China opposes US sanctions on firms with alleged ties to Russia’s war efforts

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Beijing — China on Sunday expressed its opposition to the latest U.S. sanctions on Chinese companies over their alleged ties to Russia’s war in Ukraine, saying it will adopt necessary measures to safeguard the rights and interests of the country’s businesses.

The U.S. announced Friday sweeping sanctions on hundreds of firms in Russia and across Europe, Asia and the Middle East, accusing them of providing products and services that enable Russia’s war effort and aiding its ability to evade sanctions. The U.S. Department of State said it was concerned by “the magnitude of dual-use goods exports” from China to Russia.

The Ministry of Commerce in China in its statement firmly opposed the U.S. putting multiple Chinese companies on its export control list. The move bars such companies from trading with U.S. firms without gaining a nearly unobtainable special license.

The ministry said the U.S. action was “typical unilateral sanctions,” saying they would disrupt global trade orders and rules, as well as affect the stability of the global industrial and supply chains.

“China urges the U.S. to immediately stop its wrong practices and will take necessary measures to resolutely safeguard the legitimate rights and interest of Chinese companies,” it said.

The U.S. action is the latest in a series of thousands of U.S. sanctions that have been imposed on Russian firms and their suppliers in other nations since Russia’s invasion of Ukraine in February 2022. The effectiveness of the sanctions has been questioned, especially as Russia has continued to support its economy by selling oil and gas on international markets.

According to the U.S. State Department, some China-based companies supplied machine tools and components to Russia companies.

China has tried to position itself as neutral in the Ukraine conflict, but it shares with Russia high animosity toward the West.

After Western countries imposed heavy sanctions on Russian oil in response to Russia sending troops into Ukraine in February 2022, China strongly stepped up its purchase of Russian oil, increasing its influence in Russia. Russian President Vladimir Putin also underlined the importance of China by meeting in Beijing with Chinese leader Xi Jinping soon after being inaugurated for a fifth term in the Kremlin.
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Hurricane Hone sweeps past Hawaii, dumping enough rain to ease wildfire fears

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HONOLULU — Hurricane Hone passed just south of Hawaii early Sunday, dumping enough rain for the National Weather Service to call off its red flag warnings that strong winds could cause wildfires on the drier sides of islands in the archipelago.

Hone had top winds of 80 mph (130 kph), according to a 2 a.m. advisory from the Central Pacific Hurricane Center in Honolulu, and was moving west near the southernmost point of the Big Island, close enough to sweep the coast with tropical storm force winds and to drop up to a foot (30 centimeters) or more of rain on the windward and southeast-facing slopes of the Big Island, with locally higher amounts possible. 

Hurricane Gilma, meanwhile, increased to a Category 4 hurricane Saturday night, but it was still about 1,480 miles (2,380 kilometers) east of Hilo and forecast to weaken into a depression before it reaches Hawaii.

“Hone’s main threats to the state continue to be the potential for heavy rainfall leading to flooding, damaging winds and large surf along east-facing shores,” the weather service advised early Sunday. 

Some Big Island beach parks were closed due to dangerously high surf and officials were preparing to open shelters if needed, Big Island Mayor Mitch Roth said.

Hone, whose name is Hawaiian for “sweet and soft,” poked at memories still fresh of last year’s deadly blazes on Maui, which were fueled by hurricane-force winds. Red flag alerts are issued when warm temperatures, very low humidity and stronger winds combine to raise fire dangers. Most of the archipelago is already abnormally dry or in drought, according to the U.S. Drought Monitor.

“They gotta take this thing serious,” said Calvin Endo, a Waianae Coast neighborhood board member who lives in Makaha, a leeward Oahu neighborhood prone to wildfires.

The Aug. 8, 2023, blaze that torched the historic town of Lahaina was the deadliest U.S. wildfire in more than a century, with 102 dead. Dry, overgrown grasses and drought helped spread the fire.

For years, Endo has worried about dry brush on private property behind his home. He’s taken matters into his own hands by clearing the brush himself, but he’s concerned about nearby homes abutting overgrown vegetation.

“All you need is fire and wind and we’ll have another Lahaina,” Endo said Saturday. “I notice the wind started to kick up already.”

