World

Myanmar to involve foreign partners in China-funded mega city project
17Aug mmBy Mike TrudellNo Comments
China, World

Myanmar to involve foreign partners in China-funded mega city project

In another pushback against China, Myanmar has decided to involve international partners in a key project of the Belt and Road Initiative (BRI) - the Chinese funded mega Yangon City Project.The Myanmar government has decided to open up the project for other foreign firms besides China Communications Construction Company (CCCC), as it is not keen that one single company dominates the mega project, according to sources with knowledge on the matter.According to sources, the project has been a source of controversy due to its flood-prone location as well as the CCCC’s involvement.“The CCCC has been accused of corruption relating to development deals in at least 10 countries in Africa and Asia”, they said.During Chinese President Xi Jinping’s visit to Myanmar early this year, the two sides had ...
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‘Ugly face’: US and China trade barbs in Myanmar as South China Sea rift deepens
4Aug By Desk TeamNo Comments
China, World

‘Ugly face’: US and China trade barbs in Myanmar as South China Sea rift deepens

NAYPYITAW: China's embassy in Myanmar on Sunday (Jul 19) accused the United States of “outrageously smearing” the country and driving a wedge with its Southeast Asian neighbours over the contested South China Sea and Hong Kong, as tensions mount between the superpowers. Responding to US claims that Beijing was undermining the sovereignty of its neighbours, the Chinese embassy said US agencies abroad were doing "disgusting things" to contain China and had showed a "selfish, hypocritical, contemptible, and ugly face". The United States last week hardened its position on the South China Sea, saying it would back countries in the region that challenge Beijing’s claim to about 90 per cent of the strategic waterway. In a statement on Saturday, the US embassy in Yangon called China's actio...
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China’s economy is recovering. That’s good news for Southeast Asia
4Aug By Desk TeamNo Comments
Asia, China, World

China’s economy is recovering. That’s good news for Southeast Asia

Pedestrians wearing face masks walk along a road in the Central Business District in Beijing on July 16, 2020. Wang Zhao | AFP | Getty Images Southeast Asian nations will likely benefit from China's economic rebound as the country commands a "lion's share" of regional exports, one economist said this week. China on Thursday said its gross domestic product grew by 3.2% for the second quarter of 2020, compared to the same period a year ago. The country's GDP shrank by 6.8% in the first quarter, when lockdowns were in place due to the coronavirus outbreak. Analysts were expect GDP to grow only 2.5% for the April to June quarter. "While numerous challenges remain, the uptick would rekindle hopes that China's economy can help to pull others along," Wellian Wiranto, an economist at OCBC Bank, w...
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Singapore, US agree on importance of COVID-19 vaccines being made available globally: MFA
4Aug By Desk TeamNo Comments
Singapore, World

Singapore, US agree on importance of COVID-19 vaccines being made available globally: MFA

SINGAPORE: Minister for Foreign Affairs Vivian Balakrishnan and US Secretary of State Mike Pompeo on Tuesday (Aug 4) agreed on the importance of ensuring that COVID-19 vaccines will be made available globally. Singapore's Ministry of Foreign Affairs (MFA) said, in a telephone call that Dr Balakrishnan received from Mr Pompeo, the two discussed collaboration in the research and development, manufacturing, and distribution of COVID-19 vaccines. They also talked about the possibility of leveraging the strong US commercial presence in Singapore, including in pharmaceuticals, said MFA in a press statement. The statement added: “Both sides welcome the new areas of bilateral cooperation in infrastructure and trade as well as customs facilitation which will increase bilateral trade and st...
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China’s economy seen growing 2.5per cent in second quarter as lockdowns end, stimulus kicks in: Reuters poll
4Aug By Desk TeamNo Comments
China, World

China’s economy seen growing 2.5per cent in second quarter as lockdowns end, stimulus kicks in: Reuters poll

