Prime Minister Shinzo Abe’s cabinet has approved a record $43.6 billion Japan military budget, increasing it for the fifth year in a row out of concerns over potential threats from China and North Korea. Abe’s cabinet signed off on a 1.4 percent increase in military spending, bringing the total to a record $43.66 billion. Source RT
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The increasingly rapid adoption of industrial robots on Chinese production lines is set to hasten the fall in manufacturing employment. Among companies that intend to purchase robots in the coming 12 months, 72.7% said this would mean job losses, according to a Financial Time. Source: CHina Economic Review
China for the first time became Germany’s most important trading partner in 2016, overtaking the United States, which fell back to third place behind France, data showed on Friday. The development is likely to be welcomed by the German government. Source: Reuters