Market

COVID-19 brings three-decade economic boom to a sudden halt in Vietnam
5Sep By Desk TeamNo Comments
Market, Singapore, World

COVID-19 brings three-decade economic boom to a sudden halt in Vietnam

For the past three decades, Vietnam has known only good — or great — economic news. The nation’s consistent growth as an exporter, propelled by Communist leaders who began embracing market-oriented policies in the late 1980s, pushed many into the middle class. The coronavirus pandemic changed all that. With garment companies seeing orders slashed and other sectors hit with sudden export declines, Vietnam’s workers are enduring the downside of being tethered to the global economy. The economic slowdown in the U.S. and other markets Vietnam depends on for growth is being felt on the streets of Ho Chi Minh City and Hanoi, as well as in villages and tourist centers. Le Thi Hoa, who sells pineapple and mango slices outside Ho Chi Minh City’s Ben Thanh Market in the heart of the commercial hub...
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Commentary: Green offsets let polluting airlines off the hook
4Sep By Desk TeamNo Comments
Market, USA, World

Commentary: Green offsets let polluting airlines off the hook

Sustainability targets for airlines need to be based on real emissions cuts at their source, says an observer. BIRMINGHAM, England: The coronavirus pandemic has grounded thousands of aircraft, contributing to the largest-ever annual fall in carbon dioxide emissions. At some point though, the planes will soar again and with them, global emissions. Most airlines in the UK have committed to achieving net zero carbon emissions by 2050. From 2026, it will become mandatory for airlines worldwide to ensure that their annual emissions stay flat. But the UK aviation industry also plans to increase the number of passengers it serves by 70 per cent in the next three decades. To pull this off, airlines will be planning to fly planes at or near full passenger capacity and use cleaner burning fu...
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‘Nothing to worry about’: Thailand seeks to ease fears of COVID-19 return
4Sep By Desk TeamNo Comments
Market, World

‘Nothing to worry about’: Thailand seeks to ease fears of COVID-19 return

BANGKOK: Thailand sought to allay fears of a second wave of coronavirus infections on Thursday (Aug 20), after a woman tested positive having cleared quarantine nearly two months ago on returning from overseas. Thailand has gone 87 days without domestic transmission but news that a woman tested positive for COVID-19 in Bangkok on Tuesday, having returned from abroad on Jun 24, has triggered concern of a fresh outbreak in a country so far spared the level of contagion elsewhere. Authorities said the woman was unlikely to be contagious and may have caught the virus in the United Arab Emirates or her home province of Loei, bordering Laos. "She may have been infected in the past three months, probably in Dubai or Loei, but not Bangkok," Taweesin Wisanuyothin, spokesman for the governmen...
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Fed officials expect that coronavirus will ‘weigh heavily’ on the economy, minutes show
3Sep By Desk TeamNo Comments
Market, World

Fed officials expect that coronavirus will ‘weigh heavily’ on the economy, minutes show

Federal Open Market Committee members expressed concern at their latest meeting over the future of the economy, saying that the coronavirus likely would continue to stunt growth and potentially pose dangers to the financial system. At the July 28-29 session, the Federal Reserve's policymaking arm voted to keep short-term interest rates anchored near zero, citing an economy that was falling short of its pre-pandemic levels. Officials at the meeting "agreed that the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term," the meeting summary said. As Chairman Jerome Powell and Fed leaders have emphasized multiple times, the minutes noted a consensus on ...
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A stress-free guide to credit cards: How to use them responsibly
3Sep By Desk TeamNo Comments
Market, USA, World

A stress-free guide to credit cards: How to use them responsibly

There are a lot of perks that come with having a credit card, from the convenience of being able to pay for a purchase when you don't have cash to the chance to earn rewards on every dollar you spend. Having a credit card can also help you build your credit history, which is important if you want to one day apply for a mortgage or personal loan. While having a credit card can help you improve your credit score, it can also hurt it. It's essential to know how to use a credit card responsibly, spending within your means and paying off your balance in full and on time every month. Credit cards can come with high interest rates compared to other financial products like personal loans or student loans. And unlike installment loans, which have predictable monthly payments, you must keep track of...
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What if they had a tech war and nobody cared?
3Sep By Desk TeamNo Comments
China, Market, World

What if they had a tech war and nobody cared?

