World

Singapore’s core inflation positive for third consecutive month in April
16Jun By Desk TeamNo Comments
Market, World

Singapore’s core inflation positive for third consecutive month in April

SINGAPORE: Consumer prices in Singapore rose in April, driven by smaller declines in electricity and gas costs, as well as retail and other goods, data showed on Monday (May 24). This is the third straight month that Singapore's core inflation has remained positive. Core inflation rose 0.6 per cent year-on-year in April, an increase from 0.5 per cent in March, according to data from the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI). The headline consumer price index (CPI), or overall inflation, rose to 2.1 per cent in April, from 1.3 per cent in March, driven by higher private transport and accommodation costs as well as an increase in core inflation. Core inflation excludes the price of private transport and accommodation. "The increase in both ...
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COVID-19 pandemic relapse spells trouble for India’s middle class
16Jun By Desk TeamNo Comments
Asia, Market, USA, World

COVID-19 pandemic relapse spells trouble for India’s middle class

NEW DELHI: Ram Babu moved from his village to the Indian capital New Delhi in 1980, to clean cars. Soon, he learned to drive and got a job as a tour bus driver. Decades later, he set up his own company, Madhubani Tours and Travels. In March 2020, a stringent nationwide lockdown to fight the coronavirus pandemic froze economic activity overnight. Babu's business collapsed, and he drove his family back to their village. “Since March last year, we haven’t earned a single rupee,” he said. “All of my three buses are standing still for more than a year. We are completely broken.” India’s economy was on the cusp of recovery from the first pandemic shock when a new wave of infections swept the country, infecting millions, killing hundreds of thousands and forcing many people to stay home. C...
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India’s factory activity growth slipped in May as demand fell – PMI
16Jun By Desk TeamNo Comments
World

India’s factory activity growth slipped in May as demand fell – PMI

India's factory activity growth slowed significantly in May as an escalation in coronavirus cases whacked new orders and output while scarcity of raw materials drove up input costs, a private sector survey showed on Tuesday. REUTERS: India's factory activity growth slowed significantly in May as an escalation in coronavirus cases whacked new orders and output while scarcity of raw materials drove up input costs, a private sector survey showed on Tuesday. Although daily infection rates have started falling in the past few days there are concerns about underreporting of cases due to a dearth of testing in rural areas. India has already reported around 28 million coronavirus cases and over 300,000 deaths, leading many states to impose restrictions affecting economic activity. The Nikk...
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Commentary: Could S$1 ride-hailing fee hike hurt Grab more than it realises?
16Jun By Desk TeamNo Comments
Market, World

Commentary: Could S$1 ride-hailing fee hike hurt Grab more than it realises?

Grab has a fine balancing act to consider yet in this instance, both customers and drivers were not happy, says NUS Business School's Nitin Pangarkar. SINGAPORE: Grab recently announced a S$1 increase in its base fare effective from Jun 1. The fare increase is aimed at increasing the earnings of its drivers, albeit marginally. The hike will apply to Grab’s transport offerings except for Standard Taxi, GrabHitch and GrabCoach. Grab had earlier offered benefits to eligible drivers before new restrictions under Phase 2 (Heightened Alert) were announced, including rental rebates of up to S$45 a week for GrabRentals, delivery opportunities on the Grab platform, and training and career support initiatives via Grab Academy. The fare increase has attracted negative reactions from some cus...
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Why France is a welcome security partner for Japan
16Jun By Desk TeamNo Comments
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...
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1,000-year-old ‘stolen’ artefacts to return to Thailand from US
15Jun By Desk TeamNo Comments
Asia, World

1,000-year-old ‘stolen’ artefacts to return to Thailand from US

BANGKOK: Two ancient sandstone artefacts believed to have been stolen from Thailand during the Vietnam War are set to return from the United States Friday (May 28) night, officials say. The temple support beams with their exquisite carvings of the Hindu deities Indra and Yama date back to the late 10th or 11th century and had been on show for decades at the San Francisco Asian Art Museum. They are expected to touch down in Bangkok on Friday night and will be put on display at the National Museum for three months from Tuesday, following a special ceremony. Thai Fine Arts Department Director General Prateep Pengtako said the two lintels are about 1,000 years old and show the influence of the ancient Khmer Kingdom, which had its capital in modern-day Cambodia. "Lintels are part of the...
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Hunger stalks India’s poor in COVID-19 pandemic double blow
15Jun By Desk TeamNo Comments
World

Hunger stalks India’s poor in COVID-19 pandemic double blow

NEW DELHI: Rasheeda Jaleel lives in fear that she may not be able to feed her seven children as millions of Indian families are forced into poverty by a devastating new coronavirus wave. The 40-year-old, her husband Abdul Jaleel, 65, and the children already survive on just one meal a day. "When we are hungry and thirsty, I feel very helpless and worry, 'How am I going to survive like this?'" Jaleel told AFP as she made roti (flatbread) for the solitary meal in their tiny New Delhi flat. "We manage with whatever my husband is able to earn. If it's not enough, I stay hungry so I can feed my children." The coronavirus has killed 160,000 in eight weeks, overwhelmed hospitals and shut many businesses in India. Experts warn that another crisis is looming, with rising levels of hunger am...
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G7 calls for peace across Taiwan Strait and backs Tokyo Olympics
15Jun By Desk TeamNo Comments
China, World

G7 calls for peace across Taiwan Strait and backs Tokyo Olympics

Leaders of the Group of Seven industrialized nations on Sunday called for peace and stability across the Taiwan Strait and urged China to respect human rights in the Xinjiang region and freedom in Hong Kong, a pronouncement that is certain to anger China. In a communique issued after their three-day summit in Cornwall, southwestern England, the leaders expressed support for the Tokyo Olympics and Paralympics starting next month in a boost to Prime Minister Yoshihide Suga, who faces a public skeptical about Japan’s hosting of the events amid the coronavirus pandemic. “We underscore the importance of peace and stability across the Taiwan Strait, and encourage the peaceful resolution of cross-Strait issues,” the communique said, making it the first time that the G7 has referred to the Taiwa...
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Returning Singaporeans, PRs will need to test negative for COVID-19 within 72 hours before departure
15Jun By Desk TeamNo Comments
Asia, China, World

Returning Singaporeans, PRs will need to test negative for COVID-19 within 72 hours before departure

SINGAPORE: Singaporeans and permanent residents will soon be required to present a valid negative COVID-19 polymerase chain reaction (PCR) test taken within 72 hours before they depart for Singapore, said the Ministry of Health (MOH) on Wednesday (May 26). From 11.59pm on May 29, all Singaporeans and permanent residents, except those who have stayed in lower-risk countries and regions in the last 21 days before departure to Singapore, will have to present the negative test result. Only then will they be allowed to board their flight or ferry to Singapore, said MOH. The lower-risk countries and regions are Australia, Brunei, mainland China, New Zealand, Hong Kong and Macau. "All travellers will also be required to present their valid COVID-19 PCR test result at the air, sea and l...
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China’s exports up 28%, imports hit decade-high
15Jun By Desk TeamNo Comments
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...
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