiators were close to inking an initial trade deal, while expectations the Federal Reserve will keep rates low underpinned sentiment. Trump's upbeat comments on trade stoked confidence in Asia with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.29 per cent. Australian shares added 0.93 per cent and Japan's Nikkei rose 0.39 per cent. In Europe, pan-region Euro Stoxx 50 futures were up 0.16 per cent at 3,710, German DAX futures gained 0.16 per cent to 13,262.5 and FTSE futures rose 0.1 per cent to 7,412. Chinese blue-chip shares, in contrast, dropped 0.21 per cent after the data showed profits at China's industrial firms declined in annual terms for the third consecutive month in October. The decline tracked sustained drops in producer prices and exports and underscored slowing momentum in the world's second-largest economy. Trump said on Tuesday the United States and China are close to agreement on the first phase of a trade deal after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues. The positive mood pushed Wall Street indexes to fresh record closing highs on Tuesday. But while Trump said Washington was in the "final throes" of work on a trade deal with Beijing, he also underscored US support for protesters in Hong Kong, seen as a sore point for Beijing. Trump's comments came alongside softer-than-expected economic data from the United States, which showed a fourth straight monthly contraction in consumer confidence and an unexpected drop in new home sales in October. However, consumer confidence still remained at levels able to support steady consumer spending, and the housing data for September was revised up, with purchases touching more than 12-year highs. Kay Van-Petersen, the global macro strategist at Saxo Capital Markets in Singapore, said while US-China trade headlines may be driving some tactical, near-term moves in the market, they were mostly just "noise". The broader market direction is "about the accommodative Fed and accommodative monetary policy and the fact that structurally the meta-trend is still lower in yields and rates," he said. Some analysts said a fall in US bond yields on Tuesday also pointed to more mechanical explanations beyond trade for rising equity prices. "It reinforces the notion that it really is the Fed pump-priming to grease the wheels of market liquidity which are driving both these moves," Greg McKenna, strategist at McKenna Macro, said in a morning note. Fed Chair Jerome Powell said on Monday monetary policy was "well-positioned" to support the strong US labor market. On Tuesday, the Dow Jones Industrial Average rose 0.2 per cent to 28,121.68, the S&P 500 gained 0.22per cent to 3,140.52 and the Nasdaq Composite added 0.18 per cent to 8,647.93. All three indexes notched record closing highs. On Wednesday, the rally in US Treasuries moderated across the curve, with benchmark 10-year notes yielding 1.7431 per cent, up from their US close of 1.74 per cent on Tuesday. The two-year yield watched as a guide to market expectations of Fed policy, rose to 1.5939 per cent compared with the US close of 1.586 per cent. In currency markets, the dollar strengthened 0.11 per cent against the yen to 109.15 and the euro weakened 0.08 per cent to buy $1.1009. The dollar index, which tracks the greenback against a basket of six major rivals, was up 0.09 per cent at 98.341. Oil prices retreated after rising Tuesday on reassuring trade headlines. The US West Texas Intermediate crude was down 0.21 per cent at $58.29 per barrel. Global benchmark Brent crude lost 0.11 per cent to $64.20 per barrel. Gold was lower, changing hands at $1,458.33 per ounce on the spot market, down 0.2 per cent.

Asian shares climb as Trump says US-China trade deal near

Trump impeachment row: Next phase of hearings on December 4th. Watch video to know more.

Trump impeachment row: Next phase of hearings on December 4th

<a href="https://www.wionews.com/business-economy/world-stocks-hold-near-one-week-low-195">World&nbsp;stocks</a>&nbsp;edged&nbsp;off&nbsp;their highest in almost two years on Tuesday, but kept record levels insight, following fresh signs that the United States and&nbsp;China&nbsp;were working to end a trade war dragging on the&nbsp;global&nbsp;economy.

China's Vice Premier Liu He,&nbsp;US&nbsp;Trade Representative Robert Lighthizer and&nbsp;US&nbsp;Treasury Secretary Steven Mnuchin held a phone call on issues&nbsp;related to a phase one trade agreement on Tuesday,&nbsp;China&nbsp;said.

This, alongside a strong Hong Kong debut for Chinese e-commerce giant <a href="https://www.wionews.com/business-economy/alibaba-launches-134-billion-hong-kong-listing-to-fund-expansion-261906">Alibaba</a>, is the&nbsp;world's largest share sale this year, boosted&nbsp;markets&nbsp;in Asia.

MSCI's 49-country main&nbsp;world&nbsp;share index, touched its highest level in almost two years, before drifting lower as the European session wore on. Still, it remained less than 1 per cent&nbsp;off&nbsp;record&nbsp;highs&nbsp;hit in early 2018.

European&nbsp;stocks, with the exception of London's FTSE, were broadly lower and&nbsp;US&nbsp;equity futures also inched down as a note of caution returned after a strong rally fuelled by trade talk hopes.

The pan-European STOXX 600 remained within striking distance of four-year&nbsp;highs.

"The outlook is positive as&nbsp;world&nbsp;trade angst is the biggest negative out there, especially when you throw in loose policy, the pick-up yields for equities versus bonds and the like," said Chris Bailey, European strategist at Raymond James in London.

"However, the residual issues&nbsp;are clear: The first is a reversal in&nbsp;world&nbsp;trade optimism, the second is that valuations become perceived as overstretched - this can easily happen given lackluster corporate earnings growth."

In Asia, Alibaba shares opened almost 7 per cent&nbsp;higher in Hong Kong than their issue price and at a small premium to pricing in New York. The listing has been seen as a vote of confidence in Hong Kong after months of anti-government protests that have rocked the financial hub.

