China

Iraq confirms full compliance with OPEC crude oil production cuts
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...
Philippines’ Duterte threatens to kill drug dealers after big bust
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...
COVID-19 outbreak: Leaked document contradicts China’s official stand on Wuhan wet market
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...
OCBC to cut salary credit bonus interest on 360 account from July 1
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...
China approves $20 billion petrochemical complex in Shandong oil hub
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...
Asia’s factory pain worsens as China’s recovery fails to lift demand
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...
2 in 3 working Singaporeans do not have enough savings to last more than 6 months: OCBC survey
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 ...
Thailand’s poorest suffer from unemployment, food shortage as virus shrivels economy
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 ...
Singapore secured about S$13 billion in investment commitments amid COVID-19 outbreak
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...
China to restrict expansion of solar equipment producers
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...