World

During its visit to China for the Economic and Financial Dialogue, the UK looks for “common ground.”
12Jan mmBy Mike TrudellNo Comments
China, World

During its visit to China for the Economic and Financial Dialogue, the UK looks for “common ground.”

The UK’s Chancellor of the Exchequer, Rachel Reeves, arrived in China this weekend for the first UK-China Economic and Financial Dialogue (EFD) since 2019 in an effort to seek “common ground” on trade and investment with Beijing. According to the UK Treasury department, Reeves met with her counterpart, Vice Premier He Lifeng, on Saturday for a series of conversations around the support for safe trade and investment. It claims to have resulted in agreements worth GBP 600 million to the British economy as both sides agreed to deeper cooperation across areas such as financial services, trade, investment, and the climate to support secure growth. “By finding common ground on trade and investment while being candid about our differences and upholding national security as the first...
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The flames in Los Angeles are predicted to be the most expensive in US history, with damages of about $50 billion.
10Jan mmBy Mike TrudellNo Comments
USA, World

The flames in Los Angeles are predicted to be the most expensive in US history, with damages of about $50 billion.

The magnitude of these losses is likely to strain California's already fragile home-insurance market. The Los Angeles wildfires are expected to become the most costly in US history, with early damage estimates reaching nearly $50 billion, according to a The Wall Street Journal (WSJ) report. This figure, more than double the previous day’s estimate, includes over $20 billion in insured losses, with the potential for even higher costs if the fires continue to spread unchecked, said JPMorgan analyst Jimmy Bhullar.  Other projections, such as from ratings firm Morningstar DBRS, also place the financial impact among the nation’s most expensive disasters, with insured losses exceeding $8 billion. The final cost of insurance losses from the wildfires may vary significantly ...
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My Opinion: The Future of Singapore amid Uncertain Times
24Dec mmBy Walter ParezNo Comments
Singapore, World

My Opinion: The Future of Singapore amid Uncertain Times

This article first appeared in Forum, The Edge Malaysia Weekly on December 23, 2024 - December 29, 2024 Andy Gove, the long-serving CEO of Intel, wrote of how only the paranoid will survive. Such are the times we live in that his advice is probably a helpful starting point as we think about what Singapore will be like in coming years. No one should underestimate the enormity of the challenges the city state will face in the years to come. Some of the fundamental prerequisites for Singapore’s well-being will be at risk — such as a peaceful world and continued globalisation. But neither should we be fearful. After all, Singapore has faced down many challenges over the past 60 years of independence. Much will hinge on how we use our still formidable strengths to protect ourselves from ...
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The UN climate meeting may be brought to life by Asia’s energy shift.
24Dec mmBy Brian ThompsonNo Comments
Asia, World

The UN climate meeting may be brought to life by Asia’s energy shift.

The 2024 United Nations Climate Change Conference (COP29) left a bitter taste in the mouths of developing country negotiators. Many felt betrayed by what Indian negotiator Chandni Raina called an ‘optical illusion’ of climate finance to build on. The United States and the European Union were clearly and rightly in the spotlight. But Asia’s climate finance commitments haven’t been close to historical highs either. Whether it was due to conservative governments in South Korea and New Zealand, arguably misaligned financing schedules in Japan or a pending election in Australia, the region’s traditional financiers have largely struggled in 2024. South Korea’s currently embattled conservative government contributed US$300 million to the Green Climate Fund in 2023 but only US$10 million in...
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23Dec mmBy Walter ParezNo Comments
Asia, Market, World

Malaysia Leads Southeast Asia in Digital Investments

Malaysia retained its position as Southeast Asia’s top data center hub in 2024, attracting $23 billion in investments and solidifying its status as a leading digital hub, Knight Frank said Monday. The global property consultant, in its Data Centre Research Report 2024, noted Malaysia ranked first in the SEA-5 Data Centre Opportunity Index for the second straight year, with an annual take-up of 429 MW, surpassing regional peers. Strategic investments from tech giants like Microsoft, Amazon Web Services (AWS), Google, and Oracle drove the growth, contributing $23.3 billion. Malaysia hosts 54 operational data centers with a combined capacity of 504.8 MW, led by Johor in IT capacity and Klang Valley as a core market. Emerging hubs include Sarawak, Negeri Sembilan, and Kedah. Malay...
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Bangladesh inciting unrest to conceal a catastrophe
23Dec mmBy Brian ThompsonNo Comments
Asia, World

