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🗣️ Turkey vows to block NATO support for Israel

🗣️ Turkey vows to block NATO support for Israel

and China’s economy faces challenges amid slower growth

Ross Crabtree
July 15, 2024

Hello and welcome back,

This weekend, as we’re sure you will have seen, headlines have been dominated by the attempted assassination of former US President Donald Trump.

However, other news included slowing economic growth in China, and UK Foreign Secretary David Lammy calling for a ceasefire in Gaza.

More below ⤵️

Top 5 Stories

1️⃣🇮🇱 Israel: UK Foreign Secretary David Lammy has called for an immediate ceasefire in Gaza during his first visit to Israel and the Palestinian Territories. He met with Israeli Prime Minister Benjamin Netanyahu and Palestinian Authority PM Mohammad Mustafa to discuss peace and the release of hostages. Lammy also pledged additional aid to Gaza and addressed concerns over blocked aid deliveries.

2️⃣🇺🇸 USA: Former President Donald Trump survived an assassination attempt during a rally in Pennsylvania, prompting President Biden to order a review of security measures. The attack has intensified political tensions ahead of the Republican National Convention, where Trump will be formally nominated. Both Trump and Biden have called for calm and unity, emphasizing the need to reduce political violence.

3️⃣🇮🇱 Israel: The IDF reported the death of senior Hamas commander Rafa Salama in an air strike on Saturday. The strike, which targeted the Khan Younis Brigade leader, hit a camp for displaced people, killing at least 90 Palestinians and injuring 289. Hamas disputes the IDF's claims, labeling the attack as a false justification for civilian casualties.

4️⃣🇸🇴 Somalia: A car bombing near a cafe in Mogadishu, where fans were watching the Euro 2024 final between England and Spain, killed at least five people and injured 20. The explosion, near the Presidential Palace, caused extensive damage and led to a stampede. While no group has claimed responsibility, al Shabaab militants frequently carry out attacks in the region.

5️⃣🇪🇺 Europe: Italy, Germany, and France are among the EU countries significantly off track from meeting their 2030 emissions targets. A report by Transport & Environment found Germany and Italy are the worst performers, projected to miss their goals by 10% and 7.7%, respectively. France may barely meet its targets, but any policy setbacks could result in failure. With current plans, EU emissions would only drop by 35.5% by 2030, short of the 40% target. Countries failing to meet targets may face hefty financial penalties, prompting calls for immediate policy changes to avoid costly carbon credit purchases.

Major Story

China’s Economy Faces Challenges Amid Slower Growth

China’s economic engine slowed significantly in the second quarter, with growth falling to 4.7%, missing the government's annual target of around 5%. This deceleration coincides with a crucial meeting in Beijing, the Third Plenum, where President Xi Jinping and over 370 top Chinese Communist Party members are convening to address these economic issues.

The economy's slowdown is attributed to multiple factors: a prolonged property crisis, escalating local government debt, weak consumer demand, and rising unemployment. Historical outcomes of past Plenums have been significant, such as Deng Xiaoping's 1978 market reforms and Xi's 2013 hint at loosening the one-child policy, raising expectations for this year's gathering.

State media have hinted at substantial reforms. The Global Times and Xinhua are optimistic, suggesting "reform-focused policies" and a "new era of reform and opening up." However, analysts are skeptical about immediate solutions. Qian Wang of Vanguard believes the Plenum's focus will be on long-term reforms, with little impact on near-term growth.

China’s property sector remains a critical concern. New home prices in June fell at the fastest rate in nine years, highlighting the ongoing crisis. Economist Dan Wang predicts a push for consolidating smaller regional banks, which are heavily exposed to housing market risks. Additionally, weak demand is causing falling prices, with retail sales in June growing by just 2%, reflecting consumer caution.

Despite these challenges, Beijing is unlikely to resort to short-term stimulus measures. Instead, it will likely emphasize strengthening supply chains and advancing high-tech industries like renewable energy and artificial intelligence. However, trade tensions with major partners such as the EU and the US, which have imposed barriers on Chinese goods, pose further challenges to this strategy.

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Other News

1️⃣🇵🇭 Philippines: The Senate has ordered the arrest of Mayor Alice Guo for failing to attend hearings probing her alleged ties to Chinese criminal syndicates. The investigation, initiated after a raid on a casino in her town of Bamban, revealed scams linked to a facility on land partly owned by Guo. Her absence, citing health issues, has sparked national attention amid tensions between Manila and Beijing over the South China Sea. Guo denies the accusations and questions about her citizenship, while her legal team seeks to nullify the Senate summons.

2️⃣🇮🇱 Israel-Turkey: Tensions have escalated as Turkey vows to block NATO support for Israel until a Gaza cease-fire is reached, accusing Israel of severe human rights violations. In response, Israeli Foreign Minister Israel Katz condemned Turkey's stance, labeling the country as a supporter of Hamas. The exchange has further strained relations, with both nations exchanging harsh accusations amid the ongoing humanitarian crisis in Gaza. The U.N. continues to call for an immediate cease-fire to alleviate the suffering.