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Why France is a welcome security partner for Japan
Asia, China, Market, USA, World

Why France is a welcome security partner for Japan

This past week, French forces joined the Japan Self-Defense Force, Australian Defence Force and U.S. military for a multilateral amphibious exercise in Camp Ainoura, Sasebo. This marks the first time French ground forces have trained on Japanese soil in the postwar era. This training comes on the heels of two French naval vessels that made port in Kochi last month, en route to a joint maritime exercise with members of the so-called “Quad” (Australia, India, Japan and the United States). These activities are representative of the steps Japan is taking to diversify its portfolio of security partners, but many outside observers may now be asking the blunt but obvious question: Why France? Certainly, partnering with countries such as Australia and India makes sense given the centrality of J...
China’s exports up 28%, imports hit decade-high
Asia, China, Market, World

China’s exports up 28%, imports hit decade-high

BEIJING: China's exports rose 27.9 per cent in May while imports grew at the fastest pace in more than a decade as the global economy powers back from the COVID-19 crisis, official data showed on Monday (Jun 7). Demand for China's goods has bounced after economically painful lockdowns last year due to the pandemic, and as vaccines are rolled out across much of the world. The figures are also boosted by last year's low base of comparison when the coronavirus was spreading rapidly. Exports from the world's second-largest economy posted strong growth but came in lower than expectations of 32 per cent. "To be honest, that is a cracking number by anybody's standard and shows that global demand remains robust," said OANDA's Jeffrey Halley. In May, import growth hit its highest rate sinc...
Searches for crypto exchanges currently blocked in China
Asia, China, Market

Searches for crypto exchanges currently blocked in China

The Chinese government has possibly censored the internt as users are unable to search for popular crypto exchanges.Keywords searches for online trading platforms including Binance, OKEx and Huobi on popular internet services such as Baidu, Sogo, Zhihu, or Weibo are yielding no results. Other media outlets including CoinDesk first reported the possible blockage.The Chinese government has recently renewed a regulatory crackdown on crypto mining and trading, helping send Bitcoin down about 45% since its peak in April.The exchanges that appear to be impacted are some of the largest in the digital-asset world, with Asia-based users being among the earliest adopters. Binance is the world’s biggest crypto platform, with $30 billion in trading volume in the last 24 hours, according to CoinMarket...
Oil steadies after sell-off as US stockpiles rise less than expected
Asia, Market, World

Oil steadies after sell-off as US stockpiles rise less than expected

Oil prices fell on Thursday after a slump in the previous session, as rising U.S. stockpiles added to concerns about a hit to demand from surging coronavirus infections in Asia and possible U.S. rate hikes. TOKYO -Oil prices steadied on Thursday after a two-day slump, reflecting the world's mixed economic recovery from the pandemic, with U.S. demand expected to keep rising, while a second coronavirus wave raging in India has led to more curbs on movement. Brent crude was up 18 cents, or 0.3per cent, at US$66.84 a barrel by 0527 GMT, having fallen 3per cent on Wednesday. U.S. oil gained 37 cents, or 0.6per cent, to US$63.73 a barrel, after a 3.3per cent drop in the previous session. "U.S. gasoline demand is holding up well ahead of the driving season," ANZ Research said in a note. Al...
Stocks set record highs as bond yields slide
Asia, Market, World

Stocks set record highs as bond yields slide

U.S. bond yields fell to three month lows and a broad gauge of Asian shares rose on Friday as investors saw enough one-off factors in U.S. consumer price data to back the Federal Reserve's conviction that rising inflation will be transitory. NEW YORK/LONDON: European shares, the S&P 500 and an index of global stock performance scaled new peaks while yields on U.S., Japanese and European government debt fell on Friday as investors embraced the easy monetary policies of major central banks. Investor sentiment rose in Europe after the European Central Bank raised its growth and inflation projections on Thursday, and also renewed a pledge to keep stimulus flowing. The pan-regional STOXX Europe 600 index rose 0.7per cent to a record close, posting its sixth straight session of gains and ...
Women’s sport ready for take off, says Ruggiero
Market, World

