Asia

Pakistan saw highest inflation in the world during 2020: SBP
20Jul mmBy Mike TrudellNo Comments
Asia

Pakistan saw highest inflation in the world during 2020: SBP

The State Bank of Pakistan (SBP) has said that fiscal year 2020 was the worst year for Pakistani citizens as they witnessed highest inflation in the world forcing policy makers to increase interest rate.“Pakistan witnessed highest inflation not only in comparison with the developed economies but also with emerging economies,” said the Inflation Monitor for April issued by SBP.The Bank pushed up its interest rates to cool down the inflationary pressure during the fiscal year but high rates proved counterproductive as they further increased inflation while the private sector stopped borrowing costly money hampering industrial growth and services.January witnessed 12-year high inflation at 14.6 per cent. In response to the rising prices, the SBP rose the interest rates to 13.25pc.However, wit...
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India’s ban could hit TikTok’s parent company with the loss of $6 Billion
13Jul mmBy Brian ThompsonNo Comments
Asia

India’s ban could hit TikTok’s parent company with the loss of $6 Billion

After its unabated intrusion in India’s territory which ultimately led to the death of 20 Indian soldiers in a bloody clash between Indian and Chinese troops in Galwan valley on June 15, China is now finding out the cost of clashing with one of its major trading partners.This time it’s not the U.S., but India that’s creating headaches for some of China’s leading tech names. The brutal clash and a concurrent war of words, has led to calls among Indian consumers to boycott Chinese products.The Indian government earlier in July banned 59 Chinese apps, including the hugely popular TikTok video sharing app that boasts more than 120 million local users.Now, an insider at TikTok parent ByteDance has said that the ban could come with a heavy price tag, costing the company more than $6 billion in l...
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Indonesia warns unemployment could hit decade-high due to coronavirus pandemic
22Jun mmBy Mike TrudellNo Comments
Asia

Indonesia warns unemployment could hit decade-high due to coronavirus pandemic

Indonesian ministers on Monday warned that the country’s unemployment rate could hit the highest in more than a decade this year due to the coronavirus pandemic, with four million to 5.5 million people losing their jobs this year.Planning Minister Suharso Monoarfa told a parliamentary hearing on Monday that four million to 5.5 million people could lose their jobs this year, pushing the unemployment rate up to 8.1-9.2 per cent, versus 5.28 per cent in 2019.“The unemployment rate may remain between 7.7 per cent and 9.1 per cent in 2021”, he said.The forecast is still more conservative than that of Indonesia's chamber of commerce and industry, whose chairman expects new rounds of layoffs by August on top of an estimated 6.4 million jobs shed so far.“The number of people living below the pover...
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[America] Joe Biden promise refugee status to Afghan Sikhs if elected
20Jun By Desk TeamNo Comments
Asia, USA

[America] Joe Biden promise refugee status to Afghan Sikhs if elected

Expressing concerns over targeting of Sikhs and Hindus in Afghanistan after the attack on Gurdwara Har Rai Sahib, US Presidential candidate and former Vice-President Joe Biden has said they will be given refugee status in America if he was elected President.“If I am elected President, my administration will renew our commitment to refugees….I will raise the annual global refugee admissions cap to 1,25,000,’’ he declared in a statement issued on a day when a US panel, frequently in the cross-hairs of the Ministry of External Affairs for its observations on Kashmir and Islamophobia in the Indian media, also made common cause on the Sikh issue.The influential Sam Brownback, head of the US Commission on International Religious Freedom (USCIRF), called the attacks on the Sikhs in Afghanistan a ...
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[Market] Oil prices falls on U.S.-China tensions over Hong Kong
20Jun By Desk TeamNo Comments
Asia, Market

[Market] Oil prices falls on U.S.-China tensions over Hong Kong

Soon after U.S President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong, oil prices took a drastic downturn on Wednesday.Brent crude fell 47 cents, or 1.3%, to $35.70 a barrel by 1106 GMT and U.S. West Texas Intermediate (WTI) crude was down 32 cents, or almost 1%, at $34.03. “As much as oil fundamentals are improving, there are still several flies in the bullish ointment. They include the latest uptick in U.S.-China tensions,” said Stephen Brennock of oil broker PVM.“The threat of a fresh U.S.-China trade war is no longer just a tail risk and could spell disaster for risk assets,” he added.Gloomy forecasts over the economic impact of the pandemic also weighed on crude prices.The euro zone economy is likely to shrink between 8% and 12% t...
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[News] Sikh outfit to hold ‘Operation Bluestar’ remembrance march on June 5
20Jun By Desk TeamNo Comments
Asia

