https://edition.cnn.com/2019/07/16/india/nepal-india-bangladesh-floods-intl-hnk/index.html
2019-07-16 06:54:07Z
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South Korean President Moon Jae-in walks past Japanese Prime Minister Shinzo Abe at the G-20 summit in Osaka, Japan, on June 28, 2019.
Kim Kyung-Hoon | Bloomberg | Getty Images
The dispute between Japan and South Korea is "a lose-lose proposition" as it comes amid an ongoing global trade war that the U.S. and its trading partners are embroiled in, an economist said on Tuesday.
Tokyo and Seoul have long had political disagreements stemming from Japan's conduct during the second World War. The dispute between the neighbors spilled into the economic arena when Japan earlier this month restricted exports of materials critical to South Korea's high-tech industry, citing national security concerns.
Japan and South Korea are large exporters of products such as chips and smartphone displays. An escalated trade fight between the two could be bad news for the global technology industry and consumers may end up having to pay more for products.
"This development that we're seeing now is disturbing and unhelpful for the global economic sentiment. To begin with, we already have so much around the trade war between the U.S. and the rest of the world," Taimur Baig, chief economist at DBS Group Research, told CNBC's "Squawk Box" on Tuesday.
He added that Japanese and South Korean companies have spent years building up "intricate" supply chains, and it'll be "so hard to redo" such arrangements when trust among all those involved has been breached.
"It doesn't help anybody," he said. "To me, it's a lose-lose proposition."
Baig is not the only one who has warned about a potential disruption to the technology supply chain. Troy Stangarone, a senior director at think tank Korea Economic Institute of America, said prices of semiconductors could rise if South Korean manufacturers cut production as a result of Japan's trade restrictions.
That higher cost may be passed on to consumers, some experts warned.
Other analysts, however, said affected companies will find a way to cope with measures imposed by Japan.
Jesper Koll, senior advisor at WisdomTree Investments, told CNBC last week that the total value of products affected by Japan's curbs is less than $450 million. He predicted that if Tokyo implements further restrictions, "people will scramble but the overall damage is going to be teeny."
And Chinese companies could potentially step in to fill any shortfall in the supply of tech parts, said Stangarone.
"At a time when the United States has raised concerns around China-based technology companies, the Japan-Korea dispute creates space in the market for (Chinese) state-backed firms to establish themselves as potential players," he told CNBC in an email.
"Even though they are not yet as advanced as chipmakers like Samsung or Micron, these firms have the opportunity to substitute supply if there are market disruptions, " he added.
Baig is less optimistic about China's potential to substitute Japan as a major supplier to South Korea. He explained that there are reasons why Japan has the competitive advantage to supply those materials in the first place, and China may find it hard to replicate the same edge.
"Can China be a beneficiary? I have my doubts," he said. "You can't reinvent those supply chains and re-calibrate them so easily, even if you're China."
— Reuters contributed to this report.
South Korean President Moon Jae-in walks past Japanese Prime Minister Shinzo Abe at the G-20 summit in Osaka, Japan, on June 28, 2019.
Kim Kyung-Hoon | Bloomberg | Getty Images
The dispute between Japan and South Korea is "a lose-lose proposition" as it comes amid an ongoing global trade war that the U.S. and its trading partners are embroiled in, an economist said on Tuesday.
Tokyo and Seoul have long had political disagreements stemming from Japan's conduct during the second World War. The dispute between the neighbors spilled into the economic arena when Japan earlier this month restricted exports of materials critical to South Korea's high-tech industry, citing national security concerns.
Japan and South Korea are large exporters of products such as chips and smartphone displays. An escalated trade fight between the two could be bad news for the global technology industry and consumers may end up having to pay more for products.
"This development that we're seeing now is disturbing and unhelpful for the global economic sentiment. To begin with, we already have so much around the trade war between the U.S. and the rest of the world," Taimur Baig, chief economist at DBS Group Research, told CNBC's "Squawk Box" on Tuesday.
He added that Japanese and South Korean companies have spent years building up "intricate" supply chains, and it'll be "so hard to redo" such arrangements when trust among all those involved has been breached.
"It doesn't help anybody," he said. "To me, it's a lose-lose proposition."
Baig is not the only one who has warned about a potential disruption to the technology supply chain. Troy Stangarone, a senior director at think tank Korea Economic Institute of America, said prices of semiconductors could rise if South Korean manufacturers cut production as a result of Japan's trade restrictions.
That higher cost may be passed on to consumers, some experts warned.
