U.S. Secretary of State Mike Pompeo on Sunday pressed Kazakhstan to be wary of Chinese investment and influence, urging the Central Asian nation and others to join calls demanding an end to China’s repression of minorities.
Bringing a message similar to the one he has delivered repeatedly to other countries, Pompeo told Kazakh officials that the attractiveness of Chinese investment comes with a cost to sovereignty and may hurt, instead of help, the country’s long-term development.
“We fully support Kazakhstan’s freedom to choose to do business with whichever country it wants, but I am confident that countries get the best outcomes when they partner with American companies,” he said. “You get fair deals. You get job creation. You get transparency in contracts. You get companies that care about the environment and you get an unsurpassed commitment to quality work.”
Pompeo was expected to make the same case in Uzbekistan, where he arrived late Sunday and went immediately into a meeting with religious leaders to discuss religious freedom. He planned to meet on Monday with Uzbek officials and hold security talks with the foreign ministers of the five Central Asian nations
Pompeo began his brief visit to Kazakhstan by meeting with ethnic Kazakhs whose families have gone missing or been detained in China’s widespread crackdown on Muslims and other ethnic and religious minorities in its western Xinjiang region.
“The protection of basic human rights defines the soul of a nation,” he said, thanking Kazakhstan for taking in those fleeing persecution. “The United States urges all countries to join us in pressing for immediate end to this repression. We ask simply for them to provide safe refuge and asylum for those seeking to flee China. To protect dignity, just do what’s right.”
Pompeo also congratulated Kazakhstan on its repatriation of Islamic State fighters from Iraq and Syria. Kazakhstan has taken back nearly 600 fighters and family members detained in areas formerly controlled by the group.
1:29 Pompeo plays down rift with Britain over Huawei
Pompeo plays down rift with Britain over Huawei
“I have and will continue to commend the Kazakhstani government for its leadership in repatriating foreign terrorists fighters and their families from Iraq and Syria,” he said.
“I hope this commitment to justice will inspire other nations to do the same.”
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Kazakhstan has come under some criticism for pressuring an activist who had campaigned for the release of ethnic Kazakhs in China. Threatened with a long prison sentence, the man signed an admission of guilt for inciting ethnic tensions.
Pompeo also urged Kazkh officials to continue reforms that would allow greater U.S. investment and said the two nations were discussion the possibility of opening direct passenger flights between the countries.
At a news conference with Foreign Minister Mukhtar Tleuberdi, Pompeo praised Kazakhstan for its efforts to counter the spread of a new virus from China.
He said the United States is helping the country with expertise from the Centers for Disease Control and Prevention and providing laboratory equipment.
Kazakhstan’s “quick action to stop the spread of the virus has been incredibly impressive,” he said.
Kazakhstan is among the growing list of countries that have suspended travel links with China.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
