Philippine vessel stages provocative actions near Huangyan Dao: China Coast Guard

China's coast guard authorities on Tuesday said one of its ships patrolling waters near Huangyan Dao in the South China Sea had been harassed by a Philippine vessel which had attempted to smear the Chinese side by taking staged photos.

The incident took place on Monday morning, when the Philippine coast guard ship 4409 dangerously approached the Chinese vessel Zhongnan in waters near Huangyan Dao, crossing close to the bow of the Chinese vessel four times, according to the China Coast Guard (CCG).

After repeated warnings and regulatory measures taken by the CCG, the Philippine vessel was eventually repelled from the area, the authorities said, adding that the Philippine side later attempted to disregard the facts and distort the truth by using media platforms to hype up the incident.

The actions of the Philippine side seriously violated relevant provisions of international law and maritime collision prevention regulations, the CCG said. By illegally and dangerously approaching the Chinese vessel, which was on a lawful mission, the Philippine ship threatened the safety of the Chinese personnel and ship, it noted.

The CCG responded professionally and in a lawful manner, the authorities stressed. In addition, the CCG vowed to resolutely counter any provocation by Philippine vessels in order to safeguard China's sovereignty and maritime rights and interests.

Philippine vessel stages provocative actions near Huangyan Dao: China Coast Guard

Philippine vessel stages provocative actions near Huangyan Dao: China Coast Guard

Philippine vessel stages provocative actions near Huangyan Dao: China Coast Guard

Philippine vessel stages provocative actions near Huangyan Dao: Chinese coast guard

Geopolitical tensions and energy supply disruptions have risen to become the top concerns for U.S. financial stability, a Federal Reserve report said on Friday.

The Fed's latest semi-annual Financial Stability Report revealed a dramatic shift in how professionals view risks to the U.S. financial system, as the U.S.-Israeli war against Iran has sent shock waves through the global economy.

According to a survey conducted by the Federal Reserve Bank of New York between March and April, 75 percent of respondents cited geopolitical tensions as a major risk, a sharp jump from 48 percent just six months earlier. Even more striking, 70 percent now see oil supply shocks as a threat, a concern that was not mentioned at all in the survey from last fall. Respondents widely pointed to the war with Iran as a potential trigger for prolonged energy market disruptions, which could also keep inflation higher for longer.

Half of those surveyed raised concerns about artificial intelligence. They pointed to equity valuations, rising leverage in the financial system as capital spending becomes increasingly reliant on debt, and potential job losses from widespread AI adoption.

Private credit was also flagged as a threat by 50 percent of respondents. The market faces mounting pressure from investor redemptions and worsening market sentiment, they warned. In addition, fast-evolving AI could weaken the credit quality of some borrowers, which, in turn, might tighten credit conditions and spill over into broader markets.

Meanwhile, 45 percent of respondents identified persistently high inflation as a salient risk, with many worrying that prolonged energy supply shocks from the U.S.-Israeli war against Iran could force the Fed to adopt tighter monetary policy.

Geopolitical tensions, oil supply shocks pose primary risks to US financial system: Fed report