The cause of the Lahaina blaze is still under investigation, but it’s possible it was ignited by bare electrical wire and leaning power poles toppled by the strong winds. The state’s two power companies, Hawaiian Electric and the Kauai Island Utility Cooperative, were prepared to shut off power if necessary to reduce the chance that live, damaged power lines could start fires, but they later said the safety measures would not be necessary as Hone blew past the islands. 

Roth said a small blaze that started Friday night in Waikoloa, on the dry side of the Big Island, was brought under control without injuries or damage.
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Wall Street Week Ahead — ‘Super Bowl’ Nvidia earnings stand to test searing AI trade 

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New York — The rally in U.S. stocks faces an important test […]  with earnings from chipmaking giant Nvidia NVDA.O, whose blistering run has powered markets throughout 2024.  

The S&P 500 .SPX has pared a sharp drop it suffered after U.S. economic worries contributed to a sell-off at the beginning of the month and again stands near a fresh all-time high.  

Nvidia, whose chips are widely seen as the gold standard in artificial intelligence, has been at the forefront of that rally, jumping by more than 30% since its recent lows. The stock is up some 150% year-to-date, accounting for around a quarter of the S&P 500’s 17% year-to-date gain.  

The company’s Aug. 28 earnings report, coupled with guidance on whether it expects corporate investments in AI to continue, could be a key inflection point for market sentiment heading into what is historically a volatile time of the year. The S&P 500 has fallen in September by an average of 0.78% since World War Two, the worst performance of any month, according to CFRA data.  

“Nvidia is the zeitgeist stock today,” said Mike Smith, a portfolio manager at Allspring Global Investments, which holds the company’s shares in its portfolios. “You can think of their earnings four times a year as the Super Bowl.”  

Some investors are getting ready for fireworks. Traders are pricing in a swing of around 10.3% in Nvidia’s shares the day after the company reports earnings, according to data from options analytic firm ORATS. That’s larger than the expected move ahead of any Nvidia report over the last three years and well above the stock’s average post-earnings move of 8.1% over that same period, ORATS data showed.   

The results come at the end of an earnings season during which investors have taken a less forgiving view of big tech companies whose earnings failed to justify rich valuations or prodigious spending on AI. Examples include Microsoft MSFT.O, Tesla TSLA.O and Alphabet GOOGL.O, whose shares are all down since their July reports.  

Nvidia’s valuations have also climbed, as the stock soared about 750% since the start of 2023, making it the world’s third-most valuable company as of Thursday, while also drawing comparisons to the dotcom bubble of more than two decades ago. The company’s shares trade at about 37 times forward 12-month earnings estimates, compared with a 20-year average of 29 times, according to LSEG Datastream.  

Market sentiment could depend as much on Nvidia’s guidance as its results. Evidence that it sees robust demand will be a bullish sign that companies are continuing to invest rather than pull back in anticipation of an economic slowdown, said Matt Stucky, chief portfolio manager, equities, at Northwestern Mutual Wealth Management.  

Nvidia’s “connection to the largest companies in the U.S. stock market makes this a must-watch event,” he said. “The biggest piece that investors want to know is whether there is sustainability and what demand will look like in ’25 and ’26,” he said.  

The trajectory of monetary policy and the U.S. economy also looms large for investors. In a Friday morning speech in Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell offered an explicit endorsement of interest rate cuts, saying further cooling in the job market would be unwelcome.  

Investors will be watching U.S. labor market data on Sept. 6 for evidence of whether last month’s unexpected downshift in employment carried over to August. Signs that employment is continuing to weaken could bring back the recession fears that rocked markets earlier this month.  

A tight presidential race between Vice President Kamala Harris, a Democrat, and Republican former President Donald Trump may also whip up market uncertainty in the weeks ahead.  

The August surge in stocks may make it difficult for markets to make much more headway in the near term even if Nvidia’s earnings impress Wall Street, said John Belton, a portfolio manager at Gabelli Funds, which holds shares of the chipmaker.  

The S&P 500 trades at 21 times expected earnings, far above its long-term average of 15.7.  