[News] Sikh outfit to hold ‘Operation Bluestar’ remembrance march on June 5

Sikh radical outfit Dal Khalsa on Tuesday announced to hold a remembrance march on June 5 in Amritsar to mark the 36th anniversary of Operation Bluestar.“We are aware that COVID-19 cases are rising and the risk is alive. Taking precautionary measures and adhering to WHO and government guidelines, the attendance would be minimised and physical distancing norm would be strictly maintained,” Party spokesperson Kanwar Pal Singh said adding that the decision was taken at a party meeting.He further said that the Dal Khalsa has been holding the march on June 5 for the last 10 years and also has been giving a call for “Amritsar shutdown” on June 6.However, he said, this year the final decision on the shutdown would be taken on June 1, after taking the lockdown guidelines, if any, into account.Sing...
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[News] Pakistani man arrested for attacking UK Sikh Shrine, leaves note on Kashmir
20Jun By Desk TeamNo Comments
Asia, USA

[News] Pakistani man arrested for attacking UK Sikh Shrine, leaves note on Kashmir

A Pakistani man has been arrested by the UK police for breaking into a gurdwara in eastern England. Guru Arjan Gurdwara in Derbyshire alerted the Police after its front doors were found smashed in the early hours of Monday morning.He was later identified and arrested.As per the statement of the gurdwara, at around 6 a.m., "an individual entered the gurdwara premises causing thousands of pounds of damage. We can confirm that no individual was injured and that the clean-up process has begun."The gurdwara described the vandalisation of the shrine as a hate crime. The CCTV footages of the person, showed smashed glass doors of the gurdwara, glass shards scattered all over the floor and a man inside the premises.The vandal left a hand-written note in broken English on a piece of paper in the gur...
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[Market] Singapore life insurance sales rise 10% amid Coronavirus scare
20Jun By Desk TeamNo Comments
Asia, Market, Singapore

[Market] Singapore life insurance sales rise 10% amid Coronavirus scare

While Coronavirus has destroyed many lives and economies, Singapore's life insurance industry saw new business, in terms of total weighted premiums, grow 10 per cent to $965.8 million for the first quarter from January to March 2020.A year ago, total weighted premiums amounted to $877.8 million.“This comes as more consumers took action to secure their financial future in view of Covid-19's drastic impact on the global and local markets”, said the Life Insurance Association (LIA), Singapore."However, with circuit-breaker measures, climbing unemployment and an impending recession, the life insurance industry may see the knock-on effect in the coming quarters," LIA president Khor Hock Seng said.Sales of annual-premium policies grew 3 per cent year on year, resulting in $672.4 million in total...
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​ As overseas markets ‘lockdown’, China exporters look inwards
20Jun By Desk TeamNo Comments
Asia, China, Market

​ As overseas markets ‘lockdown’, China exporters look inwards

China exporters are now left in a crisis as the coronavirus hits its trading partners worldwide leading to cancelled shipments, returned goods and a dearth of new orders - accelerating a long-standing push towards domestic consumption.The world's second-largest economy is stirring back to life after virus cases dwindled from a peak in February, when activity came to a near-halt. But as China’s economy started to recover, lockdowns and restrictions in other countries has forced exporters to focus on domestic markets.Chinese online marketplace Taobao said the number of foreign trading companies opening stores on its domestic-focused platform spiked 160 percent from February to May.And policymakers - who have sought for years to wean the country off cheap exports and government spending in fa...
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[Tech] Foodpanda waives commissions for one month for COVID hit Singapore hawkers joining the app
20Jun By Desk TeamNo Comments
Asia

[Tech] Foodpanda waives commissions for one month for COVID hit Singapore hawkers joining the app

As hawkers across the nation continue to borne the brunt of the dine-in ban in light of COVID-19, Foodpanda on Friday announced that the hawkers who get on board will not have to pay commission for the first month as part of a new initiative to ease hawkers' entry onto the food delivery app.Dubbed the "pandasupport hawker initiative", the incentive is being rolled out with "the understanding that commission fees are factored as a substantial barrier that is currently preventing hawkers from coming on board Foodpanda", the company said in a press statement.Over the last few months, food delivery apps have faced heat for charging steep commissions of 30 to 40 per cent, eating into hawkers' already-thin margins. Foodpanda's latest move comes as the food and beverage sector prepares for contin...
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