World

Nawaz Sharif: We are to blame for Pakistan’s economic predicament, not the US or India.
20Dec By Mike TrudellNo Comments
Asia, USA, World

Nawaz Sharif: We are to blame for Pakistan’s economic predicament, not the US or India.

Pakistan’s former Prime Minister Nawaz Sharif on Tuesday said neither India nor the US were behind the cash-strapped country's miseries but "we shot ourselves in our own foot", indirectly referring to the powerful military establishment for its woes. During a conversation with Pakistan Muslim League-Nawaz (PML-N) ticket aspirants, the party supremo, who is eying to become Prime Minister for a record fourth time, pointed out that he was ousted from power three times, in 1993, 1999 and 2017. "Today, where Pakistan has reached (in terms of the state of the economy), this is not done by India, the US, or even Afghanistan. In fact, we shot ourselves in our own foot… they (a reference to the military) imposed a selected (government) on this nation by rigging the 2018 polls that led to the...
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Bombs to bustling beaches: Following a protracted turmoil, Sri Lanka experiences a boom in tourist
19Dec By Mike TrudellNo Comments
World

Bombs to bustling beaches: Following a protracted turmoil, Sri Lanka experiences a boom in tourist

Hotel attacks, COVID-19 and an unmatched economic crisis devastated Sri Lanka’s feted tourism. Now, visitors are returning amid a promotion campaign. But industry insiders say more is needed. Devmith Kaggodarachchi’s beachfront hotel in the southwestern coastal town of Hikkaduwa, a tourist hotspot 136km (85 miles) from the capital Colombo, is nearing full capacity. The three-star hotel, with air-conditioned rooms and private balconies looking into the Indian Ocean, is busy serving tourists visiting for the Christmas season. That is not how it’s been for Sri Lanka’s tourism industry over the past four years. Tourist arrivals dropped drastically in 2019 after bombings in three luxury hotels and three churches on Easter killed more than 250 people. The COVID-19 pandemic hit before S...
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In Sri Lanka, political reality and economic need clash.
18Dec By Michael SmithNo Comments
World

In Sri Lanka, political reality and economic need clash.

When crowds of irate Sri Lankans stormed the presidential palace in July 2022 demanding the ouster of former president Gotabaya Rajapaksa, somebody like Ranil Wickremasinghe likely was not the replacement president they had in mind. Wickremasinghe, appointed by parliament in controversial circumstances after Rajapaksa resigned and fled the country, combined a total lack of an electoral mandate with widely known ties to the discredited Rajapaksa political machine. As Neil De Votta wrote at that time, the voters ‘view [Wickremasinghe] as a Rajapaksa stooge’, under whose leadership former president Rajapaksa would return to Sri Lanka to ‘enjoy a high security retirement’. That prediction was quickly vindicated, with Rajapaksa returning to Colombo in September 2022, his only legal censu...
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In uncertain economic times, China’s young compete for solid government positions.
16Dec By Brian ThompsonNo Comments
China, World

In uncertain economic times, China’s young compete for solid government positions.

The number of candidates taking China’s civil service exam reaches a record high as graduates seek secure jobs. But only a lucky few will land employment in the government. A good result on China’s annual national civil service exam is a requirement for any Chinese candidate who wants to be considered for the tens of thousands of vacant civil service jobs that the government seeks to fill every year. When 22-year-old recent graduate Du Xin sat down for the exam in December last year at a test centre in the city of Shijiazhuang in China’s Hebei province, she had been studying vigorously for six months. Some applicants even hire tutors to prepare them for the exam. Candidates are tested broadly on their general knowledge and analytical skills while in more recent years they have...
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Election timetable for February 8 polls released by Pakistan’s electoral board after ruling by Supreme Court
16Dec By Michael SmithNo Comments
Asia, World

Election timetable for February 8 polls released by Pakistan’s electoral board after ruling by Supreme Court

The schedule for Pakistan’s general elections on February 8 has been issued, hours after the Supreme Court quashed a lower court’s decision which could have delayed the much-awaited polls. The election schedule was issued on Friday night by the Election Commission of Pakistan (ECP), within hours after the Supreme Court quashed a decision by the Lahore High Court (LHC) to suspend the appointment of officials from the bureaucracy to oversee the elections in defiance of the apex court’s orders. The LHC’s verdict was issued on a petition filed by jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) — the same party that had called for timely polls in a plea filed in the Supreme Court. Due to the LHC’s order, Chief Justice Qazi Faez Isa and Chief Election Commissio...
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Aiming for a rebound in 2024, China promises to increase domestic demand.
12Dec By Joe RodriguezNo Comments
China, World

Aiming for a rebound in 2024, China promises to increase domestic demand.