“The stock market as a whole is still trading at stretched valuations so the bar remains high,” Belton said. 
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US rapper Macklemore cancels Dubai gig over alleged UAE role in Sudan war

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Dubai, United Arab Emirates — U.S. rapper Macklemore has announced he is cancelling an upcoming show in Dubai over the UAE’s involvement in the conflict in Sudan, charges the Gulf state has denied.

The rapper best known for hits like 2012’s “Thrift Shop” made the announcement in a post on social media on Saturday.

“I have decided to cancel my upcoming show in Dubai this October,” he said.

“Over the last several months I’ve had a number of people reach out to me, sharing resources and asking me to cancel the show in solidarity with the people of Sudan,” he said.

“Until the UAE stops arming and funding the RSF I will not perform there,” Macklemore added, referring to the paramilitary Rapid Support Forces that have been battling the Sundanese army.

War has raged since April 2023 between the Sudanese army, under the country’s de facto ruler Abdel Fattah al-Burhan, and the RSF, which is commanded by Burhan’s former deputy Mohamed Hamdan Daglo.

For months, the army has accused the UAE of supporting the RSF.

In June, Sudan’s ambassador to the United Nations Al-Harith Idriss al-Harith Mohamed called Abu Dhabi’s financial and military support for the RSF the “main reason behind this protracted war.”

The UAE has denied allegations of RSF support as “disinformation,” saying that it’s efforts are focused exclusively towards de-escalation and alleviating Sudan’s humanitarian suffering.

Macklemore has released socially aware music in the past, supporting LGBTQ+ rights while also criticizing ills including poverty and consumerism.

In his latest track released in May, Macklemore voices support for Palestinians and also praises students across the United States protesting against Israel’s war in Gaza.

The song, “Hind’s Hall,” is named after a building at Columbia University that students recently occupied and renamed after Hind Rajab, a six-year-old Palestinian girl killed in Gaza. 
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Weeks after floods, Vermont businesses struggling to get visitors to return

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burke, vermont — Two bouts of flooding from storms in July has hampered businesses and destinations in an economically depressed section of northern Vermont, with some still closed as they continue to repair damage and others urging visitors, who were deterred by the weather, to make the trip. 

Kingdom Trails, a popular destination for mountain bikers, draws tens of thousands of visitors a year. But the storms that hit the region on July 10 and July 30 washed away some roads and bridges, damaged homes and trails, and discouraged visitors at the height of the season. 

Businesses and destinations are picking up the pieces, with some still closed in nearby Lyndonville, while others want to get the word out that they are very much open. 

“I can’t stress enough that we are open and our community is welcoming people,” said Abby Long, executive director of Kingdom Trails. “We’re encouraging folks to not only come visit Kingdom Trails and have an awesome time but sign up to volunteer mucking and gutting houses for the morning and then relax on the trails in the afternoon.” 

The storms caused $300,000 in damages to the trails — and that doesn’t account for the loss of membership revenue, she said. The trails were closed for about a day and a half as crews worked furiously to get them back open. The cost of repairs comes on top of the $150,000 in damages suffered in last summer’s flooding. 

“That is not sustainable,” Long said. 

So far, 341 businesses in Vermont have reported flood damage to the state this year, according to Economic Development Commissioner Joan Goldstein. Last summer, about 1,100 businesses were affected, she said. 

In Lyndonville, a popular diner that had been in business since 1978 will not be reopening after getting damaged in the July 10 storms. The owner of the Miss Lyndonville Diner is having repairs done and plans to sell the restaurant. She told the Caledonian Record that the flooding convinced her it was time to retire. 

Leaving ski industry

The nearby Village Sport Shop, which also has been in business for nearly 50 years, has decided to close its flooded Lyndonville shop and exit the ski industry, according to a social media post by the business. 

“With the multiple flooding events we have endured and the evolution we have needed to take as a business, we have come to the decision it is time to turn our focus towards the summer side of the business and relieve ourselves from the flood risks the lowest lying real estate on the strip endures,” the post said. The business has a trailside bicycle shop in East Burke. 

A bagel shop and a Walgreens drugstore were still temporarily closed as they recover from the flood damage. 

On Tuesday, President Joe Biden approved a major disaster declaration making federal funding available to help individuals and communities recover from the July 9-10 flooding from the remnants of Hurricane Beryl. Governor Phil Scott has requested a separate disaster declaration for the July 30 storms and flooding. 