Other analysts, however, said affected companies will find a way to cope with measures imposed by Japan.
Jesper Koll, senior advisor at WisdomTree Investments, told CNBC last week that the total value of products affected by Japan's curbs is less than $450 million. He predicted that if Tokyo implements further restrictions, "people will scramble but the overall damage is going to be teeny."
And Chinese companies could potentially step in to fill any shortfall in the supply of tech parts, said Stangarone.
"At a time when the United States has raised concerns around China-based technology companies, the Japan-Korea dispute creates space in the market for (Chinese) state-backed firms to establish themselves as potential players," he told CNBC in an email.
"Even though they are not yet as advanced as chipmakers like Samsung or Micron, these firms have the opportunity to substitute supply if there are market disruptions, " he added.
Baig is less optimistic about China's potential to substitute Japan as a major supplier to South Korea. He explained that there are reasons why Japan has the competitive advantage to supply those materials in the first place, and China may find it hard to replicate the same edge.
"Can China be a beneficiary? I have my doubts," he said. "You can't reinvent those supply chains and re-calibrate them so easily, even if you're China."
— Reuters contributed to this report.
South Korean President Moon Jae-in walks past Japanese Prime Minister Shinzo Abe at the G-20 summit in Osaka, Japan, on June 28, 2019.
Kim Kyung-Hoon | Bloomberg | Getty Images
The dispute between Japan and South Korea is "a lose-lose proposition" as it comes amid an ongoing global trade war that the U.S. and its trading partners are embroiled in, an economist said on Tuesday.
Tokyo and Seoul have long had political disagreements stemming from Japan's conduct during the second World War. The dispute between the neighbors spilled into the economic arena when Japan earlier this month restricted exports of materials critical to South Korea's high-tech industry, citing national security concerns.
Japan and South Korea are large exporters of products such as chips and smartphone displays. An escalated trade fight between the two could be bad news for the global technology industry and consumers may end up having to pay more for products.
"This development that we're seeing now is disturbing and unhelpful for the global economic sentiment. To begin with, we already have so much around the trade war between the U.S. and the rest of the world," Taimur Baig, chief economist at DBS Group Research, told CNBC's "Squawk Box" on Tuesday.
He added that Japanese and South Korean companies have spent years building up "intricate" supply chains, and it'll be "so hard to redo" such arrangements when trust among all those involved has been breached.
"It doesn't help anybody," he said. "To me, it's a lose-lose proposition."
Baig is not the only one who has warned about a potential disruption to the technology supply chain. Troy Stangarone, a senior director at think tank Korea Economic Institute of America, said prices of semiconductors could rise if South Korean manufacturers cut production as a result of Japan's trade restrictions.
That higher cost may be passed on to consumers, some experts warned.
Other analysts, however, said affected companies will find a way to cope with measures imposed by Japan.
Jesper Koll, senior advisor at WisdomTree Investments, told CNBC last week that the total value of products affected by Japan's curbs is less than $450 million. He predicted that if Tokyo implements further restrictions, "people will scramble but the overall damage is going to be teeny."
And Chinese companies could potentially step in to fill any shortfall in the supply of tech parts, said Stangarone.
"At a time when the United States has raised concerns around China-based technology companies, the Japan-Korea dispute creates space in the market for (Chinese) state-backed firms to establish themselves as potential players," he told CNBC in an email.
"Even though they are not yet as advanced as chipmakers like Samsung or Micron, these firms have the opportunity to substitute supply if there are market disruptions, " he added.
Baig is less optimistic about China's potential to substitute Japan as a major supplier to South Korea. He explained that there are reasons why Japan has the competitive advantage to supply those materials in the first place, and China may find it hard to replicate the same edge.
"Can China be a beneficiary? I have my doubts," he said. "You can't reinvent those supply chains and re-calibrate them so easily, even if you're China."
— Reuters contributed tot his report.
South Korean President Moon Jae-in walks past Japanese Prime Minister Shinzo Abe at the G-20 summit in Osaka, Japan, on June 28, 2019.
Kim Kyung-Hoon | Bloomberg | Getty Images
The dispute between Japan and South Korea is "a lose-lose proposition" as it comes amid an ongoing global trade war that the U.S. and its trading partners are embroiled in, an economist said on Tuesday.
Tokyo and Seoul have long had political disagreements stemming from Japan's conduct during the second World War. The dispute between the neighbors spilled into the economic arena when Japan earlier this month restricted exports of materials critical to South Korea's high-tech industry, citing national security concerns.
