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2nd October Briefing: Protestor shot, OPEC shrinks, Peru in turmoil and more…

By October 3, 2019 No Comments

Police shoot protestor in Hong Kong

Demonstrators marched in Hong Kong on the 70th anniversary of the proclamation of the communist People’s Republic of China despite a formal ban. One protestor was wounded by police firing live ammo. It is the first injury sustained by live ammunition. Police and protestors exchanged tear gas and Molotov cocktails. Two people are in critical condition according to hospital authorities.

15,000 soldiers marched in Beijing to mark the anniversary. The event included tanks and fighter jets as well.

 

OPEC loses another member

Ecuador has announced that it will leave the OPEC cartel in the new year. The Organisation of Petroleum Exporting Countries is made up of most of the world’s oil producers and they agree on quotas in order to keep the price of oil high. Ecuador has broken those quotas throughout this year as it battles low growth and high unemployment.

Qatar left OPEC less than a year ago. It has a very public dispute with OPEC’s de facto leader Saudi Arabia. Ecuador is the 27th biggest producer of oil in the world.

North Korea tests another missile

North Korea launched another test of a ballistic missile yesterday. It came hours after the reclusive country said it would renew talks with the US aimed at the denuclearisation of the Korean peninsula. The missile landed in Japanese waters, off its west coast and drew condemnation from Prime Minister Shinzo Abe. It is at least the ninth missile test since July.

Talks between the US and North Korea broke down in February. North Korea demanded easing of sanctions before denuclearisation which led them to break down.

 

US manufacturing output falls

Trade uncertainty was blamed for the continuing fall in American manufacturing output. It fell for the second month in a row in September. It has now reached its lowest rate since the financial crisis ten years ago. The key Institute for Supply Management index fell to 47.8. Anything below 50 indicates contraction. The index had been expected to hit 50.1 during September.

Trade talks between Washington and Beijing are due to restart soon, which may boost the outlook for both America’s and the world’s economy.

 

Peruvian president dissolves Congress

President Martin Vizcarra dissolved the Peruvian legislature yesterday as he calls for new elections. The opposition, which controls Congress, has voted to remove the president, but he has rejected this since the vote came after suspension.

Peru’s congress has been blocking an anti-corruption bill of Mr Vizcarra, that was central to his bid for office. Opposition leader Keiko Fujimori is in prison for accepting cash from businesses. New elections will be held on January 26.

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