Business

President Biden aims to refocus US foreign policy towards Asia, but Russia's invasion of Ukraine complicates the strategic approach, with a critical phone call to Xi Jinping scheduled to discuss global tensions and bilateral competition.

President Biden's long-planned shift towards Asia faces complex challenges as Russia's invasion of Ukraine intertwines geopolitical tensions. With an upcoming call with Xi Jinping, Biden seeks to navigate the delicate balance of managing US-China competition while addressing the broader implications of global conflict.

Intel CEO Pat Gelsinger announces an ambitious 80 billion euro investment across Europe to address semiconductor industry imbalances. The decade-long plan includes establishing production sites and R&D centers in Germany, Ireland, France, and Italy, responding to the world's growing demand for advanced chips.

NATO's 1997 founding document envisioned cooperation with Russia, but the current invasion of Ukraine has dramatically transformed geopolitical dynamics. The archived text, symbolizing a past era of potential partnership, now stands as a stark reminder of how dramatically international relations have shifted.

Russia's invasion of Ukraine has dramatically transformed NATO's strategic outlook, challenging a 1997 founding document that once envisioned mutual cooperation and trust between NATO and Russia, now replaced by stark confrontation and military tensions.

The Council of Europe has expelled Russia from its human rights body, symbolically removing the Russian flag from its Strasbourg headquarters. The 47-nation organization's committee of ministers declared Russia's membership terminated, citing the country's war in Ukraine as the primary reason.

Asian markets showed positive momentum as investors anticipate the Federal Reserve's expected interest rate increase. Japan's Nikkei 225 rose 1.7%, while Hong Kong's Hang Seng gained 2.1%. The Fed is likely to raise rates by 0.25 percentage points, marking its first hike since 2018 to combat high inflation.[100 words]

President Joe Biden will visit Brussels for an extraordinary NATO summit, meeting European leaders to assess the current state of the Russia-Ukraine conflict and coordinate international response strategies.

The European Union and United Kingdom have expanded sanctions against Russia, focusing on luxury items like pure-bred horses and truffles, while blocking Russian access to global financial markets. The measures aim to economically isolate Russia and limit its ability to fund ongoing military actions.

Asian markets experienced significant losses as investors reacted to ongoing Ukraine war tensions, potential US interest rate hikes, and China's rising COVID-19 cases, reflecting broader economic uncertainty and market volatility.