A flurry of major acquisition activity has also supported sentiment in equity&nbsp;markets, with Global markets: World stocks edge off highs to await US-China progress agreeing to buy&nbsp;US&nbsp;jeweller Tiffany for $16.2 billion and Charles Schwab Corp set to purchase&nbsp;US&nbsp;discount brokerage TD Ameritrade Holding Corp in an all-stock deal valued at $26 billion.

Still, it was the outcome of&nbsp;US-China&nbsp;trade talks that remained the key driver for&nbsp;world&nbsp;markets.

The&nbsp;US&nbsp;dollar gave up earlier gains as some of the optimism over an agreement faded, slipping from a two-week high of 109.205 yen hit during Asian trade.

The euro was also a touch firmer at $1.10150.

China's yuan - the currency most sensitive to the trade war - had risen to a one-week high of 7.0181 against the dollar, but was last trading at 7.0388.

"China&nbsp;and the&nbsp;US&nbsp;agreed on a framework to resolve their phase one issue, which is just a way of saying that they did admin work," said Sebastien Galy, senior macro strategist at Nordea Asset Management.

The United States has imposed tariffs on Chinese goods in a 16-month dispute over trade practices that the US&nbsp;government says are unfair.&nbsp;China&nbsp;has responded with its own tariffs on&nbsp;US&nbsp;goods.

The next important date to watch is December&nbsp;15, when Washington is scheduled to impose even more tariffs on Chinese goods.

Safe-haven bond yields nudged back down, also reflecting the more cautious tone among investors.

The 10-year&nbsp;US&nbsp;Treasury yield was last down 2 basis points on the day at around 1.75 per cent.

Elsewhere, Bitcoin, the&nbsp;world's biggest cryptocurrency, dipped to $7,065, holding above six-month lows hit on Monday after the People's Bank of&nbsp;China&nbsp;launched a fresh crackdown on cryptocurrencies.

US&nbsp;crude was flat at $58 a barrel. Brent crude was little changed at $63.71 per barrel.

World stocks edged off their highest in almost two years on Tuesday, but kept record levels insight, following fresh signs that the United States and China were working to end a trade war dragging on the global economy.

World stocks edged off their highest in almost two years on Tuesday, but kept record levels insight, following fresh signs that the United States and China were working to end a trade war dragging on the global economy. China's Vice Premier Liu He, US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin held a phone call on issues related to a phase one trade agreement on Tuesday, China said. This, alongside a strong Hong Kong debut for Chinese e-commerce giant Alibaba, is the world's largest share sale this year, boosted markets in Asia. MSCI's 49-country main world share index, touched its highest level in almost two years, before drifting lower as the European session wore on. Still, it remained less than 1 per cent off record highs hit in early 2018. European stocks, with the exception of London's FTSE, were broadly lower and US equity futures also inched down as a note of caution returned after a strong rally fuelled by trade talk hopes. The pan-European STOXX 600 remained within striking distance of four-year highs. "The outlook is positive as world trade angst is the biggest negative out there, especially when you throw in loose policy, the pick-up yields for equities versus bonds and the like," said Chris Bailey, European strategist at Raymond James in London. "However, the residual issues are clear: The first is a reversal in world trade optimism, the second is that valuations become perceived as overstretched - this can easily happen given lackluster corporate earnings growth." In Asia, Alibaba shares opened almost 7 per cent higher in Hong Kong than their issue price and at a small premium to pricing in New York. The listing has been seen as a vote of confidence in Hong Kong after months of anti-government protests that have rocked the financial hub. A flurry of major acquisition activity has also supported sentiment in equity markets, with Global markets: World stocks edge off highs to await US-China progress agreeing to buy US jeweller Tiffany for $16.2 billion and Charles Schwab Corp set to purchase US discount brokerage TD Ameritrade Holding Corp in an all-stock deal valued at $26 billion. Still, it was the outcome of US-China trade talks that remained the key driver for world markets. The US dollar gave up earlier gains as some of the optimism over an agreement faded, slipping from a two-week high of 109.205 yen hit during Asian trade. The euro was also a touch firmer at $1.10150. China's yuan - the currency most sensitive to the trade war - had risen to a one-week high of 7.0181 against the dollar, but was last trading at 7.0388. "China and the US agreed on a framework to resolve their phase one issue, which is just a way of saying that they did admin work," said Sebastien Galy, senior macro strategist at Nordea Asset Management. The United States has imposed tariffs on Chinese goods in a 16-month dispute over trade practices that the US government says are unfair. China has responded with its own tariffs on US goods. The next important date to watch is December 15, when Washington is scheduled to impose even more tariffs on Chinese goods. Safe-haven bond yields nudged back down, also reflecting the more cautious tone among investors. The 10-year US Treasury yield was last down 2 basis points on the day at around 1.75 per cent. Elsewhere, Bitcoin, the world's biggest cryptocurrency, dipped to $7,065, holding above six-month lows hit on Monday after the People's Bank of China launched a fresh crackdown on cryptocurrencies. US crude was flat at $58 a barrel. Brent crude was little changed at $63.71 per barrel.

Global markets: World stocks edge off highs to await US-China progress

Three Baltimore men who spent 36 years in prison were exonerated on Monday of the 1983 murder of a teenage boy who was shot dead over a jacket.

Alfred Chestnut, Andrew Stewart, and Ransom Watkins were serving life sentences for the shooting of DeWitt Duckett, a 14-year-old student at Harlem Park Junior High School in West Baltimore.

Duckett was shot in the neck inside his school and had his Georgetown University jacket stolen. It was the first fatal shooting of a student in a Baltimore public school and drew widespread press attention at the time.

"These three men were convicted, as children, because of police and prosecutorial misconduct," Baltimore state's attorney Marilyn Mosby said after the three were formally exonerated by a city circuit court judge and released from prison.

"What the state, my office, did to them is wrong," Mosby said. "They deserve so much more than an apology. We owe them real compensation and I plan to fight for it."