In May, Vermont became the first state to enact a law requiring fossil fuel companies to pay a share of the damage caused by extreme weather fanned by climate change. But officials have acknowledged that collecting any money will depend on litigation against a much-better-resourced oil industry. 

In Burke, a town of about 1,650 that is home to the Burke Mountain ski area, Kingdom Trails is a huge economic driver, said Town Administrator Jim Sullivan. 

“It’s traumatic, it’s unbelievable the extent that it ripples out,” he said. “If Kingdom Trails can’t open, people cancel their reservations at the Airbnbs and at the inns. We have restaurants that are counting on all of those people coming here. And it’s just a chain event that eventually dwindles where you have these absolutely beautiful days and you just don’t have the people here that we normally would have if we didn’t have this devastation.” 

‘Screeching halt’

The East Burke Market was having a really good summer but when the trails closed down, business “came to a bit of a screeching halt,” said co-owner Burton Hinton. 

Each of the storms caused hundreds of thousands of dollars in road and property damage, Sullivan said. The town lost a bridge in the July 10 flooding and the whole mountain road in the storm weeks later, he said. 

“We’re still waiting for some direction from the federal government. In the meantime, everybody has really come together and done a great job of helping each other. True community,” he said. 

About 60 student-athletes who race in cross-country mountain biking with the Pennsylvania Interscholastic Cycling League, and 40 coaches, were in Burke to train at Kingdom Trails when the latest flooding hit on July 30. 

The group had to pivot to ride on gravel for a few days but then some trails reopened quickly, said Michael Morrell, with the National Interscholastic Cycling Association, who was with them. 

“The trail system up here and the trail crew are just so efficient, and the trails, many of the trails, they drain very well,” he said on August 1. 

Still, he said he felt terrible for those reliant on getting tourists to visit the local trails. 

“I feel so bad that their roads are closed,” Morrell said. ” … We’re just glad that we can help support them in any way we can.”
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Unusual weather leads to summer snowfall in western mountains of US

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YOSEMITE NATIONAL PARK, California — An unusually cold weather system from the Gulf of Alaska interrupted summer along the West Coast of the United States on Saturday, bringing snow to Washington state’s Mount Rainier and a lookout point of California’s Sierra Nevada.

Photos posted by the National Weather Service and local authorities showed a white-covered peak from Rainier and a dusting of snow at Minaret Vista, a lookout point southeast of Yosemite National Park in California’s Sierra Nevada.

Madera County Deputy Sheriff Larry Rich said it was “definitely unexpected” to see snow at Minaret Vista in August.

“It’s not every day you get to spend your birthday surrounded by a winter wonderland in the middle of summer,” he said in a statement. “It made for a day I won’t soon forget, and a unique reminder of why I love serving in this area. It’s just one of those moments that makes working up here so special.”

Snow also fell overnight on Mammoth Mountain, a ski destination in California, with the National Weather Service warning hikers and campers to prepare for slick roads.

More light snow was possible in California on the crest of the Sierra Nevada, mostly around Tioga Pass and higher elevations of Yosemite National Park, the National Weather Service said.

August snow has not occurred in those locations since 2003, forecasters said.

Tioga Pass rises to more than 9,900 feet (3,017 meters) and serves as the eastern entryway to Yosemite. But it is usually closed much of each year by winter snow that can take one or two months to clear.

“While this snow will not stay around very long, roads near Tioga Pass could be slick and any campers and hikers should prepare for winter conditions,” the weather service wrote.

While the start of ski season is at least several months away, the hint of winter was welcomed by resorts.

“It’s a cool and blustery August day here at Palisades Tahoe, as a storm that could bring our first snowfall of the season moves in this afternoon!” the resort said in a social media post Friday.

The “anomalous cool conditions” will spread over much of the western U.S. by Sunday morning, according to the National Weather Service’s Weather Prediction Center in College Park, Maryland.

Despite the expected precipitation, forecasters also warned of fire danger because of gusty winds associated with the passage of the cold front.

At the same time, a flash flood watch was issued for the burn scar of California’s largest wildfire so far this year from Friday morning through Saturday morning.