China’s leaders pledged to continue proactive fiscal policies and prudent monetary policies.Policy language stresses on stability and “moderately strengthening” fiscal policy are similar to a Politburo statement last Friday.China’s leaders commit to nine-point plan to revive the economy with a focus on high-quality development, including measures to boost domestic demand and tackle the spiraling real estate crisis in the world’s second-largest economy. China’s leaders vowed to boost domestic demand, prioritize the development of strategic sectors and tackle the country’s real estate crisis, following a key meeting that laid out economic priorities for the new year. Under a new slogan pledging to achieve stability through economic progress, Chinese leaders said it’s necessary to over...
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China instructs state-run businesses to monitor their finances as risk becomes a buzzword in the economy.
6Dec By Joe RodriguezNo Comments
China, World

China instructs state-run businesses to monitor their finances as risk becomes a buzzword in the economy.

China’s state assets supervisor has warned government firms to be mindful of financial risk as smaller banks, property firms report heavy debt loads Cautionary words show concerns over financial health not limited to institutions more local in scope China’s state assets watchdog has identified four areas within enterprises run by the central government worthy of careful monitoring – trust companies, finance subsidiaries, private equity and commercial factoring – indicating a tendency towards risk control running deep throughout the country’s economy. Including state-owned industrial giants in a call for mitigation of systemic shortfalls shows the uncertainty generated by solvency concerns over local government financing vehicles, property firms and smaller banks is not strictly...
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China received a “C” on its most recent economic data.
1Dec By Michael SmithNo Comments
China, World

China received a “C” on its most recent economic data.

The latest Chinese economic data was underwhelming, so the government may need to stay late to work on a better solution. What does this mean? China’s economy is used to making the world jealous: the country overtook Italy, France, the UK, Germany and Japan’s economies between 2000 and 2010, and it’s held the silver spot behind the US ever since. So it’s understandable that after building up quite the reputation, the Chinese government is less than delighted about the economy’s current pause. November’s data showed that the manufacturing sector was even quieter than the month before, as tentative shoppers – conscious of the economy’s shaky ground – held back from ordering anything they didn’t actually need. And with the services sector also clocking in lower...
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India’s GDP is rising faster than anticipated and is still the fastest-growing major economy.
1Dec By Mike TrudellNo Comments
Asia, World

India’s GDP is rising faster than anticipated and is still the fastest-growing major economy.

India's economy outpaced analysts' predictions, registering robust growth of 7.6 per cent in the three months to September compared to a year ago, according to government data released on Thursday. The figure surpassed all estimates in a Bloomberg survey of economists and exceeded the Reserve Bank of India's projection of 6.5 per cent. Despite challenges like surging inflation and multiple interest rate hikes by the RBI, India retains its position as the fastest-growing major economy globally. The growth is attributed to factors such as strong manufacturing performance, increased consumption, and the Indian government's heightened spending ahead of upcoming elections. Bloomberg cited Madhavi Arora, an economist with Emkay Financial Services, who highlighted the factors driving In...
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According to government figures, the Indian economy grew by 7.6% during the July–September quarter.
30Nov By Mike TrudellNo Comments
Asia, World

According to government figures, the Indian economy grew by 7.6% during the July–September quarter.

India's economy grew at a much faster pace than expected in the July-September quarter, helped by government spending and manufacturing. Asia's third-largest economy expanded 7.6 per cent in the September quarter, much faster than the 6.8 per cent forecast in a Reuters poll of economists and the Reserve Bank of India's estimate of 6.5 per cent. COMMENTARY: UPASNA BHARDWAJ, CHIEF ECONOMIST, KOTAK MAHINDRA BANK "The sharp upside surprise to the second-quarter GDP figures is a welcome sign, especially as it comes in the backdrop of a broad-based pickup across most non-agricultural sectors." "We, however, expect the second-half growth to moderate. Having said that, the full year GDP numbers have got a big fillip after today's figures."
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