In a statement, the state's attorney office said "detectives targeted the three men, all 16-year-old Black boys, using coaching and coercion of other teenage witnesses to make their case."

According to the Mid-Atlantic Innocence Project (MAIP), which worked to secure the release of the "Harlem Park Three," four teenage witnesses identified Chestnut, Stewart and Watkins at their trial but later recanted their testimony.

The witnesses initially said one person committed the shooting but identified the three as the assailants under pressure from police, the MAIP said in a statement.

Chestnut was later seen wearing a Georgetown jacket but his mother produced a receipt for the jacket of the university made popular by its basketball team.

At a press conference following the release of the three, Watkins said "this should have never happened."

"Somebody's got to pay for this," he said. "You can't just leave this like this.

"This fight is not over," Watkins said. "You all will hear from us again."

The exoneration of the three men followed a joint investigation by the Baltimore City State's Attorney's Conviction Integrity Unit, MAIP and other groups.

"Everyone involved in this case -- school officials, police, prosecutors, jurors, the media, and the community -- rushed to judgment and allowed their tunnel vision to obscure obvious problems with the evidence,” MAIP executive director Shawn Armbrust said.

According to the state's attorney's office, six wrongfully convicted men have previously been released following investigations involving the Conviction Integrity Unit.

Three Baltimore men who spent 36 years in prison were exonerated on Monday of the 1983 murder of a teenage boy who was shot dead over a jacket. Alfred Chestnut, Andrew Stewart, and Ransom Watkins were serving life sentences for the shooting of DeWitt Duckett, a 14-year-old student at Harlem Park Junior High School in West Baltimore.

Three Baltimore men who spent 36 years in prison were exonerated on Monday of the 1983 murder of a teenage boy who was shot dead over a jacket. Alfred Chestnut, Andrew Stewart, and Ransom Watkins were serving life sentences for the shooting of DeWitt Duckett, a 14-year-old student at Harlem Park Junior High School in West Baltimore. Duckett was shot in the neck inside his school and had his Georgetown University jacket stolen. It was the first fatal shooting of a student in a Baltimore public school and drew widespread press attention at the time. "These three men were convicted, as children, because of police and prosecutorial misconduct," Baltimore state's attorney Marilyn Mosby said after the three were formally exonerated by a city circuit court judge and released from prison. "What the state, my office, did to them is wrong," Mosby said. "They deserve so much more than an apology. We owe them real compensation and I plan to fight for it." In a statement, the state's attorney office said "detectives targeted the three men, all 16-year-old Black boys, using coaching and coercion of other teenage witnesses to make their case." According to the Mid-Atlantic Innocence Project (MAIP), which worked to secure the release of the "Harlem Park Three," four teenage witnesses identified Chestnut, Stewart and Watkins at their trial but later recanted their testimony. The witnesses initially said one person committed the shooting but identified the three as the assailants under pressure from police, the MAIP said in a statement. Chestnut was later seen wearing a Georgetown jacket but his mother produced a receipt for the jacket of the university made popular by its basketball team. At a press conference following the release of the three, Watkins said "this should have never happened." "Somebody's got to pay for this," he said. "You can't just leave this like this. "This fight is not over," Watkins said. "You all will hear from us again." The exoneration of the three men followed a joint investigation by the Baltimore City State's Attorney's Conviction Integrity Unit, MAIP and other groups. "Everyone involved in this case -- school officials, police, prosecutors, jurors, the media, and the community -- rushed to judgment and allowed their tunnel vision to obscure obvious problems with the evidence,” MAIP executive director Shawn Armbrust said. According to the state's attorney's office, six wrongfully convicted men have previously been released following investigations involving the Conviction Integrity Unit.

Three Baltimore men exonerated after 36 years in prison

Several factions of Argentina's bondholders are jostling for influence ahead of restructuring talks with incoming president Alberto Fernandez as Latin America's third-largest economy tries to avert a default, more than a dozen sources familiar with the process said.

Argentina is once again buckling under the weight of its sovereign debts, which total around $100 billion, and Fernandez needs to urgently agree a deal with creditors to ease the burden and give his government space to try to revive the economy.

Several investors told Reuters they are growing increasingly annoyed by a lack of clarity on the plans of the new government, which is set to take over on December&nbsp;10. Fernandez has not yet named his economic team or said how he will deal with the debts, which have become painfully costly after the collapse of the peso.

"The general frustration is how slow the incoming administration has been to name people and get the ball rolling," a source at a large fixed-income investor that holds Argentine debt said, adding that with more clarity things could change "fairly quickly".

Fernandez this week told the International Monetary Fund's (IMF) head Kristalina Georgieva he has a "sustainable" plan to meet creditor obligations as well as maintain growth, without giving details.

A media representative for Fernandez did not immediately respond to a request for comment on Friday.

A creditor committee of at least 20 members was formed last month as bondholders look for ways to avoid losses, which could reach tens of billions of dollars, on their holdings.

A second group is now being assembled, led by US-based emerging markets-focused investment manager Gramercy, three sources said, amid differences over the way forward.

A third group of mostly hedge funds holding bonds restructured after a prior Argentine default was also being brought together, sources said.

Gramercy has previous experience in Argentina, where its distressed debt chief investment officer Robert Koenigsberger was involved in debt talks in 2009.

Several bondholders said a range of proposals for bundling creditors were circulating, although some said they would rather stick to a larger single group controlling a bigger debt slice.

The process of organising creditors is still in the early stages and it is not clear how much of Argentina's debt each grouping represents at this stage.

Gramercy's proposal, which also involves emerging markets investment manager Macrosynergy Partners, has put together a number of possible scenarios, three sources familiar with the plans said.

