World

Japan hopes RCEP deal pushes Biden and U.S. to rejoin trade frameworks
17Nov By Team FPNo Comments
Asia, China, Singapore, World

Japan hopes RCEP deal pushes Biden and U.S. to rejoin trade frameworks

The long-awaited free trade agreement signed Sunday between 15 Asia-Pacific countries after eight years of talks reflect their determination to strengthen economic unity and promote free trade, regardless of political differences, as questions loom over how U.S. President-elect Joe Biden will engage with the region. Japan hopes the Regional Comprehensive Economic Partnership, which includes China and South Korea and represents 30% of the world’s trade and population, will encourage the United States to return to a multilateral trade framework. “Regarding RCEP, it may create discussions in the United States, such as ‘is it okay that we are sitting out when a free trade network is created in the Indo-Pacific?'” a senior Japanese diplomat said. The Trans-Pacific Partnership had been promot...
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Malaysia’s AirAsia Group reviewing India investment, hints at possible exit
17Nov By Team FPNo Comments
Asia, Market, World

Malaysia’s AirAsia Group reviewing India investment, hints at possible exit

KUALA LUMPUR: Malaysia's flagship budget carrier AirAsia Group has given its strongest indication to date that it could exit India, saying on Tuesday (Nov 17) it was reviewing its investment in a joint venture airline there. The group said in a statement that its operations in India, like those of its now-shuttered Japan business, have been draining cash and adding to the group's financial stress. "Cost containment and reducing cash burn remain key priorities evident by the recent closure of AirAsia Japan and an ongoing review of our investment in AirAsia India," it said. AirAsia shut its operations in Japan, the smallest of its foreign offshoots, last month. The airline owns 49 per cent of AirAsia India, a joint venture with Tata Sons. The Times of India reported last month, citi...
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Wall Street extends slide on virus worries, elusive stimulus deal
17Nov By Team FPNo Comments
World

Wall Street extends slide on virus worries, elusive stimulus deal

U.S. stocks extended their slide on Monday, setting the Dow for its worst day in more than seven weeks, as soaring coronavirus cases and a deadlock in Washington over the next fiscal relief bill raised concerns over the economy and corporate earnings. REUTERS: U.S. stocks extended their slide on Monday, setting the Dow for its worst day in more than seven weeks, as soaring coronavirus cases and a deadlock in Washington over the next fiscal relief bill raised concerns over the economy and corporate earnings. At 12:17 p.m. ET, the Dow Jones Industrial Average was down 731.56 points, or 2.58per cent, at 27,604.01, the S&P 500 was down 70.49 points, or 2.03per cent, at 3,394.90, and the Nasdaq Composite was down 188.60 points, or 1.63per cent, at 11,359.68. (Reporting by Medha Singh in ...
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South Korea takes in 164 asylum seekers from nearly 6,000 applicants
17Nov By Team FPNo Comments
Asia, USA, World

South Korea takes in 164 asylum seekers from nearly 6,000 applicants

SEOUL: South Korea has accepted just 164 asylum seekers this year from nearly 6,000 who applied despite COVID-19 travel curbs, government data showed. Immigration is a contentious issue in South Korea, where many pride themselves on ethnic homogeneity, even as its population of 51 million rapidly ages and the labour force shrivels. The figure of 5,896 applicants for refugee status between January and August was down about 36 per cent from the corresponding period last year, data from the justice ministry showed last week. Russians topped the list of applicants at nearly 18 per cent, followed by people from Egypt, Kazakhstan, Malaysia and India. Only about 4 per cent of the 4,019 who completed the screening process were accepted or granted residency for humanitarian reasons, althoug...
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Analysis: Fear on the wild frontier as riskier stock markets left trailing
16Nov By Team FPNo Comments
China, Market, World

Analysis: Fear on the wild frontier as riskier stock markets left trailing

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. Frontier stocks have trailed bigger emerging markets in recovering from the coronavirus-induced crash as liquidity has dried up and investors beat a hasty retreat. LONDON: Frontier stocks have trailed bigger emerging markets in recovering from the coronavirus-induced crash as liquidity has dried up and investors beat a hasty retreat. BMO Global Asset Management shut a US$78 million fund and Aberdeen Standard Investments wound up an investment trust, both invested in frontier stocks, in recent months after fellow fund manager Barings took a similar step last year. Money managers say assets under management in dedicated frontier fu...
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Op-ed: Here are some action steps for small businesses that survived the Covid pandemic
16Nov By Team FPNo Comments
World

