World

Japan’s current account surplus grew 50.3% in the first half of 2021 from a year earlier to ¥10.5 trillion ($95 billion), boosted by a remarkable improvement in exports from a slump caused by the coronavirus pandemic, government data showed Tuesday. Among key components, the goods trade balance marked a ¥2.3 trillion surplus, a turnaround from the previous year’s ¥973.5 billion deficit, as exports of cars, auto parts and other items rebounded in line with a strong recovery in the global economy from a pandemic-induced slump in early 2020. Also lifted by brisk shipments of semiconductor-producing equipment amid a global chip crunch, exports soared 22.2% to ¥39.2 trillion. Imports expanded 11.6% to ¥36.9 trillion on the back of higher materials prices such as nonferrous metals and iron or...

NEW DELHI: India has begun selling oil from its Strategic Petroleum Reserve (SPR) to state-run refiners as it implements a new policy to commercialise its federal storage by leasing out space, three sources familiar with the matter said. Reuters reported last month that India had changed its policy to allow the Indian Strategic Petroleum Reserves Ltd (ISPRL), which manages the federal oil inventories, to lease 30 per cent of its overall 37 million barrels capacity to Indian and foreign companies. Last year, the ISPRL filled the SPRs with cheap oil and it needs to sell some of that to make way for leasing. So far Abu Dhabi National Oil Co (NOC) has leased one of the two equal size chambers at the 11-million-barrel Mangalore SPR. The ISPRL is gradually releasing 8 million barrels from th...

SINGAPORE: From 2018 to 2020, 11 Employment Pass and S Pass holders working in the Infocomm Technology (ICT) industry were found to have submitted false qualifications to the Ministry of Manpower (MOM), said Manpower Minister Tan See Leng on Monday (Aug 2). Their work passes were revoked and they were permanently barred from working in Singapore. Dr Tan was replying to parliamentary questions from MP Gan Thiam Poh (PAP-Ang Mo Kio) who asked how many Employment Pass and S Pass holders in the ICT industry have submitted fabricated or forged education qualification certifications in the past three years. He also asked if MOM reviews and works with only reputable overseas educational institutions with a proven track record for approval of work pass applications. Dr Tan said all employers h...

In this article SIAL-SG SINGAPORE — Singapore is lifting some border restrictions but recovery in its important aviation sector remains challenging given the Covid-19 pandemic's uncertain trajectory, said the country's transport minister. "The fact remains that it's going to be a long haul because while certain countries are more advanced in vaccination, others are still trying to vaccinate their population," S Iswaran told CNBC's "Squawk Box Asia" on Friday. "And at the same time the virus is in different phases in different parts of the world, and therefore countries have also adopted different types of border measures," the minister said. The aviation sector contributes around 3% of Singapore's gross domestic product. Singapore is a city-state with no domestic air travel market. As a ...

TOKYO : Unheralded Brazilian Hebert Sousa clawed back from an almost certain defeat with a stunning late knockout on Saturday to win an Olympic title, while Busenaz Surmeneli prevailed in a battle of wills to land Turkey's first-ever boxing gold medal. With about 90 seconds left in the middleweight final, Sousa made an astonishing split-second turnaround, launching a powerful left that sent world champion Oleksandr Khyzhniak to the floor and sparked wild Brazilian celebrations. Khyzhniak had a clear advantage with quick and big punches but Sousa, who had no championship titles to his name, fought hard to stay in the match and was as surprised as anyone when his opponent hit the canvas. "I got lucky, I connected and it was a knockout," he said. "I don't have that many knockouts, but I t...

BEIJING: China's growth in new home prices slowed in July for the first time in five months, with smaller cities especially weighed down by higher mortgage rates, price caps on resale homes and other steps to cool speculation, a private-sector survey showed on Sunday (Aug 1). New home prices in 100 cities rose 0.35 per cent in July from a month earlier, versus 0.36 per cent growth in June, according to data from China Index Academy, one of the country's largest independent real estate research firms. This year Chinese authorities have implemented measures to rein in the red-hot real estate market, including caps on developers' borrowing and strict bans on illegal flows of funds into the sector. "New home growth softened in July against the backdrop of stringent measures and tighter cred...

The Russian and British empires battled over Afghanistan in the 19th century, and the United States and the Soviet Union in the 20th. As the Taliban take over in the strategic, landlocked nation, the new “Great Game” has Pakistan in control, with its ally China looking to cement its grip on the region. Pakistan has deep ties with the Taliban and has been accused of supporting the Islamist group as it battled the U.S.-backed government in Kabul — charges denied by Islamabad. When the Taliban captured Kabul last week, Pakistan Prime Minister Imran Khan said Afghans had broken the “shackles of slavery.” As the Taliban holds discussions to decide on its government model, media reports have said some Pakistani officials are involved. A Foreign Office spokesperson in Islamabad said Pakistan w...

World number one Nelly Korda, who shot an opening 67 on Wednesday to be a stroke behind leader Madelene Sagstrom, said that the chance to compete for the United States with her sister Jessica had made the decision easier. "But Rory (McIlroy) even said once you actually get to compete in the Olympics, you want to come back," she told reporters, referring to the men's four-time major winner. "So it's a huge honour to represent your country and to be an Olympian." All three of the women's Rio medallists have returned to Tokyo, underlining the Games' cachet. New Zealand's two-time major winner Lydia Ko, runner-up behind South Korean champion Inbee Park at Rio, said her silver medal was "probably the most prestigious and honourable silverware" she owned. "It (was) like a win for me," sai...

Elon Musk's SpaceX revealed new details about plans for the next-generation of satellites in its Starlink internet system in federal filings on Wednesday, including that the company intends to use its massive Starship rocket as the primary vehicle to deliver the spacecraft to orbit. SpaceX filed an amendment with the Federal Communications Commission that included descriptions of its plan, known as the Starlink "Gen2 System." "This Gen2 System was designed to complement the first-generation constellation SpaceX is currently deploying," SpaceX wrote in the filing. "While the original constellation provides unprecedented capacity for a satellite system, the demand for more broadband continues to grow unabated and the need for user connectivity has never been more important." Starlink is the ...

Xi Jinping’s secrecy-shrouded, July 21 to 23 visit to Tibet — the first officially acknowledged trip to the politically troubled “roof of the world” by a Chinese president in three decades — helped shine a spotlight on China’s ongoing military confrontation with India. The two nuclear-armed titans have been locked for 15 months in intensifying military standoffs at multiple sites along their long and disputed Himalayan frontier. China’s state media, reporting the visit only after Xi returned home, said the Chinese leader met with Tibet-based commanders and officers of the People‘s Liberation Army (PLA) and called for strengthening “war preparation.” In fact, Xi began his visit with an overnight stopover at a forward PLA base located barely 15 kilometers from the heavily militarized borde...