One of these includes an extension of maturities to ease the pressure on Argentina's struggling finances, but no write-down.

"The group's preferred scenario is to get a five-year extension, but there is no haircut," one of the sources said.

The IMF says that until the new government sets an economic path it cannot decide if private creditor haircuts are needed to keep its $57 billion bailout programme in place.

"In the absence of the whole macroeconomic strategy it is very hard to judge how their operation would lead to a sustainable debt position," Alejandro Werner, head of the Western Hemisphere Department at the IMF, said on Wednesday at an event in New York.

"Once you have the policy proposals you can judge what kind of debt operation is consistent with those policies," he added.

The last major default by Argentina in 2001 tipped the country of 44 million people into years of recession and economic crisis from which it only emerged in 2015.

Argentine bonds, almost 80 per cent&nbsp;of which are denominated in foreign currency, were given a small lift by Fernandez's comments this week, but they are still trading at less than half their face value.

And the peso is the world's worst-performing currency this year, despite being propped up by capital controls put in place in September, weeks after Fernandez's shock victory in a primary election sparked financial market panic.

Several factions of Argentina's bondholders are jostling for influence ahead of restructuring talks with incoming president Alberto Fernandez as Latin America's third-largest economy tries to avert a default, more than a dozen sources familiar with the process said.

Several factions of Argentina's bondholders are jostling for influence ahead of restructuring talks with incoming president Alberto Fernandez as Latin America's third-largest economy tries to avert a default, more than a dozen sources familiar with the process said. Argentina is once again buckling under the weight of its sovereign debts, which total around $100 billion, and Fernandez needs to urgently agree a deal with creditors to ease the burden and give his government space to try to revive the economy. Several investors told Reuters they are growing increasingly annoyed by a lack of clarity on the plans of the new government, which is set to take over on December 10. Fernandez has not yet named his economic team or said how he will deal with the debts, which have become painfully costly after the collapse of the peso. "The general frustration is how slow the incoming administration has been to name people and get the ball rolling," a source at a large fixed-income investor that holds Argentine debt said, adding that with more clarity things could change "fairly quickly". Fernandez this week told the International Monetary Fund's (IMF) head Kristalina Georgieva he has a "sustainable" plan to meet creditor obligations as well as maintain growth, without giving details. A media representative for Fernandez did not immediately respond to a request for comment on Friday. A creditor committee of at least 20 members was formed last month as bondholders look for ways to avoid losses, which could reach tens of billions of dollars, on their holdings. A second group is now being assembled, led by US-based emerging markets-focused investment manager Gramercy, three sources said, amid differences over the way forward. A third group of mostly hedge funds holding bonds restructured after a prior Argentine default was also being brought together, sources said. Gramercy has previous experience in Argentina, where its distressed debt chief investment officer Robert Koenigsberger was involved in debt talks in 2009. Several bondholders said a range of proposals for bundling creditors were circulating, although some said they would rather stick to a larger single group controlling a bigger debt slice. The process of organising creditors is still in the early stages and it is not clear how much of Argentina's debt each grouping represents at this stage. Gramercy's proposal, which also involves emerging markets investment manager Macrosynergy Partners, has put together a number of possible scenarios, three sources familiar with the plans said. One of these includes an extension of maturities to ease the pressure on Argentina's struggling finances, but no write-down. "The group's preferred scenario is to get a five-year extension, but there is no haircut," one of the sources said. The IMF says that until the new government sets an economic path it cannot decide if private creditor haircuts are needed to keep its $57 billion bailout programme in place. "In the absence of the whole macroeconomic strategy it is very hard to judge how their operation would lead to a sustainable debt position," Alejandro Werner, head of the Western Hemisphere Department at the IMF, said on Wednesday at an event in New York. "Once you have the policy proposals you can judge what kind of debt operation is consistent with those policies," he added. The last major default by Argentina in 2001 tipped the country of 44 million people into years of recession and economic crisis from which it only emerged in 2015. Argentine bonds, almost 80 per cent of which are denominated in foreign currency, were given a small lift by Fernandez's comments this week, but they are still trading at less than half their face value. And the peso is the world's worst-performing currency this year, despite being propped up by capital controls put in place in September, weeks after Fernandez's shock victory in a primary election sparked financial market panic.

Argentina creditors jockey for lead ahead of $100 billion debt talks

<a href="https://www.wionews.com/.../egypt-mediated-truce-with-israel-in-force-in- gaza-islamic-jihad-261943">Egypt</a> said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company's pipeline.

Under another agreement with Noble, which will also be financed by the US&nbsp;International Development Finance Corporation, the energy company will manufacture petroleum products in partnership with Egyptian company Dolphinus Holdings.

The cabinet detailed the plans at the end of an Africa investment forum held on the site of the country's planned new administrative capital in the desert east of Cairo.

Amsterdam-based Lekela also announced the start of construction work on its West Bakr wind power plant, which will have a capacity of 250 megawatts and require a total investment of $350 million.

Lekela CEO Chris Antonopoulos said Siemens Gamesa will build the West Bakr plant in the Gulf of Suez, creating an expected 550 jobs, according to the cabinet statement.

Egypt signed an agreement with the European Bank for Reconstruction and Development (EBRD) worth $201 million to improve the Egyptian Electricity Transmission Company's electric grid, and the lender will also finance a new asphalt production unit for the Suez Oil Processing Company worth $50 million.

The EBRD signed further deals with Sarwa Capital Holding and state-owned Banque Misr to issue 500 million Egyptian pounds ($31.13 million) in securitization bonds for the government's New Urban Communities Authority (NUCA).

NUCA, 51 per cent&nbsp;owned by the military's engineering authority and 49 per cent&nbsp;by the housing ministry, is developing Egypt's as-yet-unnamed new capital.

Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company's pipeline.

Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company's pipeline. Under another agreement with Noble, which will also be financed by the US International Development Finance Corporation, the energy company will manufacture petroleum products in partnership with Egyptian company Dolphinus Holdings. The cabinet detailed the plans at the end of an Africa investment forum held on the site of the country's planned new administrative capital in the desert east of Cairo. Amsterdam-based Lekela also announced the start of construction work on its West Bakr wind power plant, which will have a capacity of 250 megawatts and require a total investment of $350 million. Lekela CEO Chris Antonopoulos said Siemens Gamesa will build the West Bakr plant in the Gulf of Suez, creating an expected 550 jobs, according to the cabinet statement. Egypt signed an agreement with the European Bank for Reconstruction and Development (EBRD) worth $201 million to improve the Egyptian Electricity Transmission Company's electric grid, and the lender will also finance a new asphalt production unit for the Suez Oil Processing Company worth $50 million. The EBRD signed further deals with Sarwa Capital Holding and state-owned Banque Misr to issue 500 million Egyptian pounds ($31.13 million) in securitization bonds for the government's New Urban Communities Authority (NUCA). NUCA, 51 per cent owned by the military's engineering authority and 49 per cent by the housing ministry, is developing Egypt's as-yet-unnamed new capital.

Egypt signs $430-million gas deal with Texas' Noble Energy

The US on Thursday warned Pakistan that it faced long-term economic damage with little return if China keeps pursuing its giant infrastructure push.

United States warns Pakistan over CPEC project

Hill and Holmes sworn in for impeachment hearing testimony. Watch video to know more.

Hill and Holmes sworn in for impeachment hearing testimony

In all the hand-wringing that critics and commentators have done since President Donald Trump announced the withdrawal of US troops from northern Syria, one of the common refrains emphasises the breach of trust between Washington and its Kurdish militia partners.

Some scholars of international relations put little stock in trust. Countries are selfish, after all.

Others see trust in impersonal terms, embedded in the rules, norms, institutions and alliances that bind countries to each other.

It turns out, though, that trust does matter in international relations. And in the Middle East, trust is often seen in personal terms.

For the American personnel who worked, ate and lived with the Syrian Kurds, trust-building was also a deeply personal experience. Trust underpinned the crucial intelligence cooperation between the US and its Kurdish partners. That cooperation helped plan and execute the raid that led to the capture killing of Islamic State leader Abu Bakr al-Baghdadi.

As one former American special operator has written, “Trust is a powerful commodity that has saved many lives in shadowy battlefields across the Middle East. But it takes a long time to build and can be gone in an instant.”

By contrast, mistrust, even if it is based on perception alone, can linger for decades, thwarting Washington’s foreign policy goals.

Defeating the Islamic State

I observed the long-term consequences of broken trust next door to Syria, in Iraq.

I served as a US diplomat in the southern Iraqi city of Basrah during 2015 and 2016, the height of the war against the Islamic State group, also known as IS.

At the time, after years of sectarian strife, dishonest governments and their broken promises, Iraqis seemed united around the common purpose of defeating IS. The corrupt and sectarian regime of Prime Minister Nouri al-Maliki had been ousted. And the US was leading an international coalition to help the Iraqi government in the fight against IS, providing hundreds of millions of dollars in humanitarian assistance.

You might think that a war that the US was fighting on behalf of the Iraqi people, a war that was truly an existential one for the majority Iraqi Shia, would have produced at least some goodwill toward the United States.

Instead, when I arrived in Basrah in 2015, I discovered that many Iraqis, including the majority Shia Muslim population among whom I lived, believed that the United States was somehow in cahoots with the Islamic State.

Mistrust for decades 
 
The Middle East is rife with conspiracy theories. But this one was particularly jarring given that the United States was then engaged in a costly and very public effort to defeat the Islamic State, a terrorist group which declared the Shia apostates and said they must be killed.

Over time, I began to understand the roots of these attitudes. Disinformation and propaganda, especially from Iran, fueled them to some extent.

But there were deeper issues at play.

“The United States defeated Saddam’s armies in a matter of weeks,” incredulous Iraqis I met would say to me. “So how is it that you can’t defeat a ragtag army of jihadists in two years?”

Iranian disinformation campaigns blaming the US for the Islamic State were effective because of a deep gulf of mistrust between the US and Iraqis, which led to widespread cynicism among ordinary Iraqis about US motives.

The origins of this mistrust go back decades, from tacit US support for Saddam Hussein in the 1980s, when Washington turned a blind eye to the dictatorship’s atrocities against Iraqi Kurds.

The lack of trust helps explain why the US had such a hard time stabilizing Iraq after 2003, despite toppling a feared despot and despite investing billions of dollars in the country.

Roots in betrayal

Iraqi Shia are the largest Muslim sect in the country, but have less political power than Sunni Muslims. The Shia in particular have painful memories of an event that they see as a massive breach of trust between them and the US.

In 1991, encouraged by then-President George HW Bush, the Shia rose up against Saddam, only to be abandoned by the US.

Tens of thousands of Iraqi Shia were slaughtered.

I visited a memorial to the victims of Saddam’s suppression of the uprising, where I saw a leaflet displayed that was dropped by US and coalition aircraft calling on Iraqi soldiers and civilians to “fill the streets and alleys and bring down Saddam Hussein and his aides.”

“We thought this meant that the Americans would help us,” my guide at the museum told me. &nbsp;Many Iraqis I met also recalled the devastating 1990s sanctions on their country that were championed by the United States. Others talked of Washington’s failure to stabilize the country after 2003. Then there was the perception that the Obama administration came late to the war against the Islamic State.

Other Iraqis I met – young ones – told me of their resentment at US&nbsp;support for a political class in Baghdad that is seen as deeply corrupt. Some of them are no doubt protesting in the streets and squares of Iraqi cities today.

