Market

Asia markets trade mixed as China first quarter GDP beats expectations
20Apr By Joe RodriguezNo Comments
Asia, Market

Asia markets trade mixed as China first quarter GDP beats expectations

Asia-Pacific markets were mixed as China’s economy grew more than expected at 4.5% year-on-year, beating estimates to see growth of 4% in a Reuters poll. The onshore Chinese yuan slightly strengthened following the report. The Shanghai Composite reversed earlier losses and closed 0.23% up, while the Shenzhen Component climbed 0.04%. In Hong Kong, the Hang Seng Indexdeclined 0.77% as consumer cyclicals and technology dragged down the index. Australia’s S&P/ASX 200fell 0.29% to end the day at 7,360.2, while South Korea’s Kospi fell 0.19% to close at 2,571.09 and the Kosdaq ended the day marginally down at 909.02. Japanese markets bucked the trend in the region, with the Nikkei 225closing up 0.51% at 28,658.83, posting its eight straight day of gains and the Topix gaining 0.69% ...
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Asian Stocks Fall, Nikkei Drops Amid Fears of Global Recession
12Apr By Joe RodriguezNo Comments
Market

Asian Stocks Fall, Nikkei Drops Amid Fears of Global Recession

On Wednesday, investors were uneasy due to negative news on the US labor market. The main stock indices in Asia were under stress on Wednesday as investors fretted about the future for the world and the possibility of a recession as the US labor market showed indications of weakening. Bonds held onto gains, the dollar nursed losses, and stocks struggled to advance as investors became concerned about the US economy's prospects in response to the news. Holidays in Hong Kong and China also slowed trading around the region, which contributed to the MSCI Asia-Pacific index excluding Japan doing slightly better than flat. However, the rising yen and concerns about a US recession caused its car and energy sectors to decline, sending Japan's Nikkei share average plunging to its first ...
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Five indicators that the world economy is about to enter a decline
9Mar By Joe RodriguezNo Comments
Market

Five indicators that the world economy is about to enter a decline

The UN has warned of an impending global recession worse than the 2008 financial crisis and COVID-19. Rising inflation is leading to a hike in interest rates, resulting in companies freezing hiring and planning to downsize. Economists have provided five key indicators for the current recession predictions, including a surging US dollar, a faltering US economy, Corporate America tightening purse strings, a bear market in Wall Street, and war and inflation in the UK. The general consensus is that the global recession will occur in 2023, but the severity and duration are unknown.
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Japan and the Netherlands join US with tough chip controls on China
4Feb By TheGreenZoneNo Comments
China, Market

Japan and the Netherlands join US with tough chip controls on China

According to Japan-based nonprofit cooperative news agency Kyodo News, Japan and the Netherlands have decided to join the United States in restricting the shipments of high-end semiconductor technology to China.  The agreement was reached, according to Kyodo News, after the United States disclosed extensive export restrictions on some cutting-edge processors that China might use to train artificial intelligence systems and power cutting-edge military and surveillance applications. The Biden administration in October imposed export controls to limit China's ability to access advanced chips, which it says can be used to make weapons, commit human rights abuses and improve the speed and accuracy of its military logistics. It urged allies like Japan and the Netherlands to follow su...
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Commentary: The merits of Singapore’s new carbon trading marketplace
18Jun By Desk TeamNo Comments
Asia, Market, World

Commentary: The merits of Singapore’s new carbon trading marketplace

Climate Impact X is a welcome addition to the country’s climate action initiatives that provide new economic opportunities, help price discovery and can aid future compliance, say energy researchers. SINGAPORE: Singapore took another big step in advancing the green agenda last month. The country on May 20 announced plans to position itself as a hub for carbon services. Climate Impact X (CIX) is a joint venture between the Development Bank of Singapore, Singapore Exchange, Standard Chartered Bank and Temasek Holdings. First envisioned by the Emerging Stronger Taskforce’s Alliance for Action on Sustainability, CIX will provide a marketplace for trading carbon credits commencing in late 2021. Singapore is well-suited to hosting a carbon marketplace. It is an ideal base for multinatio...
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Samsung boss could be set free by one of his biggest critics, Moon Jae-in
18Jun By Desk TeamNo Comments
Market, World