Women’s sport ready for take off, says Ruggiero

LONDON: Those looking to invest in sport should bet on women's leagues, with post-pandemic interest presenting new opportunities, says Angela Ruggiero the former International Olympic Committee executive board member and co-founder of the Sports Innovation Lab. While established men's leagues with their traditional revenue streams have nibbled at industry innovations, the newcomers have embraced technology and anything else that can help them gain a toe hold in a rapidly evolving marketplace. "I liken women's sports to startups; they're here but their growth is exponential," explained Ruggiero, during Foley Sports and Entertainment Group's "The Comeback; Sports in a Worldwide Pandemic" seminar on Wednesday. "The market has finally caught up, society in some ways is demanding it and ...
Dollar falls, equities gain as Fed calms inflation worries
Asia, Market, World

Dollar falls, equities gain as Fed calms inflation worries

World equity markets made gains while the U.S. dollar hit new lows against major currencies on Tuesday after Federal Reserve officials reaffirmed a dovish monetary policy stance that eased inflation concerns. NEW YORK: World equity markets made gains while the U.S. dollar hit new lows against major currencies on Tuesday after Federal Reserve officials reaffirmed a dovish monetary policy stance that eased inflation concerns. Investors weighed the Fed's soothing words that put to rest tapering worries for the time being and helped to drive the dollar to four-and-a-half-month lows. The benchmark 10-year Treasury note also hit two-week lows and was at 1.56per cent in afternoon trading, down from 1.608per cent late on Monday. The yield curve flattened for a fourth straight session, as pa...
What Beijing’s new crackdown means for crypto in China
China, Market, World

What Beijing’s new crackdown means for crypto in China

related media assets (image or videos) available. Click to see the gallery. 3 related media assets (image or videos) available. Click to see the gallery. SHANGHAI :Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrencies, marking a fresh crackdown on digital money. SHANGHAI -Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrencies, marking a fresh crackdown on digital money. Compared with a previous ban issued in 2017, the new rules greatly expanded the scope of prohibited services, and judged that "virtual currencies are not supported by any real value". WHAT ARE THE NEW MEASURES? Three fin...
Want to buy a ship? Oil tanker that received stolen fuel in Shell Bukom heist up for police auction
Asia, Market, USA, World

Want to buy a ship? Oil tanker that received stolen fuel in Shell Bukom heist up for police auction

SINGAPORE: Over the years, the police have auctioned off various items seized from crimes: Clothes, cameras, computers and, once in a while, a supercar or two. But the latest article up for sale is quite different – it is more than 100m long, weighs more than 3 million kg and, according to court documents, is valued at US$4.5 million (S$5.9 million). The item in question is the chemical oil tanker Prime South, which the police seized in 2018 after it was used to receive stolen marine gas oil worth an estimated US$7.1 million from Shell's Pulau Bukom refinery. The pilfering was part of the largest marine fuel heist from Shell's biggest petrochemical production and export centre in the Asia-Pacific. Not many items seized by the police and auctioned off are valued in the tens ...
In meeting today’s great challenges: Think ‘moonshot’
Asia, Market, World

In meeting today’s great challenges: Think ‘moonshot’

Moonshots are in. I’m not referring to space travel, although the regular launches and landings of space probes suggest that the conventional use of the word is apropos. Here, “moonshots” are grand, government-backed missions that unite the considerable powers of the state, its scientists and its entrepreneurs to accomplish a single goal. There are many potential moonshots, from creating a vaccine for COVID-19 to solving global warming. What differentiates them from other problems is that they address extraordinary, if not existential, challenges. The pursuit of moonshots is forcing a reassessment among governments that normally — wrongly in many cases — view industrial policy as an aberration, a dangerous indulgence that is inefficient at best and corrupt at worst. China’s impressive pe...