I attended lots of meetings with Iraqi Sunni tribal leaders in the south. They saw the Obama administration’s 2011 withdrawal of U.S. troops and general disengagement from Iraq as a betrayal of trust. They saw it as handing over Iraq to Iranian influence, which they fear.

Ultimately, Iraqis did not see the US as a credible, consistent or committed partner. Some turned to Iran for assistance, while turning against the United States. Perhaps it is no surprise that polls taken at the time I worked in Basrah showed that Iraqis saw Iran and Russia as more favourable security partners.

Can’t escape the past

Iraq is by no means a perfect analogy for the shattered trust between Washington and its Syrian Kurdish allies. Yet the Iraqi experience shows that distrust of the United States has deep roots in past US actions.

In Syria, too, the US has left a legacy of mistrust since 2011, from Obama’s failure to follow through on his call for Assad to step down, to his failure to impose meaningful costs on the Syrian regime for its use of chemical weapons. Trump’s withdrawal is just one episode in a longer story.

Despite breaches of trust, Iraqis continued to need US support. But that need paired with a lack of trust makes things difficult for American diplomats in Iraq. For me, it was often overwhelming to be at the receiving end of the immense disappointment, frustration and more rarely, hope, that the Iraqis have in the United States.

The Syrian Kurds, like the Iraqis, will still need the United States and continue to work with Washington. But the breach of trust will complicate cooperation, as it did in Iraq.

Not everything that Iraqis blame the United States for is fair. And it would be impossible for even the best-crafted US policies to satisfy all of Iraq’s diverse people.

At times I tried to remind my unfailingly hospitable Iraqi interlocutors, especially those in the government, to be a bit more introspective about their own failings and responsibility for Iraq’s post-Saddam ills. I tried to remind them that the United States invested a lot in Iraq, with limited results.

In the end, the credibility of the message was undercut by a lack of trust in the messenger.&nbsp;

(Mieczysław P Boduszyński is Assistant Professor of Politics, Pomona College)

(This article was originally published on The Conversation. Read the <a href="https://theconversation.com/broken-trust-how-iraqis-lost-their-faith-in-washington-long-before-the-kurds-did-125636">original article</a>) 
&nbsp; 
(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) &nbsp; 
&nbsp; 
&nbsp;

In all the hand-wringing that critics and commentators have done since President Donald Trump announced the withdrawal of US troops from northern Syria, one of the common refrains emphasises the breach of trust between Washington and its Kurdish militia partners.

In all the hand-wringing that critics and commentators have done since President Donald Trump announced the withdrawal of US troops from northern Syria, one of the common refrains emphasises the breach of trust between Washington and its Kurdish militia partners. Some scholars of international relations put little stock in trust. Countries are selfish, after all. Others see trust in impersonal terms, embedded in the rules, norms, institutions and alliances that bind countries to each other. It turns out, though, that trust does matter in international relations. And in the Middle East, trust is often seen in personal terms. For the American personnel who worked, ate and lived with the Syrian Kurds, trust-building was also a deeply personal experience. Trust underpinned the crucial intelligence cooperation between the US and its Kurdish partners. That cooperation helped plan and execute the raid that led to the capture killing of Islamic State leader Abu Bakr al-Baghdadi. As one former American special operator has written, “Trust is a powerful commodity that has saved many lives in shadowy battlefields across the Middle East. But it takes a long time to build and can be gone in an instant.” By contrast, mistrust, even if it is based on perception alone, can linger for decades, thwarting Washington’s foreign policy goals. Defeating the Islamic State I observed the long-term consequences of broken trust next door to Syria, in Iraq. I served as a US diplomat in the southern Iraqi city of Basrah during 2015 and 2016, the height of the war against the Islamic State group, also known as IS. At the time, after years of sectarian strife, dishonest governments and their broken promises, Iraqis seemed united around the common purpose of defeating IS. The corrupt and sectarian regime of Prime Minister Nouri al-Maliki had been ousted. And the US was leading an international coalition to help the Iraqi government in the fight against IS, providing hundreds of millions of dollars in humanitarian assistance. You might think that a war that the US was fighting on behalf of the Iraqi people, a war that was truly an existential one for the majority Iraqi Shia, would have produced at least some goodwill toward the United States. Instead, when I arrived in Basrah in 2015, I discovered that many Iraqis, including the majority Shia Muslim population among whom I lived, believed that the United States was somehow in cahoots with the Islamic State. Mistrust for decades The Middle East is rife with conspiracy theories. But this one was particularly jarring given that the United States was then engaged in a costly and very public effort to defeat the Islamic State, a terrorist group which declared the Shia apostates and said they must be killed. Over time, I began to understand the roots of these attitudes. Disinformation and propaganda, especially from Iran, fueled them to some extent. But there were deeper issues at play. “The United States defeated Saddam’s armies in a matter of weeks,” incredulous Iraqis I met would say to me. “So how is it that you can’t defeat a ragtag army of jihadists in two years?” Iranian disinformation campaigns blaming the US for the Islamic State were effective because of a deep gulf of mistrust between the US and Iraqis, which led to widespread cynicism among ordinary Iraqis about US motives. The origins of this mistrust go back decades, from tacit US support for Saddam Hussein in the 1980s, when Washington turned a blind eye to the dictatorship’s atrocities against Iraqi Kurds. The lack of trust helps explain why the US had such a hard time stabilizing Iraq after 2003, despite toppling a feared despot and despite investing billions of dollars in the country. Roots in betrayal Iraqi Shia are the largest Muslim sect in the country, but have less political power than Sunni Muslims. The Shia in particular have painful memories of an event that they see as a massive breach of trust between them and the US. In 1991, encouraged by then-President George HW Bush, the Shia rose up against Saddam, only to be abandoned by the US. Tens of thousands of Iraqi Shia were slaughtered. I visited a memorial to the victims of Saddam’s suppression of the uprising, where I saw a leaflet displayed that was dropped by US and coalition aircraft calling on Iraqi soldiers and civilians to “fill the streets and alleys and bring down Saddam Hussein and his aides.” “We thought this meant that the Americans would help us,” my guide at the museum told me. Many Iraqis I met also recalled the devastating 1990s sanctions on their country that were championed by the United States. Others talked of Washington’s failure to stabilize the country after 2003. Then there was the perception that the Obama administration came late to the war against the Islamic State. Other Iraqis I met – young ones – told me of their resentment at US support for a political class in Baghdad that is seen as deeply corrupt. Some of them are no doubt protesting in the streets and squares of Iraqi cities today. I attended lots of meetings with Iraqi Sunni tribal leaders in the south. They saw the Obama administration’s 2011 withdrawal of U.S. troops and general disengagement from Iraq as a betrayal of trust. They saw it as handing over Iraq to Iranian influence, which they fear. Ultimately, Iraqis did not see the US as a credible, consistent or committed partner. Some turned to Iran for assistance, while turning against the United States. Perhaps it is no surprise that polls taken at the time I worked in Basrah showed that Iraqis saw Iran and Russia as more favourable security partners. Can’t escape the past Iraq is by no means a perfect analogy for the shattered trust between Washington and its Syrian Kurdish allies. Yet the Iraqi experience shows that distrust of the United States has deep roots in past US actions. In Syria, too, the US has left a legacy of mistrust since 2011, from Obama’s failure to follow through on his call for Assad to step down, to his failure to impose meaningful costs on the Syrian regime for its use of chemical weapons. Trump’s withdrawal is just one episode in a longer story. Despite breaches of trust, Iraqis continued to need US support. But that need paired with a lack of trust makes things difficult for American diplomats in Iraq. For me, it was often overwhelming to be at the receiving end of the immense disappointment, frustration and more rarely, hope, that the Iraqis have in the United States. The Syrian Kurds, like the Iraqis, will still need the United States and continue to work with Washington. But the breach of trust will complicate cooperation, as it did in Iraq. Not everything that Iraqis blame the United States for is fair. And it would be impossible for even the best-crafted US policies to satisfy all of Iraq’s diverse people. At times I tried to remind my unfailingly hospitable Iraqi interlocutors, especially those in the government, to be a bit more introspective about their own failings and responsibility for Iraq’s post-Saddam ills. I tried to remind them that the United States invested a lot in Iraq, with limited results. In the end, the credibility of the message was undercut by a lack of trust in the messenger. (Mieczysław P Boduszyński is Assistant Professor of Politics, Pomona College) (This article was originally published on The Conversation. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

