Monday Morning Briefing: China quietly doubles troop levels in Hong Kong

Highlights

There are now up to 12,000 Chinese troops in Hong Kong, diplomats tell Reuters. Among them: members of the People’s Armed Police, a paramilitary force that answers to Xi Jinping. If China moves to put down protests in the city, they will likely do the job. Read our special report here

The House of Representatives impeachment inquiry into President Donald Trump over his request that a foreign power investigate a domestic political rival is set to intensify this week with testimony due from witnesses concerning allegations made by a whistleblower within the U.S. intelligence community. Congress is determined to get access to Trump’s calls with Russian President Vladimir Putin and other world leaders, the U.S. House Intelligence Committee’s chairman said on Sunday, citing concerns that the Republican president may have jeopardized national security.

Saudi Arabia’s crown prince warned in an interview broadcast on Sunday that oil prices could spike to “unimaginably high numbers” if the world doesn’t come together to deter Iran, but said he preferred a political solution to a military one. Speaking to the CBS program '60 Minutes,' Mohammed bin Salman also denied ordering the killing of journalist Jamal Khashoggi by Saudi operatives last year, but said he ultimately bears “full responsibility” as the kingdom’s de facto leader.

Billionaire entrepreneur Elon Musk has unveiled the latest iteration of his space company’s newly assembled Starship, outlining a speedy development timeline for the centerpiece vehicle of SpaceX’s quest to launch humans to the moon and Mars. Musk predicted that the rocket’s first orbital flight could come in the next six months, followed by missions to space with humans aboard the next year.

World

About 30 foreign leaders, including Russian President Vladimir Putin, gathered on Monday in the French capital for the funeral of former president Jacques Chirac, who died last week aged 86. Chirac was feted by many French people for asserting the country’s role as a global player and for opposing the 2003 invasion of Iraq, while a conviction after he left office for misusing public funds did little to tarnish his image.

A spokesman for British Prime Minister Boris Johnson has denied allegations that he groped two women 20 years ago. As Johnson prepares to lead the United Kingdom out of the European Union on Oct. 31, his past relations with several women have come under scrutiny. The allegations overshadowed the Conservative Party’s annual conference which opened on Sunday.

Heavy rains have killed at least 113 people in India’s Uttar Pradesh and Bihar states over the past three days, officials said on Monday, as flood waters swamped a major city, inundated hospital wards and forced the evacuation of inmates from a jail.

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Business

Exclusive: Nasdaq cracks down on IPOs of small Chinese companies

Nasdaq is cracking down on initial public offerings of small Chinese companies by tightening restrictions and slowing down their approval, according to regulatory filings, corporate executives and investment bankers. Nasdaq’s attempt to limit these stock market flotations comes as a growing number of them end up raising most of the capital in their IPO from Chinese sources, rather than from U.S. investors.

8 min read

Record U.S. tariff award over Airbus aid could fuel trade tensions

Transatlantic trade ties face renewed disruption this week when global arbiters are expected to grant the United States a record award allowing it to hit European imports with billions of dollars of tariffs in a long-running aircraft subsidy dispute.

4 Min Read

Forever 21 latest retailer to file for bankruptcy

Fashion retailer Forever 21 filed for bankruptcy on Sunday, as it joined a growing list of brick-and-mortar players who have succumbed to the onslaught of e-commerce companies such as Amazon.com. The company plans to close most of its stores in Asia and Europe. However, it does not expect to exit any major markets in the United States.

2 min read

Exclusive: Fintech firm Revolut to hire 3,500 staff in global push with Visa

British-based digital banking app Revolut is set to hire around 3,500 staff as it expands into 24 new markets thanks to a new global deal with payments giant Visa. The deal will see Revolut expand from its current markets of Europe and Australia to open in eight new countries including Brazil, Japan, Russia and the United States by the end of this year.

3 min read

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