Asia

The Russian invasion of Ukraine has upended the global aluminium market,transforming China into an exporter as supplies of the energy-hungry metal flow toEurope where it fetches higher prices.The white metal, used in a variety of industriesstarting from cans and kitchen utensils to automotive to aeroplane parts, had been risingsince the beginning of the Chinese economic recovery from Covid-19 in the secondhalf of 2020. Last year’s severe power crunch in China further boosted aluminium assmelters curbed production.China’s journey from the world’s largest metals buyer to largest supplier has alarmedthe global community which has been keeping a close watch on Beijing’s future moves.Known for shrewd diplomatic moves, China will most likely exploit the situation to itsadvantage. The journey, c...

Chinese president have given slight hint of the economic policies he is going to impliment once he is given the third term power by National Congress. The policies will focus on common prosperity and stricter regulation of capital, both of which spell disaster for the monopoly businesses of China. President Xi will prioritise five economic issues, in this order: Common prosperity, capital, primary products, risks, and carbon. The order in which he presents the issues gives a peep into his mind, on how he grades his priorities. It is clear that he sources all of China’s current economic inadequacies to inequality of income and wealth accumulated in the country since the reforms process began. He now wishes to apply the Xi Thought and Chinese Characteristics to rein in the shortcom...

Islamabad, Pakistan: Combined natural gas prices have reached its highest in Pakistan. The price rose to Rs. 300 per kg because of  which the CNG Dealers Association slammed the government for wanting to end the sector and jacking up the prices without consultations.This comes as CNG prices shot up to their highest level of Rs 300 per kilogram in Pakistan, following a hike of Rs 70, ARY News reported on Saturday. In a statement, CNG Dealers Association Chairman Abdul Sami Khan said that the price of Re-Gasified Liquefied Natural Gas (RLNG) has also been increased. Expressing anger over the price hike, the chairman said that investments worth billions are being wasted in the CNG sector. He added that CNG was considered a cheap fuel but the massive hike will wipe out its demand. T...

Chinese President Xi Jinping gives an advance hint of the economic policies he will pursue vigorously once the 20th National Congress awards him the third term of power. The policies will focus on common prosperity and stricter regulation of capital, both of which spell disaster for the monopoly businesses of China. President Xi will prioritise five economic issues, in this order: Common prosperity, capital, primary products, risks, and carbon. The order in which he presents the issues gives a peep into his mind, on how he grades his priorities. It is clear that he sources all of China’s current economic inadequacies to inequality of income and wealth accumulated in the country since the reforms process began. He now wishes to apply the Xi Thought and Chinese Characteristics to r...

Islamabad, Pakistan:The Pakistani rupee continued its downward slide against the US dollar as it dropped to an all-time low, surpassing 191 in the interbank market, Geo News reported. The local currency continued its downward streak in line with the predictions of the analysts who fear more losses down the road as the country remains mired in political and economic instability, the report added. Analysts blame former Prime Minister Imran Khan to add to the troubles of the economically-challenged PML-N led regime, adding, that lack of direction and clarity regarding the government’s economic strategy, delay in decision making as well as rising commodity prices in the international market have dampened the sentiment of the market. Meanwhile, former Finance Minister Hafiz Pasha said...

Beijing, China: The last few years have been dominated by China asserting itself on multiple fronts. COVID has slowed it down to a certain degree. China is currently building on disputed land in the Himalayas, but they aren’t simply putting up hollow, Potemkin-style villages. They are providing advanced infrastructure to new towns and military facilities. Electronic warfare stations, outposts, radar, and bunkers, said Blackburn. Instead of bloody Chinese incursions which bring negative global headlines, Beijing has decided to become squatters on disputed land, sending in armies of construction crews to lay down foundations and build. This is a direct challenge to India. US Defense Secretary Lloyd Austin recently told his Indian counterpart Rajnath Singh that, “Beijing is erod...

Colombo, Sri Lanka: Sri Lanka President Gotabaya Rajapaksa declared a state of emergency citing “public security and the protection of public order and for the maintenance of supplies and services essential to the life of the community.” It will come into effect on May 6 at midnight. The move comes after massive protests across the island nation demanding the resignation of President Rajapaksa and the entire government over the economic crisis in the country. The first state of emergency was declared on April 1, 2022. Trade unions staged a nationwide strike demanding his resignation over the crisis. Over 2,000 trade unions participated in today’s nationwide hartal and strike against the President, Prime Minister, and the government, Colombo Page reported. All Ceylon Transport...

Colombo, Sri Lanka: Expressing grave concern over President Gotabaya Rajapaksa’s declaration of a state of emergency, Sri Lankan Bar Association urged him to revoke the decree while pointing out that stifling public protest is not a solution to the crisis. This comes at a time when crisis-hit Sri Lanka on Friday declared a state of emergency after the crippling strike and protest over the ballooning external debt for the second time in five weeks. The BASL has asked the President to explain the reason for his decision and requested him to ensure that the fundamental rights of the people of Sri Lanka are not violated, reported Colombo Page. The Bar Association in its statement said, “We call upon His Excellency to revoke the proclamation declaring a state of emergency and ...

ISLAMABAD:  The previous government has left economic mines for the present government and that is why it is taking time to deal with it. In addition, the previous government deliberately planned to reduce oil and gas in the country to tarnish the image of the new government, but their decision is also hurting the people, said Dr Murtaza Mughal, President PEW. He said that despite the agreement with the IMF, the government was not ready to withdraw the oil subsidy as it would provoke a public backlash. For keeping fuel prices capped at current levels for the next fortnight, the cash-strapped government will have to pay Rs72.33/litre on diesel and Rs30.31/litre on petrol as price differential claim to the oil sector, denting the national kitty by another Rs40 billion which is ...

In recent years, as part of its attempt to curb or impede China's ascent, the US government has imposed a slew of regulations and penalties on Chinese technology firms. According to a China Development Institute study, between January 2017, when the Trump admin took office, and June 2021, when the Biden administration passed the U. S. Innovation and Competition Act of 2021 (USICA), the United States Congress, government, and key think tanks issued 209 bills, policies, and reports concerning science and technology policies toward China. Sanctions on Chinese high-tech firms, regulations over critical cutting-edge technology, and curbs on STEM talent training are examples of such measures. Huawei bears the brunt of the criticism as one of China's most renowned communications equipment mak...