China

​ 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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Trump administration blacklists dozens of Chinese entities over human rights, military allegations
20Jun By Desk TeamNo Comments
China

Trump administration blacklists dozens of Chinese entities over human rights, military allegations

The United States Commerce Department on Saturday said that it would add as many as 33 Chinese firms and institutions to an economic blacklist for aiding Beijing spy on China’s Muslim minority groups or for their alleged ties to China's military.The blacklisting came as Communist Party rulers in Beijing on Friday unveiled details of a plan to impose national security laws on Hong Kong.The Trump Administration named nine entities for complicity in alleged human rights violations in the Xinjiang Uighur Autonomous Region in western China.The list included seven companies that assist Beijing in high-technology surveillance in the region, the Commerce Department said in a statement.Separately, the Department targeted 24 Chinese commercial and government entities based in China, Hong Kong, and t...
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Singapore needs a certain proportion of foreign workers, say observers
9Jun mmBy Joe RodriguezNo Comments
China

Singapore needs a certain proportion of foreign workers, say observers

About 90% of Contractor PQ Builders team that does ground construction work are made up of foreigners. The Singaporeans who are part of the team are in supervisory roles.“Bringing in foreign workers is not as cheap as people think”, Peh Ke-Pin owner of the company said.A construction worker typically earns about S$800 a month in basic pay, but each worker costs at least double that.“It’s not that much more expensive to hire a local,” Peh said adding that he is willing to pay between S$2,000 to S$3,000 for a local, but there are still no takers when he puts out the job advertisements.This may be due to the current notion of what construction work entails.Some Singaporeans have said that with higher pay and career advancement, they might consider working in the construction industry, but the...
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Vietnam ratifies free trade deal with European Union
8Jun mmBy Joe RodriguezNo Comments
China

Vietnam ratifies free trade deal with European Union

Vietnam ratified a free trade agreement with the European Union on Monday that will cut or eliminate 99% of tariffs on goods traded between the Southeast Asian country and the bloc, and provide Vietnam with a much-needed post coronavirus pandemic boost.Deputies in the National Assembly voted by over 94% in favour of the European Union Vietnam Free Trade Agreement (EVFTA).The EVFTA, expected to take effect in July, is the European Union's second deal with a member of the Association of Southeast Asian nations (Asean) after Singapore, and one of few with a developing country.Vietnam will have a transition period of up to 10 years for some imports, such as cars.It will open up Vietnam's services, including post, banking and shipping and public procurement markets, align some standards and pro...
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Iraq confirms full compliance with OPEC crude oil production cuts
7Jun mmBy Joe RodriguezNo Comments
China

Iraq confirms full compliance with OPEC crude oil production cuts

The Iraqi Ministry of Oil on Saturday reconfirmed its full commitment to the Organisation of Petroleum Exporting Countries (OPEC) crude oil production cuts, saying that all member states should stand unified to revive the oil market.“Iraq reconfirms its full adherence to the agreement out of a firm belief that all member states of the Organisation of Petroleum Exporting Countries (OPEC) and other oil producers should yield to a unified stance in order to revive the oil market, through finding effective solutions to restore its stability and balance,” Oil Ministry Spokesman Assem Jihad said.“Iraq believes in working with a spirit of solidarity with other oil-producing countries in order to restore stability and balance to global oil markets,” he added.Jihad further expressed that Iraq never...
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Philippines’ Duterte threatens to kill drug dealers after big bust
5Jun mmBy Joe RodriguezNo Comments
China

Philippines’ Duterte threatens to kill drug dealers after big bust

Philippine President Rodrigo Duterte on Friday threatened to “kill” drug dealers after police seized 756kg of methamphetamines."If you destroy my country distributing 5.1 billion pesos worth of shabu... I will kill you," Duterte said in recorded address, referring to the drugs.The crystal methamphetamine, with a Philippine market value at 5.1 billion pesos (S$142.71 million), was one of the biggest seizures since Duterte unleashed his war on drugs.He did not say where the drugs were believed to have come from but said the Philippines was a “transshipment centre for Mexican drugs gangsters”.Duterte also hurled insults at human rights groups for criticizing his anti-narcotics campaign.In a report released on Thursday, the United Nations have said that tens of thousands of people in the Phili...
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COVID-19 outbreak: Leaked document contradicts China’s official stand on Wuhan wet market
5Jun mmBy Joe RodriguezNo Comments
China

COVID-19 outbreak: Leaked document contradicts China’s official stand on Wuhan wet market

A recent investigative report on Wednesday claimed that novel coronavirus did not originate from China’s Wuhan market, saying that the earliest documented patient was not connected to the market.As per the report, scientists still haven’t determined the virus’s origin. U.S. officials, citing intelligence, said the virus was likely naturally occurring, but may have leaked from a virology research lab in Wuhan.According to latest estimates by Johns Hopkins University, more than 6.5 million cases of Covid-19 have been reported worldwide, including at least 388,000 deaths. In US alone, more than 1.8 million coronavirus cases have been recorded, including at least 108,000 deaths.Chinese authorities have repeatedly refused offers of assistance from the United States and other countries in resear...
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OCBC to cut salary credit bonus interest on 360 account from July 1
3Jun mmBy Joe RodriguezNo Comments
China

OCBC to cut salary credit bonus interest on 360 account from July 1

Amid a weakened interest rate environment and a challenging macro climate, Oversea-Chinese Banking Corporation (OCBC) Bank on Monday announced that it will reduce the salary credit bonus interest for customers on the OCBC 360 savings account from July 1.For balances up to $35,000, the salary credit bonus interest will be halved to 0.6 per cent, down from the current 1.2 per cent. Balances between $35,000 and $70,000 will earn 1.2 per cent interest, down from 2.4 per cent.The base interest is calculated at the end of each day, based on the daily balance and credited to the 360 account at the end of the month.The bank will also stop offering the credit card spend bonus interest - currently at 0.2 per cent for the first $35,000 and 0.4 per cent for the next $35,000 - on the 360 account from J...
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China approves $20 billion petrochemical complex in Shandong oil hub
3Jun mmBy 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 mmBy 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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