China

China approves $20 billion petrochemical complex in Shandong oil hub
3Jun By Joe RodriguezNo Comments
China

China approves $20 billion petrochemical complex in Shandong oil hub

China has given initial approval for a $20 billion refinery and petrochemical project to be built in eastern Shandong province as part of efforts to dial up infrastructure spending to support an economy struggling with the impact of the coronavirus pandemic.The 400,000 barrel-per-day (bpd) refinery and 3 million tonne-per-year ethylene plant in Yantai, Shandong, the country’s hub for independent oil refineries, was proposed years ago but approval has been slowing in coming because of China’s struggle with excess refining capacity.China’s state planner, the National Development & Reform Commission (NDRC), gave initial approval on Monday for the project, allowing Shandong province to start planning for construction, said the sources with knowledge of the approval.The investment in the pr...
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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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2 in 3 working Singaporeans do not have enough savings to last more than 6 months: OCBC survey
1Jun By Joe RodriguezNo Comments
China, Singapore

2 in 3 working Singaporeans do not have enough savings to last more than 6 months: OCBC survey

Only a third of Singaporeans and permanent residents have enough funds to last them more than six months if they were to lose their jobs now, according to an OCBC survey released on Monday.An Oversea-Chinese Banking Corporation (OCBC) survey conducted in Mid-May found that about 18 per cent have enough savings to cover one month of expenses.The bank surveyed 1,000 working adults aged between 21 and 65, earning from $2,000 a month. Around half had already suffered wage cuts, were prescribed no-pay leave or had their commission earnings reduced.“The survey aimed to understand the impact of the coronavirus crisis on residents' financial well-being”, OCBC said.More than half the respondents said their savings had taken a hit. Around 20 per cent indicated their savings fell by more than 20 per ...
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Thailand’s poorest suffer from unemployment, food shortage as virus shrivels economy
1Jun By Joe RodriguezNo Comments
China

Thailand’s poorest suffer from unemployment, food shortage as virus shrivels economy

Months have gone by since the Noidee family have been shuffling around their tiny slum home which is too small to stand up in, sharing donated noodles with their sons and worrying about bills, as the coronavirus pushes Thailand's poor deeper into penury.The wood and breeze-block hut which is their home stands in the heart of a Bangkok commercial district festooned with five-star hotels and upmarket restaurants.Thanapat Noidee and his wife Papassorn share the small space in the shadow of the nearby high-rise developments with their children Woraphat and Kittipat, aged six and seven respectively.Under the 1.2-metre-high (four feet) ceiling, the adults have to kneel to move around the single room which is the bedroom, living room and dining area.Downstairs, a tap provides a shower and a flat ...
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Singapore secured about S$13 billion in investment commitments amid COVID-19 outbreak
30May By Joe RodriguezNo Comments
China, Singapore, USA

Singapore secured about S$13 billion in investment commitments amid COVID-19 outbreak

Singapore's Trade and Industry Minister Chan Chun Sing on Saturday said that despite the COVID-19 outbreak, the Economic Development Board (EDB) has in the first four months of this year secured about S$13 billion in investment commitments for the “next few years”.“These investments, in sectors including electronics and infocomm, will generate a few thousand jobs for workers in Singapore in the coming years, Chan explained.Companies such as chipmaker Micron and life sciences firm Thermo Fisher Scientific are adding jobs, he said.This “very good performance” means Singapore has exceeded the S$8 billion to S$10 billion which had been projected for the whole of 2020.Chipmaker Micron aims to add 1,500 jobs in Singapore over the next few years, while Thermo Fisher Scientific is increasing hirin...
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China to restrict expansion of solar equipment producers
29May By Joe RodriguezNo Comments
China, Market

China to restrict expansion of solar equipment producers

[Asia] China to restrict expansion of solar equipment producersChina’s industrial ministry on Friday said that to tackle overcapacity in the industry in the face of falling domestic installations, it intends to impose restrictions on expansion of solar equipment production.Surging manufacturing capacity helped to spark grid price parity, where electricity from solar and coal are priced the same, but also led to a severe supply glut in the Chinese market and encouraged producers to dump cheap Chinese products abroad."(We will) strictly control the solar equipment manufacturing projects whose sole purpose is to expand capacity," the Ministry of Industry and Information Technology (MIIT) said in a draft plan.China, the world's biggest manufacturer of photovoltaic products, had silicon wafer p...
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Should adopt working from home as a default option: Ministry of Manpower
29May By Joe RodriguezNo Comments
China, Singapore

Should adopt working from home as a default option: Ministry of Manpower

Singapore’s Ministry of Manpower (MoM) on Friday said that post June 1, when the circuit breaker ends, all companies - including those resuming operations in the first two phases of the economy's reopening - should adopt working from home as a default option.“This means that employees who have been working from home must continue to do so, and should go to the office only where there is no alternative,” the Ministry said.It further warned that routine checks will be conducted to ensure that this is being done, and “businesses that do not ensure that employees work from home where possible, or whose workers do not adhere to safe management measures, may have to close their workplaces”.To reduce the risk of Covid-19 transmission in the community, employees who must work from office and those...
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Hong Kong legislation: China’s rich skirting ‘the financial hub’ to seek asset safety elsewhere
29May By Joe RodriguezNo Comments
China, Singapore

Hong Kong legislation: China’s rich skirting ‘the financial hub’ to seek asset safety elsewhere

Wealthy Chinese are expected to park fewer funds in Hong Kong on worries that Beijing's proposed national security law for the city could allow mainland authorities to track and seize their wealth, bankers and different business sources.More than half of Hong Kong's estimated private wealth of over US$1 trillion is from mainland individuals who have parked money there, according to bankers.The city has benefited from its proximity to China and separate legal system, but there are now worries about it losing its edge as a global financial centre due to capital and talent flight.Interviews with half a dozen bankers and headhunters have revealed that some Chinese clients are looking for other hubs as their main offshore wealth base with Singapore, Switzerland and London high on the list.One C...
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COVID-19 impact: Public transport in Singapore might get expensive
29May By Joe RodriguezNo Comments
China, Singapore

COVID-19 impact: Public transport in Singapore might get expensive

It could be more expensive to take the bus or train in future if telecommuting becomes the norm in the long term, even after the COVID-19 pandemic dies down, says experts. “Lower ridership means a drop in fare revenues for operators. They may eventually have to adjust fares or rely on more government subsidies to ensure that public transport continues running,” they said.The issue of costs and funding would also “depend critically” on how long safe distancing measures would be implemented on buses and trains, said Associate Professor Theseira, who heads the Singapore University of Social Science’s master of urban transport management programme.“What is affecting financing is safe distancing, because it forces us to operate a full schedule of services but with very low ridership per service...
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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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