A pacifist meme from the Vietnam protest era asked what would happen if they gave a war and nobody came. The US is conducting a tech war, but equity markets don’t appear to care. Neither did the Chinese currency, which strengthened sharply overnight. Harsher-than-expected US sanctions against Chinese telecom manufacturers failed to ruffle A-Share and H-Share markets Tuesday, as the Shanghai Composite and the Hang Sheng Chinese Enterprises indices rose by 0.36% and 0.38%, respectively. One of Hong Kong’s best performers was the budget smartphone manufacturer Xiaomi, which is likely to gain market share in China due to Huawei’s inability to source top-of-the-line smartphone chips. The new US sanctions not only block Huawei from fabricating its own chip designs at Taiwanese foundries that u...
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Commentary: Singapore needs better public opinion polls to sharpen focus for national agenda
3Sep By Desk TeamNo Comments
China, Market, Singapore, World

Commentary: Singapore needs better public opinion polls to sharpen focus for national agenda

In a world of rapid seismic changes, we would need regular, published polls on public sentiments regarding policy matters to understand emerging gaps, says SUSS’ Leong Chan-Hoong. SINGAPORE: A new Cabinet was announced by Prime Minister Lee Hsien Loong on Saturday (Jul 25), with key ministries shored up with new faces from this election that would bring to bear their experience in public engagement and from the private sector. The new Cabinet has their job cut out for them. Singapore is now in the throes of a worldwide economic recession. COVID-19 has disrupted our strategic advantage in aviation, tourism and as a regional business hub. Gross domestic product (GDP) has contracted by 0.3 per cent year-on-year in the first quarter of 2020, while the second quarter saw a deeper dec...
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Don’t rely on a second stimulus check: How to manage your money during the coronavirus pandemic
2Sep By Desk TeamNo Comments
Market, World

Don’t rely on a second stimulus check: How to manage your money during the coronavirus pandemic

Millions of Americans who expected to receive a second stimulus check amid the continued economic fallout from the coronavirus pandemic may not see the $1,200 for some time, if ever. With negotiations ending in a standstill as Congress left for summer recess until early September, Americans likely won't receive any sort of stimulus money until October at the very earliest — and only if Congress and the White House can agree on a deal. The House and Senate have another big piece of legislation on their plate when they return: the September 30 deadline for deciding the federal budget for the next fiscal year. That doesn't leave a whole lot of time for coronavirus relief talks Whatever happens, it's not a great idea to count on receiving this windfall of cash. CNBC Select has rounded up some ...
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Targeted measures needed to help different types of companies, says Chan Chun Sing
2Sep By Desk TeamNo Comments
Market, Singapore, World

Targeted measures needed to help different types of companies, says Chan Chun Sing

SINGAPORE: Support measures must be “targeted” in order to help the different types of businesses survive the impact of the COVID-19 pandemic, said Trade and Industry Minister Chan Chun Sing on Thursday (Aug 13). Speaking during an interview on CNA’s Asia First, he said there are three different types of companies. The first type refers to those that continue to see a growing market despite the pandemic-fuelled downturn, such as those in the biopharma and precision engineering industries. The second category includes those in sectors such as retail, and food and beverage where demand has shrunk temporarily but will eventually recover. The third type of companies has been the hardest hit, according to Mr Chan, as “demand is not likely to come back in the short to medium term”. Thi...
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Jobless because of SARS, she built a thriving hostel. Now with COVID-19, it’s closing
1Sep By Desk TeamNo Comments
Market, Singapore, USA, World

Jobless because of SARS, she built a thriving hostel. Now with COVID-19, it’s closing

Last month, Viji Jagadeesh had only eight guests at Mitraa Inn, not even enough to cover the Internet bill. CNA Insider looks at how hostels like hers could face a wipe-out, in a series on micro SMEs beaten down or changed drastically by the coronavirus pandemic. SINGAPORE: During the severe acute respiratory syndrome (SARS) outbreak in 2003, Viji Jagadeesh lost her job when the accounting firm she was working in struggled with poor business. After being jobless for more than a year, she started a small outfit with 12 beds, offering short-term rental to budget travellers. Three years later, Viji opened hostel Mitraa Inn with 60 beds, riding the low-cost aviation boom which saw a spike in budget travellers in Singapore. Her business flourished and, over the years, became one of the ...
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