China's economy likely returned to modest growth in the second quarter after a record contraction, as lockdown measures ended and policymakers announced more stimulus to combat the shock from the coronavirus crisis, according to a Reuters poll. BEIJING: China's economy likely returned to modest growth in the second quarter after a record contraction, as lockdown measures ended and policymakers announced more stimulus to combat the shock from the coronavirus crisis, according to a Reuters poll. The world's second-largest economy likely grew 2.5per cent in April-June from a year earlier, reversing a 6.8per cent decline in the first quarter - the first contraction since at least 1992 when official quarterly gross domestic product (GDP) records started, the poll showed. But the expected...
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Oil rises after surprise drop in US inventories offsets demand concerns
4Aug By Desk TeamNo Comments
World

Oil rises after surprise drop in US inventories offsets demand concerns

Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States increased against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere. TOKYO: Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States decreased against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere. Brent crude was up by 24 cents, or 0.6per cent, at US$43.46 a barrel by 0041 GMT, after dropping 0.4per cent on Tuesday. U.S. oil gained 14 cents, or 0.3per cent, to US$41.18 a barrel, having dropped 1.4per cent in the previous session. Inventories of crude oil in the U.S. dropped by 6.8 million barrels last...
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China reports 5 new COVID-19 cases on Jul 2
3Aug By Desk TeamNo Comments
China, World

China reports 5 new COVID-19 cases on Jul 2

SHANGHAI: China on Friday (Jul 3) reported five new coronavirus cases in the mainland for Jul 2, compared with three cases a day earlier, the health authority said. Three of the new infections were imported cases, the National Health Commission said in a statement, while the capital city of Beijing reported two new cases. There were no new deaths. China also reported four new asymptomatic patients, down from two a day earlier. As of Jul 2, mainland China had a total of 83,542confirmed coronavirus cases, it said. China's death toll from the coronavirus remained at 4,634.
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Alphabet’s Google commits US$10 billion to accelerate digitization in India
3Aug By Desk TeamNo Comments
World

Alphabet’s Google commits US$10 billion to accelerate digitization in India

Alphabet Inc's Google on Monday said it would spend around US$10 billion in India over the next five to seven years through equity investments and tie-ups, marking its biggest commitment to a key growth market. NEW DELHI: Alphabet Inc's Google on Monday said it would spend around US$10 billion in India over the next five to seven years through equity investments and tie-ups, marking its biggest commitment to a key growth market. The investments will be done through a so-called digitization fund, highlighting Google's focus on the rapid pace of growth of apps and software platforms in India, one of the world's biggest internet services markets. "We'll do this through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments," Sundar Pichai, ...
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Option traders are bracing for big post-earnings moves from Amazon, Apple and Facebook
3Aug By Desk TeamNo Comments
World

Option traders are bracing for big post-earnings moves from Amazon, Apple and Facebook

(This story is for CNBC Pro subscribers only.) The monster earnings day is here — Apple, Amazon, Alphabet and Facebook, worth nearly $5 trillion combined, are all on deck to report after the bell. In the absence of clear guidance, option traders are pricing in big moves in these high-fliers when they drop high-stakes quarterly results. The options market is now implying at least a 5% move either way for Amazon and Facebook post earnings, while the expected action for Apple and Alphabet is in the 4% range, up or down, according to data from Options AI. While these tech giants have led the sharp market rebound from the coronavirus sell-off, their first-quarter reports did reveal some of their weaknesses as advertising dried up and costs mounted amid the pandemic. The results also came a d...
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Japan to dial back entry restrictions on some foreign residents
3Aug By Desk TeamNo Comments
Singapore, World

Japan to dial back entry restrictions on some foreign residents

The Japanese government on Wednesday announced it will partially roll back entry restrictions as part of its coronavirus countermeasures on foreign nationals, allowing students and business workers with valid legal status to be gradually readmitted to the country. The rule change will affect just under 200,000 foreign nationals seeking to enter Japan. Those eligible will comprise about 103,000 permanent residents, long-term residents and spouses of Japanese nationals or permanent residents. Those permanent residents as well as long-term residents had been able to return to Japan if they had left the country before the ban was introduced or on humanitarian grounds, such as a relative’s death or a health emergency. But with this announcement, about 88,000 high-skilled workers and students ...
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