How Iraqis lost their faith in Washington, long before the Kurds did

Trump Reads Out His Sharpie Scrawls As Impeachment Proceedings Intensify.

Trump: All the President's men ( & his sharpie notes!) | Gravitas

Completion of a <a href="https://www.wionews.com/world/china-not-stepping-up-to-the-level-i-want-says-trump-on-trade-talks-263492">"phase one" US-China trade deal</a> could slide into next year, trade experts and people close to the White House said, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own.

An initial trade deal could take as long as five weeks to sign, US&nbsp;President Donald Trump and Treasury Secretary Steven Mnuchin said.

Just over five weeks later, a deal is still elusive, and negotiations may be getting more complicated, trade experts and people briefed on the talks told Reuters this week.

Asked Wednesday about the status of the China deal, Trump told reporters in Texas "I don't think they're stepping up to the level that I want."

Trump and US&nbsp;Trade Representative Robert Lighthizer recognize that rolling back tariffs for a deal that fails to address core intellectual property and technology transfer issues will not be seen as a good deal for the United States, a person briefed on the matter said.

In a dinner speech in Beijing on Wednesday, Vice Premier Liu He said he was "cautiously optimistic" on a phase one deal, Bloomberg News said, citing people who attended the event ahead of a forum organized by Bloomberg LP.

Liu, China's chief negotiator at the Sino-US&nbsp;trade talks, separately told one of the attendees that he was "confused" about the US&nbsp;demands, but was confident the first phase of a deal could be completed nevertheless, Bloomberg added.

Officials from Beijing had suggested that Chinese President Xi Jinping and Trump might sign a deal in early December.

Some experts said the next date to watch was December&nbsp;15, when tariffs on about $156 billion in Chinese goods are set to take effect, including holiday gift items such as electronics and Christmas decorations.

"If talks are really going well, that hike will be suspended," said Christian Whiton, a senior fellow for strategy and trade at the Center for the National Interest, and a former Trump and George W. Bush administration adviser.

"If not, the US&nbsp;will implement them and that will throw the game into next year."

US&nbsp;stocks extended their fall Wednesday on the potential delay, with the S&amp;P&nbsp;last down 0.8 per cent, while Treasury yields&nbsp;dropped and the dollar pared gains.

"Negotiations are continuing and progress is being made on the text of the phase-one agreement," White House spokesman Judd Deere said in an email Wednesday afternoon.

The crackdown on protests in Hong Kong may also complicate the deal's completion.

The Hong Kong issue is definitely a negative factor in the trade talks, Zhang Yansheng, principal researcher at the state-affiliated think-tank China Center for International Economic Exchanges, said at the Bloomberg forum on Thursday.

A phase one deal is likely this year if there was "no disturbance", Zhang said, without elaborating.

Watch: China seeks sanctions on US in WTO

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-wallet-china-seeks-sanctions-on-us-in-world-trade-organisation-257427/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The US&nbsp;Senate <a href="https://www.wionews.com/world/united-states-house-passes-hong-kong-rights-bill-president-trump-expected-to-sign-263483">passed a bill on Tuesday</a> night condemning the crackdown and pledging support for Hong Kong, which was immediately criticized by Beijing.

