Asia

Ministerial Committee set up to guide digital adoption, create jobs in digital economy
17Jun By Michael SmithNo Comments
Asia

Ministerial Committee set up to guide digital adoption, create jobs in digital economy

To accelerate Singapore's adoption of digital technology in the times of Coronavirus, the country has set up a high-level committee to create jobs for its people, help small businesses go online and ensure no citizen is left behind by technology.The Ministerial Committee for Digital Transformation’s key focus is to work with companies and the labour movement to create jobs in the info-communications and technology (ICT) sector and to place Singaporeans in these jobs, Communications and Information Minister S. Iswaran said in an interview.With small and medium enterprises employing some 65 per cent of the workforce in Singapore, one of the committee's prime aims is to help them survive and thrive through the use of technology.The badly hit retail and food and beverage sectors will get speci...
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PoK activist blames army as Pakistan registers first ever negative economic growth
17Jun By Joe RodriguezNo Comments
Asia

PoK activist blames army as Pakistan registers first ever negative economic growth

Exiled rights activist from PoK, Dr Amjad Ayub Mirza, has blamed Pakistan's deep state of the army for the negative growth the country has registered for the first time ever in its history. Mirza asked how a country could flourish or register a positive growth if its annual budget couldn't be unveiled without the blessings of the army. "This budget has Rs 650 Billion allocated for the development purpose, while the military has been allocated a sum of Rs 1.3 Trillion. This simply means that the budget has been presented after the approval of the army," said Mirza. He also said that there was a prevailing sense of fear amongst the legislators of Pakistan and they were forced to respect the army. "Hammad Azhar, the minister who presented the budget expressed his government's gratitude to the...
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IMF may further cut global growth outlook in June as Covid-19 crisis drags on, says chief economist
13Jun By Michael SmithNo Comments
Asia

IMF may further cut global growth outlook in June as Covid-19 crisis drags on, says chief economist

The International Monetary Fund (IMF) on Friday said that it may again downgrade its already pessimistic outlook for the global economy in June given the possibility of a further decline in consumption, more job losses and the risk of a fresh wave of bankruptcies.The IMF in April predicted a 3% contraction of the world economy this year. It also warned at the time of the possibility of a deeper crisis which could result in a 6% decline in 2020 and 0% growth in 2021."We are putting out new numbers on June 24 and they will likely be worse than what we had in April," said IMF chief economist Gita Gopinath in a virtual address to the Seventh Asian Monetary Policy Forum on Friday.Gopinath noted that there is still profound uncertainty about how long the Covid-19 pandemic will persist and what w...
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COVID impact: Economy to contract even more than estimated earlier, says World Bank
10Jun By Michael SmithNo Comments
Asia

COVID impact: Economy to contract even more than estimated earlier, says World Bank

Due to COVID-19 outbreak, Pakistan’s economy would actually perform even worse than what previous estimates had warned about, The World Bank forecast said on Monday.In its latest report, ‘Global Economic Prospects’, the World Bank assessed that the country’s economy was likely to go into the red this fiscal year and would be unable to recover even next year.It forecast a negative GDP growth of -2.6pc for the current fiscal year (2019-20) and -0.2pc during the next (20-21).“Pakistan (-2.6pc in FY2019/20) and Afghanistan (-5.5pc in 2020) are both projected to experience contractions as mitigation measures are anticipated to weigh heavily on private consumption. Key labor-intensive export sectors are expected to contract sharply and recover only slowly”, the Bank said in its report.This would...
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Chinese cosmetic brands see rally despite global beauty downturn
8Jun By Mike TrudellNo Comments
Asia