Japan and South Korea are large exporters of products such as chips and smartphone displays. An escalated trade fight between the two could be bad news for the global technology industry and consumers may end up having to pay more for products.
"This development that we're seeing now is disturbing and unhelpful for the global economic sentiment. To begin with, we already have so much around the trade war between the U.S. and the rest of the world," Taimur Baig, chief economist at DBS Group Research, told CNBC's "Squawk Box" on Tuesday.
He added that Japanese and South Korean companies have spent years building up "intricate" supply chains, and it'll be "so hard to redo" such arrangements when trust among all those involved has been breached.
"It doesn't help anybody," he said. "To me, it's a lose-lose proposition."
Baig is not the only one who has warned about a potential disruption to the technology supply chain. Troy Stangarone, a senior director at think tank Korea Economic Institute of America, said prices of semiconductors could rise if South Korean manufacturers cut production as a result of Japan's trade restrictions.
That higher cost may be passed on to consumers, some experts warned.
Other analysts, however, said affected companies will find a way to cope with measures imposed by Japan.
Jesper Koll, senior advisor at WisdomTree Investments, told CNBC last week that the total value of products affected by Japan's curbs is less than $450 million. He predicted that if Tokyo implements further restrictions, "people will scramble but the overall damage is going to be teeny."
And Chinese companies could potentially step in to fill any shortfall in the supply of tech parts, said Stangarone.
"At a time when the United States has raised concerns around China-based technology companies, the Japan-Korea dispute creates space in the market for (Chinese) state-backed firms to establish themselves as potential players," he told CNBC in an email.
"Even though they are not yet as advanced as chipmakers like Samsung or Micron, these firms have the opportunity to substitute supply if there are market disruptions, " he added.
Baig is less optimistic about China's potential to substitute Japan as a major supplier to South Korea. He explained that there are reasons why Japan has the competitive advantage to supply those materials in the first place, and China may find it hard to replicate the same edge.
"Can China be a beneficiary? I have my doubts," he said. "You can't reinvent those supply chains and re-calibrate them so easily, even if you're China."
— Reuters contributed tot his report.
Asked if his tweets regarding progressive Democratic congresswomen were racist, President Trump said, "Not at all."
Here's what he said:
"Not at all. Not at all. If somebody has a problem with our country, if somebody doesn’t want to be in our country... let me tell you, if you look at her statements on Al Qaeda, did you see her statements on Al Qaeda? When you look at her statements about people — but what I’m going to do is I���m going to speak from right over here because there’s so many people here and this is really about economic development and how well our country is doing, but I’m going to discuss the issues."
Some background: Trump used racist language on Sunday to attack the Democratic congresswomen, falsely implying they weren't natural-born American citizens.
Trump did not name who he was attacking in Sunday's tirade, but earlier this week he referenced New York Rep. Alexandria Ocasio-Cortez when the President was defending House Speaker Nancy Pelosi.
A group of Democrats, who are women of color and have been outspoken about Trump's immigration policies, last week condemned the conditions of border detention facilities. The group of women joining Ocasio-Cortez were Rashida Tlaib of Michigan, Ilhan Omar of Minnesota and Ayanna Pressley of Massachusetts.
Ocasio-Cortez, Tlaib and Pressley are natural-born US citizens, while Omar was born in Somalia and immigrated to the US when she was young. Omar became a citizen in 2000 when she was 17 years old, according to the New York Times.
ATHENS, Greece — A suspect apprehended in connection to the death of Suzanne Eaton, a molecular biologist from California, who was found dead last week, admitted killing her, a Greek police source with direct knowledge told NBC News.
A 27-year-old suspect, who has not yet been identified, was brought in for questioning and eventually confessed to the murder, the police source said.
Eaton, 59, was last seen on July 2. She was found July 8, outside the port city of Chania, days after she was reported missing.
Her remains were in an area of caves and abandoned shooting ranges in Platanias on the island of Crete, according to the deputy mayor of the village, Kostas Bebelidakis.
Authorities had launched a major search for her in rural areas near Chania. Eaton's husband and two sons had traveled to Crete aid in the search.
Last week, the coroner said Eaton's death "resulted from a criminal act," but did not provide further details citing the pending investigation.
An autopsy concluded that she died from suffocation, one of the coroners said, adding that several signs show that she suffered a slow death.
Eaton, who worked at the Max Planck Institute in Dresden, Germany, had been attending a conference in Crete. Her body is scheduled to be flown to Frankfurt tomorrow.
Papadopoulos reported from Athens, Griffith from New York.