Samsung boss could be set free by one of his biggest critics, Moon Jae-in

For most of Moon Jae-in’s presidency, the prosecution of Samsung Group’s de facto leader was the clearest evidence he could cite to show South Korea was rolling back preferential treatment for the country’s powerful tycoon class. Now, he’s considering whether to free Jay Y. Lee from jail in a decision that could shape his final year in office. The dramatic reversal reflects South Korea’s claustrophobic politics, where government leaders and big business are so dependent on each other that favoritism can trump the law. Polls show almost seven in 10 South Koreans now support a pardon for the vice chairman of Samsung Electronics Co. as the country tries to navigate an end to the coronavirus pandemic and a crisis in the crucial semiconductor industry. Lee, 52, was convicted of using bribery ...
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Asia’s factories sustain expansion, supply chain woes cloud outlook
18Jun By Desk TeamNo Comments
Asia, China, Market, World

Asia’s factories sustain expansion, supply chain woes cloud outlook

Asia's factory activity continued to expand in May thanks to an ongoing recovery in global demand, surveys showed on Tuesday, though rising raw material costs and supply chain constraints clouded the outlook. TOKYO: Asia's factory activity continued to expand in May thanks to an ongoing recovery in global demand, surveys showed on Tuesday, though rising raw material costs and supply chain constraints clouded the outlook. A spike in COVID-19 infections in countries like Taiwan and Vietnam could disrupt semiconductor output and supply chains, posing a headache for manufacturers and weighing on Asia's export-driven recovery, analysts say. Japan and South Korea saw an expansion in factory activity moderate in May, purchasing managers' indexes (PMI) showed on Tuesday, underscoring the fr...
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HK’s Next Digital shares soar as trading resumes after Jimmy Lai assets frozen
18Jun By Desk TeamNo Comments
China, Market, World

HK’s Next Digital shares soar as trading resumes after Jimmy Lai assets frozen

Shares of tycoon Jimmy Lai's Next Digital Ltd were set to surge 142per cent on resumption of trade on Thursday, a week after authorities froze assets of its jailed owner under a sweeping national security law imposed on the financial hub by Beijing. HONG KONG -Shares in jailed tycoon Jimmy Lai's Next Digital Ltd soared on Thursday, the first day of trading after a suspension of longer than a week following a freeze in the pro-democracy activist's assets under the national security law. In a late Wednesday statement, the media publisher said it had enough working capital for at least 18 months from April 1 without additional funding from Lai, its controlling shareholder. Shares opened 141.9per cent higher at HKUS$0.45, the highest since December 2020, when Lai was charged under the s...
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Commentary: Targeted travel restrictions needed but careful not to undermine Changi Airport’s connectivity
18Jun By Desk TeamNo Comments
Asia, China, Market, World

Commentary: Targeted travel restrictions needed but careful not to undermine Changi Airport’s connectivity

A handful of netizens have been calling for the aviation hub to close its doors to the world after a COVID-19 cluster there but IPS’ Faizal Yahya says be careful what you ask for. SINGAPORE: The recent wave of infections in Singapore, which included a COVID-19 cluster at Changi Airport last month, has prompted some calls for the suspension of passenger travel at the airport altogether. While many have called for an earlier tightening of restrictions of travel from certain places with surges in infections, which are reasonable, worryingly, there are some who have commented that Changi should also have been closed to inbound travelers to protect Singapore from bringing in COVID-19 cases into the country. “Can’t they just close the border for 14 days?” asked one. “How about a complet...
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Commentary: Why are the major G7 economies delaying a break with the fossil fuel industry?
18Jun By Desk TeamNo Comments
China, Market, World

Commentary: Why are the major G7 economies delaying a break with the fossil fuel industry?

As long as fossil fuels remain profitable, governments are in an awkward position, say business lecturers. CARDIFF, Wales: The climate crisis was a hot topic at the G7 summit in Cornwall. Yet while the leaders of the world’s richest countries agree in theory on the need to reach net zero emissions by 2050 at the latest, they remain faithful to a fossil fuel industry reluctant to substantively change its business model. A recent report by the International Energy Agency, a typically conservative advisory body, argued for an immediate ban on new fossil fuel projects. But investments by oil, gas and coal companies into finding new sources continue, as does industry lobbying to undermine regulation. The environment ministers of the G7 countries committed to end funding for new overseas...
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