Asia

According to Nomura Holdings Inc., China's economy is under extreme pressure since the first wave of Covid-19 struck in the spring of 2020. Construction and real estate sales are down. Due to growing expenses and lacklustre sales, many firms have a shutdown. Local governments that are in debt are reducing public worker wages. In the closing months of the last fiscal year, China's economy slowed significantly, as the government steps in to curb real estate speculation. This harmed other industries as well. Consumer spending came down due to lockdowns and travel restrictions to combat the coronavirus. New restrictions are affecting everything from online enterprises to after-school tutoring services as waves of layoffs have been witnessed. China's National Bureau of Statistics recorded, ...

Beijing, China: China has ramped up its testing with the country now requiring nucleic acid tests done within the past 48 hours just to enter public spaces, offices and even schools. However, it is estimated that the testing could cost some 1.7 trillion yuan a year in China's major cities alone, or about 1.5 per cent of the country's gross domestic product. Moreover, the emotional toll of China's Zero-COVID strategy has also taken a toll on the Chinese people. This emotional toll has outweighed everything else. But it is interesting to note that China is still insisting that these stern policies are the only way to go, reported Straits Times. The world is now more than two years into the COVID pandemic and with this China's Polymerase chain reaction (PCR) tests, quarantines and f...

Islamabad, Pakistan: Pakistan amid the economic crisis trying to convince International Monitory Fund (IMF) to layoff its loans. The talks have been organised for the 7th time but it got delayed as they could not reach to staff level agreement. Notably, the IMF pointed out the ‘deviations’ on fiscal sides from the policies agreed upon in the last review, Business Recorder reported. The Fund emphasized the urgency of concrete policy actions and including the context of removal the fuel and energy subsidies in the fiscal year 2023 budget, to achieve programme objectives.The IMF statement indicates that the government would be taking prior actions in the federal budget for the fiscal year 2022-23. The revival of the stalled programme can be expected by end of July/August 2022. “An I...

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...