"The violent crackdown against protesters in Hong Kong, which Beijing is directing, decreases the odds of a deal," Whiton said. "Is Xi really going to be invited for a grip-and-grin with the president as his cops are beating students in Hong Kong?"

Negotiations also are complicated by conflicts within the White House about the best approach to China, and by the fact that Trump could veto any agreed deal at the last minute.

The flare-up in tensions between Washington and Beijing helped knock global stock markets from 22-month highs reached in recent weeks when some sort of resolution on the trade war appeared likely.

Some China and trade experts briefed on the talks told Reuters they were still optimistic a deal might come together in the coming weeks, and Trump said on Wednesday his team continues to talk with China.

A Saturday call between Mnuchin, Lighthizer and China's Liu was described as "constructive" by state news agency Xinhua.

And the US&nbsp;government has begun issuing licenses for some companies to supply goods to Huawei Technologies Co Ltd, the world's largest telecoms equipment maker whose blacklisting by the administration has been another point of contention.

Nonetheless, <a href="https://www.wionews.com/business-economy/donald-trump-says-us-is-still-talking-to-china-on-trade-263477">Chinese pundits now also say they are pessimistic about a deal</a>.

"Few Chinese believe that China and the US can reach a deal soon," Hu Xijin, the editor of the state-backed Chinese tabloid Global Times, said on Twitter on Wednesday.

The Global Times is not the official media outlet of the Chinese Communist Party - the People's Daily is,&nbsp;but Hu has described his role&nbsp;as giving voice to what Beijing officials wish they could say in public.

Hu concluded,&nbsp;"China wants a deal but is prepared for the worst-case scenario, a prolonged trade war."

Completion of a "phase one" US-China trade deal could slide into next year, trade experts and people close to the White House said, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own.

Completion of a "phase one" US-China trade deal could slide into next year, trade experts and people close to the White House said, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own. An initial trade deal could take as long as five weeks to sign, US President Donald Trump and Treasury Secretary Steven Mnuchin said. Just over five weeks later, a deal is still elusive, and negotiations may be getting more complicated, trade experts and people briefed on the talks told Reuters this week. Asked Wednesday about the status of the China deal, Trump told reporters in Texas "I don't think they're stepping up to the level that I want." Trump and US Trade Representative Robert Lighthizer recognize that rolling back tariffs for a deal that fails to address core intellectual property and technology transfer issues will not be seen as a good deal for the United States, a person briefed on the matter said. In a dinner speech in Beijing on Wednesday, Vice Premier Liu He said he was "cautiously optimistic" on a phase one deal, Bloomberg News said, citing people who attended the event ahead of a forum organized by Bloomberg LP. Liu, China's chief negotiator at the Sino-US trade talks, separately told one of the attendees that he was "confused" about the US demands, but was confident the first phase of a deal could be completed nevertheless, Bloomberg added. Officials from Beijing had suggested that Chinese President Xi Jinping and Trump might sign a deal in early December. Some experts said the next date to watch was December 15, when tariffs on about $156 billion in Chinese goods are set to take effect, including holiday gift items such as electronics and Christmas decorations. "If talks are really going well, that hike will be suspended," said Christian Whiton, a senior fellow for strategy and trade at the Center for the National Interest, and a former Trump and George W. Bush administration adviser. "If not, the US will implement them and that will throw the game into next year." US stocks extended their fall Wednesday on the potential delay, with the S&P last down 0.8 per cent, while Treasury yields dropped and the dollar pared gains. "Negotiations are continuing and progress is being made on the text of the phase-one agreement," White House spokesman Judd Deere said in an email Wednesday afternoon. The crackdown on protests in Hong Kong may also complicate the deal's completion. The Hong Kong issue is definitely a negative factor in the trade talks, Zhang Yansheng, principal researcher at the state-affiliated think-tank China Center for International Economic Exchanges, said at the Bloomberg forum on Thursday. A phase one deal is likely this year if there was "no disturbance", Zhang said, without elaborating. Watch: China seeks sanctions on US in WTO The US Senate passed a bill on Tuesday night condemning the crackdown and pledging support for Hong Kong, which was immediately criticized by Beijing. "The violent crackdown against protesters in Hong Kong, which Beijing is directing, decreases the odds of a deal," Whiton said. "Is Xi really going to be invited for a grip-and-grin with the president as his cops are beating students in Hong Kong?" Negotiations also are complicated by conflicts within the White House about the best approach to China, and by the fact that Trump could veto any agreed deal at the last minute. The flare-up in tensions between Washington and Beijing helped knock global stock markets from 22-month highs reached in recent weeks when some sort of resolution on the trade war appeared likely. Some China and trade experts briefed on the talks told Reuters they were still optimistic a deal might come together in the coming weeks, and Trump said on Wednesday his team continues to talk with China. A Saturday call between Mnuchin, Lighthizer and China's Liu was described as "constructive" by state news agency Xinhua. And the US government has begun issuing licenses for some companies to supply goods to Huawei Technologies Co Ltd, the world's largest telecoms equipment maker whose blacklisting by the administration has been another point of contention. Nonetheless, Chinese pundits now also say they are pessimistic about a deal. "Few Chinese believe that China and the US can reach a deal soon," Hu Xijin, the editor of the state-backed Chinese tabloid Global Times, said on Twitter on Wednesday. The Global Times is not the official media outlet of the Chinese Communist Party - the People's Daily is, but Hu has described his role as giving voice to what Beijing officials wish they could say in public. Hu concluded, "China wants a deal but is prepared for the worst-case scenario, a prolonged trade war."

United States-China trade deal may not be signed this year

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