U.S. President Donald Trump will meet with his firebrand Philippines counterpart Rodrigo Duterte on Monday at a summit of Asia-Pacific leaders with the South China Sea dispute high on the agenda.
The two leaders, who share a bombastic and brash rhetoric, will meet in Vietnam at a trade summit hosted by the Association of Southeast Asian Nations. Several Southeast Asian countries, including the Philippines and Vietnam, have competing claims with Beijing in the South China Sea, which is a major shipping lane containing oil and gas reserves. As Bloomberg reports, the U.S. President believes he can broker a peace deal:
“I am a very good mediator and a very good arbitrator,” Trump said Sunday in Hanoi ahead of a meeting with Vietnamese President Tran Dai Quang. “If I can be of help in any way, let me know.”
After reaching record highs last week, Bitcoin slumped more than 15% in less than 24 hours over the weekend, while a rival digital currency, a spinoff network called Bitcoin Cash, also lost half its value after hitting record highs. As CNBC reports, the volatility reflects the a civil war among developers behind the crypto-currency, who last week delayed an upgrade to the bitcoin network, known as SegWit2X, which would have increased transaction speed:
Bitcoin has retraced in the last few days, despite initially rising to a record high of $7,879. Last week, developers called off an upgrade called SegWit2x, initially planned for around Nov. 16.
The proposal was an attempt to improve bitcoin’s transaction speed and cost. But support for SegWit2x waned in the last few months.
Meanwhile, bitcoin cash soared to a record high of around $2,477 overnight, before crashing about 50 percent to a low near $1,224 Sunday afternoon, according to CoinMarketCap.
Cathay Pacific Airways (293.HK) has has been dropped from the Hang Seng Index, Hong Kong’s gauge of blue chip stocks. The flagship carrier, which is struggling to revive earnings amid rising competition, will lose its status as a member of the prestigious index along with Kunlun Energy (135.HK) to be replaced by property developer, Country Garden (2007.HK) and Apple-supplier Sunny Optical (2382.HK). The move will be effective from December 4. Ronald Wan, chief executive of investment consultancy Partners Capital told the South China Morning Post there are better performing airline stocks:
“The loss of blue-chip status is not a total surprise. Cathay’s market cap is low among the index constituents and its financial performance and growth outlook have also disappointed investors. For investors, there are other better performing airline stocks in the market, such as mainland airlines,” said Ronald Wan, chief executive of investment consultancy Partners Capital.