Chinese cosmetic brands see rally despite global beauty downturn

With consumers staying at home for months and social gatherings banned across the world, the global cosmetics industry has been dealt a major blow by the coronavirus pandemic.Yet low-cost, online-savvy local beauty brands in China have seen their shares rally as investors spy an opportunity for the home-grown outfits to take market share amid the crisis.Hangzhou-based Proya Cosmetics Co has soared 88% this year, reaching a record high in May and is now trading at 68 times forward earnings, the highest among listed beauty companies worldwide and surpassing giants like Shiseido Co and Estee Lauder Cos.Another local make-up brand, Guangdong Marubi Biotechnology Co has surged 42% this year against a 3.9% decline in the Shanghai Composite Index and is now trading at 58.7 times forward earnings....
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China imports plunge, exports fall on virus hit to global growth
7Jun By Michael SmithNo Comments
Asia

China imports plunge, exports fall on virus hit to global growth

China's exports and imports fell in May as the economic slowdown abroad started to take its toll, and after a surprise jump driven by increased demand for anti-epidemic supplies, official data showed on Sunday.Exports from the manufacturing powerhouse fell 3.3% on-year last month, better than the 6.5 per cent slide expected by a Bloomberg poll of analysts.But the return to negative territory came after a surprise 3.5% jump in April, which was partly due to medical exports.Analysts have warned of signs that a larger downturn awaits.Customs data released on Sunday showed a larger than expected plunge in imports on-year, which were down by 16.7%.This was significantly higher than the 7.8% expected by analysts, and down further from the 14.2% drop in April."Export growth rebounded in March and...
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Reserves have allowed Singapore to deal with Covid-19 crisis: DPM Heng
6Jun By Michael SmithNo Comments
Asia

Reserves have allowed Singapore to deal with Covid-19 crisis: DPM Heng

While discussing the ‘Fortitude Budget’ in the parliament, Singapore’s Deputy Prime Minister Heng Swee Keat on Friday said that unlike other countries, Singapore can depend on its national reserves and did not have to borrow or take on debt to fund its coronavirus stimulus packages.The MPs noted that Singapore was fortunate to be able to tap on the savings of past governments, built up since independence, to boost its Covid-19 war chest. But they also asked how long it would take to restore the sum.Vikram Nair (Sembawang GRC) likened the reserves to a "golden goose" to be protected, warning that the more it is drawn on, the less there will be for future generations to depend on.Tin Pei Ling (Macpherson) and Murali Pillai (Bukit Batok), meanwhile, said it has given Singapore a key strategic...
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Asia’s factory pain worsens as China’s recovery fails to lift demand
1Jun By Joe RodriguezNo Comments
Asia, China

Asia’s factory pain worsens as China’s recovery fails to lift demand

Asia’s factory pain deepened in May as the slump in global trade caused by the coronavirus pandemic worsened, with export powerhouses Japan and South Korea suffering the sharpest declines in business activity in more than a decade, surveys showed.A series of manufacturing surveys released on Monday suggest any rebound in businesses will be some time off, even though China’s factory activity unexpectedly returned to growth in May.The new coronavirus pandemic - which has killed more than 370,000 people around the world - has wreaked havoc with supply chains and quashed demand as government-imposed lockdowns forced businesses to close and citizens to stay home.China’s Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) hit 50.7 last month, marking the highest reading since January as...
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China factory activity expands at slower rate as global slump drags on growth
1Jun By Michael SmithNo Comments
Asia

China factory activity expands at slower rate as global slump drags on growth

Factory activity in China took a big hit as official data showed that the industry expanded at a slower pace in May as the country attempts to get back on track after the coronavirus.China's factories have stirred back to life after the lifting of strict lockdown measures imposed when the virus surfaced in Wuhan, but the spread of coronavirus worldwide has dragged down key foreign markets - weighing heavily on Chinese exports.The Purchasing Managers' Index (PMI), a key gauge of activity in China's factories, was at 50.6 points in May, remaining above the 50-point mark separating growth from contraction each month.But the figure was down slightly from 50.8 the month before, and 52.0 in March, according to the National Bureau of Statistics (NBS).“The epidemic situation and economic situation...
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Oil prices falls on U.S.-China tensions over Hong Kong
27May By Mike TrudellNo Comments
Asia, China, 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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