Op-ed: Here are some action steps for small businesses that survived the Covid pandemic

Covid-19 has disrupted tax and retirement planning for small-business owners, especially those who focused on saving their businesses from the pandemic's fallout earlier this year. With some hard work, however, there is still time to get back on track by Dec. 31. Here's a great example. After his business tanked this spring, one of my clients didn't take a paycheck for six weeks. To preserve cash, he also lowered the amount of his federal and state withholding tax and stopped contributions to his company retirement plan. Fortunately, in the past few months, his business has largely rebounded. And to his own surprise, revenue for 2020 will be higher than what he projected at the beginning of the year. Now that he's flush with cash, he needs to make several pro-active adjustments, starting...
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US imposes sanctions on four Chinese officials over Hong Kong crackdown
16Nov By Team FPNo Comments
China, World

US imposes sanctions on four Chinese officials over Hong Kong crackdown

WASHINGTON: The United States on Monday (Nov 10) imposed sanctions on four more Chinese officials in Hong Kong's governing and security establishment over their alleged role in crushing dissent in the former British colony. The US Treasury and State Department identified the four as Deng Zhonghua, deputy director of the Hong Kong and Macau Affairs Office; Edwina Lau, deputy commissioner of police in Hong Kong, and Li Jiangzhou and Li Kwai-wah, two officials at the newly established national security office in Hong Kong. US Secretary of State Mike Pompeo said the sanctions were for their role in implementing Hong Kong's new national security law. He said they would be barred from travelling to the United States, and any US-related assets would be blocked. "These actions underscore US...
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PM Lee says Singapore to contribute US$100,000 to COVID-19 ASEAN fund, hails RCEP signing as ‘major achievement’
16Nov By Team FPNo Comments
China, Singapore, World

PM Lee says Singapore to contribute US$100,000 to COVID-19 ASEAN fund, hails RCEP signing as ‘major achievement’

related media assets (image or videos) available. Click to see the gallery. 2 related media assets (image or videos) available. Click to see the gallery. SINGAPORE: Singapore will contribute US$100,000 to the COVID-19 ASEAN Response Fund as the region continues to work together to combat the pandemic, Prime Minister Lee Hsien Loong said on Thursday (Nov 12). Speaking at the ASEAN Summit, which is being held via video conference, Mr Lee also called the signing of the Regional Comprehensive Economic Partnership (RCEP) later in the week a “major achievement”. “The RCEP affirms ASEAN’s collective commitment to economic integration and to an inclusive, open and rules-based multilateral trading system,” Mr Lee said. The trade pact includes the 10-member ASEAN bloc, along with Chin...
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Philippines cancels ‘Black Nazarene’ parade as COVID-19 pandemic lingers
14Nov By Team FPNo Comments
Asia, World

Philippines cancels ‘Black Nazarene’ parade as COVID-19 pandemic lingers

MANILA: The Philippine capital Manila on Friday (Oct 23) cancelled an annual procession of a centuries-old black wooden statue of Jesus Christ that draws millions of Roman Catholic devotees as the COVID-19 pandemic continues to afflict the country. The Philippines, renowned for its colourful religious rituals, has the second-highest number of coronavirus infections and deaths in Southeast Asia behind Indonesia. "The grand procession of the life-sized image of the Black Nazarene in January 2021 has been cancelled due to the COVID-19 pandemic," the city government of Manila said in a statement. Youth devotees prepare a replica of Black Nazarene statue as they take part in the annual procession to celebrate a feast day at a main road in Manila, Philippines. Jan 8, 2020. (Photo: Reuters...
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Japan should brace for ‘leaderless era’ as U.S. turns inward, Suga adviser says
14Nov By Team FPNo Comments
Asia, China, USA, World

Japan should brace for ‘leaderless era’ as U.S. turns inward, Suga adviser says

A prominent economic adviser to the prime minister says Tokyo should prepare for a “leaderless era” as U.S. global leadership gradually withers, and expand other strategic ties while bolstering its security alliance with Washington. The prime minister, Yoshihide Suga, wasted little time in congratulating U.S. President-elect Joe Biden on last week’s election win over incumbent Donald Trump, despite the latter’s refusal to concede, saying he wanted to strengthen the alliance and ensure peace and prosperity in the Indo-Pacific region. But concerns about America’s inward turn have simmered in Japan for years, intensifying in the face of China’s growing military and economic assertiveness and persisting during the Trump presidency despite comparatively warm ties between the outgoing U.S. lea...
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