Bangladesh inciting unrest to conceal a catastrophe

Bangladesh’s economy is in a rapid nosedive, with over one million people becoming unemployed since August 5. Numerous commercial and industrial establishments are shutting down due to an acute liquidity crisis. This hampers entrepreneurs from opening Letters of Credit for importing essential raw materials and other items required for sustaining businesses. Meanwhile, dozens of ‘buying houses’ that coordinated the procurement of readymade garments from local factories for large buyers—mostly in the United States, Britain, and EU nations—have closed their offices. This is primarily driven by mob anarchy, rampant extortion, threats, intimidation, and a hostile environment that discourages foreign nationals, particularly Indians, from remaining in the country. Analysts warn Bangladesh ...
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An analyst predicts how Trump may affect the US economy.
23Dec mmBy Mike TrudellNo Comments
Market, USA, World

An analyst predicts how Trump may affect the US economy.

President-elect Donald Trump won a return to the White House in part by promising big changes in economic policy — more tax cuts, huge tariffs on imports, mass deportations of immigrants working in the United States illegally. In some ways, his victory marked a repudiation of President Joe Biden’s economic stewardship and a protest against inflation. It came despite low unemployment and steady growth under the Biden administration. What lies ahead for the economy under Trump? Paul Ashworth of Capital Economics spoke recently to The Associated Press. The interview has been edited for length and clarity. Q: What kind of economy is Trump inheriting?A: It is objectively a strong economy. But that doesn’t mean the man in the street agrees. If you look just at the growth numbers, they’...
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According to sources, India is considering a potential trade agreement with Trump.
20Dec mmBy Brian ThompsonNo Comments
Asia, World

According to sources, India is considering a potential trade agreement with Trump.

India is discussing a possible trade and investment deal with the United States, according to officials in New Delhi. The Modi government is looking to offer tariffs cuts on some farm and other goods imported mainly from the US in a bid to clinch a broader trade and investment deal once president-elect Donald Trump takes charge, according to a report by Reuters that cited government and industry sources. To tackle Trump’s threat of a “reciprocal tax” on Indian goods for high tariffs, some officials of the Indian commerce ministry are ready to consider cuts on products such as pork, a senior government source told Reuters. India currently slaps about a 45% import tariff on pork, which is mostly supplied by the US. Tariffs could also be reduced on high-end medical devices such as p...
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Closing Bell: IT, banks suffer the most, and pharmaceutical is the only exception as the Sensex drops 960 points and the Nifty closes at 23,950.
19Dec mmBy Walter ParezNo Comments
Market, World

Closing Bell: IT, banks suffer the most, and pharmaceutical is the only exception as the Sensex drops 960 points and the Nifty closes at 23,950.

Shrikant Chouhan, Head Equity Research, Kotak SecuritiesToday, the benchmark indices corrected sharply, with the Nifty ends 247 points lower and the Sensex down by 964 points. Among sectors, the Pharma and Healthcare indices rallied over 1 percent, while the IT, Defence, and financial indices shed over 1 percent. Technically, after a gap down, the market hovered within the range of 23,900/79,200 to 24,000/79,500 throughout the day. We believe that the short-term market sentiment remains on the weak side; however, due to temporary oversold conditions, we could see a quick pullback rally from the current levels. For traders, the key support zones are at 23,870/79,000 and the 200-day SMA (Simple Moving Average) or 23,825/78,800. If the index remains above these levels, we could see a q...
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Africa’s trade deficit with China continues to widen
15Dec mmBy Walter ParezNo Comments
China, World

Africa’s trade deficit with China continues to widen

African countries suffer from the trade deficit with China, which has continued to swell. In 2023, the exports from China were in surplus by USD 63 billion, while the trade deficit in 2022 was USD 49 billion. In 2021, the trade deficit was USD 39 billion. These figures showed the gap between the exports between China and Africa has increased at a high rate. Since China implemented the Belt Road Initiative, its trade with African countries has increased but it did not benefit the latter. In 2023, the overall trade grew by 1.5 percent year-on-year. However, African exports to China showed a decrease of 6.7 percent to USD 109 billion. On the other hand, Chinese exports to the continent grew by 7.5 percent USD 173 billion. China has taken full advantage of the African Continental Fr...
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