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Australia’s export billions go missing, statisticians suspected

SYDNEY (Reuters) - Australia’s export earnings are booming as resource prices surge but a statistical quirk means tens of billions of dollars go missing from main measures of growth, making the economy seem weaker than it actually is. FILE PHOTO: Ships waiting to be loaded with iron ore can be seen at Port Hedland in the Pilbara region of Western Australia December 3, 2013. REUTERS/David Gray/File photoThe cash is still coursing through the country - boosting profits, dividends, share prices and tax receipts. It’s just written off as “inflation” and stripped from the real measures of gross domestic product (GDP) that dominate media coverage. This is standard…

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Sri Lanka blocks social media platforms after Muslim shops, mosques attacked

COLOMBO (Reuters) - Sri Lanka said on Monday it was temporarily blocking some social media networks and messaging apps, including Facebook and WhatsApp, after mosques and Muslim-owned businesses were attacked in the wake of Easter bombings by Islamist militants. Several dozen people threw stones at mosques and Muslim-owned stores and a man was beaten in the town of Chilaw on the west coast on Sunday in a dispute that started on Facebook, sources told Reuters. Authorities said they arrested the author of a Facebook post, identified as 38-year-old Abdul Hameed Mohamed Hasmar, whose online comment “1 day u will cry” locals said was interpreted as threatening violence.…

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Mosques attacked in Sri Lanka town after Facebook row, curfew imposed

COLOMBO (Reuters) - Several dozen people threw stones at mosques and Muslim-owned stores and a local man was beaten in the town of Chilaw on Sri Lanka’s west coast on Sunday in a dispute that started on Facebook, sources told Reuters. Three weeks ago in Sri Lanka Islamist bombers blew themselves up in four hotels and three churches, killing more than 250 people. Since then Muslim groups say they have received dozens of complaints from across the country about people being harassed. “A police curfew has been imposed in Chilaw Police area with immediate effect until 6 a.m. tomorrow to control the tense situation,” police spokesman Ruwan…

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Asian stocks, yuan fall as U.S.-China seen deadlocked in trade talks

SYDNEY (Reuters) - U.S. stock futures fell and Asian shares slipped on Monday on growing uncertainty over whether the United States and China will be able to reach a deal to end their escalating trade war. FILE PHOTO: A man in a bicycle stops in front of an electronic board showing the Nikkei stock index outside a brokerage in Tokyo, Japan, March 25, 2019. REUTERS/Kim Kyung-hoonThe United States and China appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any “bitter fruit” that harmed its interests. E-Mini futures for the…

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Trump says the U.S. is ‘right where we want to be with China’

FILE PHOTO: U.S. President Donald Trump speaks during a campaign rally in Panama City, Florida, U.S., May 8, 2019. REUTERS/Kevin Lamarque/File PhotoWASHINGTON (Reuters) - President Donald Trump said on Sunday that the United States is “right where we want to be with China,” adding that Beijing “broke the deal with us” and then sought to renegotiate. “We will be taking in Tens of Billions of Dollars in Tariffs from China. Buyers of product can make it themselves in the USA (ideal), or buy it from non-Tariffed countries,” Trump said on Twitter. Trump added: “We will then spend (match or better) the money that China may no longer…

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China defiant toward U.S. on trade, Kudlow urges strong enforcement steps

WASHINGTON/BEIJING (Reuters) - The United States and China appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any “bitter fruit” that harmed its interests. The trade war between the world’s top two economies escalated on Friday, with the United States hiking tariffs on $200 billion worth of Chinese goods after President Donald Trump said Beijing “broke the deal” by reneging on earlier commitments made during months of negotiations. White House economic adviser Larry Kudlow told the “Fox News Sunday” program that China needs to agree to “very strong” enforcement provisions…

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U.S.-China Trade Talks Stumble on Beijing’s Spending at Home

BEIJING — One year ago, when he began a multibillion-dollar trade war with China that shook the global economy, President Trump demanded that Beijing end lavish government spending aimed at making the country a world power in computer chips, robotics, commercial aircraft and other industries of the future.Today, as the two sides struggle to reach a truce, the Trump administration is finding just how difficult that will be.Trade talks between the United States and China nearly ground to a halt this past week, and a seemingly intractable dispute over subsidies is a big part of it. Robert E. Lighthizer, the United States trade representative, accused China last…

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