The Park Fire roared across more than 671 square miles (1,748 square kilometers) after it erupted in late July near the Central Valley city of Chico and climbed up the western slope of the Sierra.

The fire became California’s fourth largest on record, but it has been substantially tamed recently. Islands of vegetation continue to burn within its existing perimeter, but evacuation orders have been canceled.

California’s wildfire season got off to an intense start amid extreme July heat. Blazes fed on dried-out vegetation that grew during back-to-back wet years. Fire activity has recently fallen into a relative lull.

Forecasts call for a rapid return of summer heat as the cold front departs.
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Nikki Haley in Taiwan says an isolationist policy is not ‘healthy’

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TAIPEI, Taiwan — Former U.S. ambassador to the United Nations Nikki Haley said on a visit to Taiwan Saturday that an isolationist policy isn’t “healthy” and called on the Republican Party to stand with her country’s allies, while still putting in good words for the party’s nominee, Donald Trump.

Haley, who ran against Trump for the Republican presidential nomination, told reporters in the capital, Taipei, that supporting U.S. allies, including Ukraine and Israel, is vital. She underscored the importance of Taiwan, which Beijing claims as its territory, to be brought under control by force if necessary.

“I don’t think the isolationist approach is healthy. I think America can never sit in a bubble and think that we won’t be affected,” she said.

While the U.S. doesn’t formally recognize Taiwan, it is the island’s strongest backer and main arms provider. However, Trump’s attempt to reclaim the presidency has fueled worries. He said Taiwan should pay for U.S. protection in an interview with Bloomberg Businessweek published in July and dodged answering the question of whether he would defend the island against a possible Chinese military action.

When Haley shuttered her own bid for the Republican nomination, she did not immediately endorse Trump, having accused him of causing chaos and disregarding the importance of U.S. alliances abroad. But in May she said she would be voting for him, while making it clear that she felt her former boss had work to do to win over voters who supported her.

On Saturday, she spoke in Trump’s favor. She said that having previously served with Trump’s administration, “we did show American strength in the world,” pointing to their pushback against China and their sanctioning of Russia and North Korea, among other efforts.

“I think that all of that strength that we showed is the reason that we didn’t see any wars, we didn’t see any invasions, we didn’t see any harm that happened during that time. I think Donald Trump would bring that back,” she said.

Trump has claimed that if elected, he would end the conflict in Ukraine before Inauguration Day in January. But Russia’s United Nations ambassador said he can’t. Trump’s public comments have varied between criticizing U.S. backing for Ukraine’s defense and supporting it, while his running mate, Sen. JD Vance, has been a leader of Republican efforts to block what have been billions in U.S. military and financial assistance to Ukraine since Russia invaded in 2022.

Concerns among Ukraine and its supporters that the country could lose vital U.S. support have increased as Trump’s campaign surged.

Haley criticized Trump’s rival, U.S. Vice President Kamala Harris, saying she would “do exactly” what President Joe Biden had done. She said Harris was part of his administration when the Taliban took over Afghanistan in 2021, when Russia invaded Ukraine in 2022 and when the Hamas-Israel war broke out last year.

“She was in the situation room right next to Joe Biden. She was there making the exact same decisions. Those decisions have made the world less safe,” she said.

Haley added that while the Republicans and Democrats may not currently concur on much, they agree on “the threats of China,” adding that Taiwan is now looking “to make sure that if China starts a fight with them, that they are prepared to make sure that they can fight back.”

She said her party should stand with the country’s allies and make sure that U.S. shows strength around the world. She also said any authoritarian regime and “communists” harming or hurting other free countries should be a personal matter to the U.S.

“We don’t want to see communist China win. We don’t want to see Russia win. We don’t want to see Iran or North Korea win,” she said.

Haley met Taiwanese President Lai Ching-te during this week’s trip. She called for more international backing for the self-ruled island, a coordinated pushback against China’s claims over it, and for Taiwan to become a full member of the United Nations.

Taiwan’s Defense Ministry said Saturday that 38 warplanes and 12 vessels from China were detected around the island during a 24-hour period from Friday morning. Thirty-two of the planes crossed the middle of the line of the Taiwan Strait, an unofficial boundary that’s considered a buffer between the island and mainland.
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