World

Global stocks on defensive as US-China tensions spook investors
20Aug By Desk TeamNo Comments
China, World

Global stocks on defensive as US-China tensions spook investors

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. U.S. stock futures slipped and Asian shares came under pressure in early Monday trade as tit-for-tat consulate closures in China and the United States fanned worries about worsening diplomatic ties between the world's two largest economies. TOKYO: U.S. stock futures slipped and Asian shares came under pressure in early Monday trade as tit-for-tat consulate closures in China and the United States fanned worries about worsening diplomatic ties between the world's two largest economies. S&P500 futures dropped 0.2per cent while Nasdaq futures lost 0.3per cent. Japan's Nikkei fell 1.3per cent, re-opening after a long weekend. MSCI's b...
Read More
Jordan to reopen to ‘low risk’ countries in August
20Aug By Desk TeamNo Comments
World

Jordan to reopen to ‘low risk’ countries in August

AMMAN: Jordan will reopen its airports to commercial flights next month after a near five-month shutdown imposed to stem the spread of the coronavirus, an official said Sunday (Jul 26). The move comes as the country is trying to revive its economy which has been badly hit since the outbreak of the pandemic. Civil aviation commission chief Haitham Misto told state television that flights from 22 "low risk" countries will be allowed from Aug 5. The countries listed by the health ministry include Austria, Canada, China, Denmark, Georgia, Germany, Greenland, Iceland, Ireland, Italy, Malaysia, New Zealand, Switzerland and Thailand, he said. Travellers from those countries will not need to isolate for 14 days when they reach Jordan but must be tested for the virus before arriving, Misto ...
Read More
Wall Street’s ‘fear gauge’ will signal whether a dotcom bubble repeat lies ahead, analyst says
19Aug By Desk TeamNo Comments
World

Wall Street’s ‘fear gauge’ will signal whether a dotcom bubble repeat lies ahead, analyst says

The market's seemingly narrow leadership this year has raised concern about a potential market downfall similar to the one experienced around the turn of the millennium. The S&P 500 has stormed back to positive territory for the year this week after being down more than 30% for 2020 at one point. A big chunk of that rally has been driven by gains in six of the major tech-related names — Facebook, Amazon, Apple, Netflix, Google-parent Alphabet and Microsoft.
Read More
ComfortDelGro sinks into the red with S$6 million loss amid ‘massive’ destruction caused by COVID-19
19Aug By Desk TeamNo Comments
Singapore, World

ComfortDelGro sinks into the red with S$6 million loss amid ‘massive’ destruction caused by COVID-19

SINGAPORE: Transport giant ComfortDelGro posted a net loss of S$6 million in the first half of the year amid "massive" destruction brought on by the COVID-19 outbreak. With governments around the world imposing lockdowns and other restrictions to stem the spead of the outbreak, demand for taxi and public transport plunged, contributing to a 20.8 per cent fall in first-half revenue, said ComfortDelGro in a stock exchange filing. Group revenue came in at S$1.53 billion between January and June this year, compared with S$1.93 billion in the same period last year. "The first six months of 2020 have been nothing short of catastrophic," said ComfortDelGro chairman Lim Jit Poh. "If not for governmental reliefs, that loss would have been S$66.1 million," he said. In comparison, the group ...
Read More
Taiwanese firms shift focus to India amid fallout with China
19Aug mmBy Mike TrudellNo Comments
China, Market, World

Taiwanese firms shift focus to India amid fallout with China

Drawn by India’s giant market, inexpensive skilled workforce and tax breaks, Taiwanese firms are apparently pivoting to India and leaving China behind.According to media reports, firms from Taiwan are seeking to reduce their reliance on mainland China. A Taiwanese company Pegatron, an assembly partner for the US tech giant Apple, earlier in July announced that it was applying for permits to set up its first plant in India.The firm, which reported revenue of USD 44.8 billion in 2019, normally offshores its orders to its factories in mainland China. But analysts and the Taiwanese government said the firm’s swing into India is only the latest example of a trend that has been gaining pace over the past four years as ties between India and Taiwan strengthened.According to the Taiwan Bureau of F...
Read More
‘We are a battleground now’: In Southeast Asia, U.S.-China tensions flare on social media
19Aug By Desk TeamNo Comments
Asia, China, Singapore, USA, World

‘We are a battleground now’: In Southeast Asia, U.S.-China tensions flare on social media

Tensions between the United States and China over the South China Sea have erupted into a war of words on social media, in what analysts see as a change in U.S. strategy amid a burgeoning superpower rivalry in Southeast Asia. After Washington last week hardened its position by explicitly rejecting Chinese maritime claims in the South China Sea, U.S. embassies in the region produced an unprecedented flurry of op-eds and statements criticizing Beijing's actions. China's response was fiery, accusing Washington of "defaming China with untrue words so as to mislead the public" in the region. "We are a battleground now," Renato de Castro, an analyst with the Albert Del Rosario Institute for Strategic and International Relations in the Philippines, told Reuters by phone. "It will be a long gam...
Read More
New company by Temasek, Bayer to develop vegetable seed varieties for vertical farming
19Aug By Desk TeamNo Comments
Singapore, USA, World

New company by Temasek, Bayer to develop vegetable seed varieties for vertical farming

SINGAPORE: Singapore state investment firm Temasek has joined hands with the impact investment arm of German pharmaceutical and chemical maker Bayer to form a company that aims to develop new varieties of vegetable seeds better suited for indoor vertical farms. The new company, Unfold, will be headquartered in Davis, California, and plans to have commercial and research and development (R&D) operations in both the United States and Singapore. Unfold has raised US$30 million from Temasek and Bayer in its initial funding round, which will go into getting its R&D capabilities in place, said CEO John Purcell on Wednesday (Aug 12). “Initially, Bayer and Temasek have equal ownership of Unfold, but this may change over time. Unfold has the flexibility to seek investment from other compan...
Read More
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 ...
Read More
‘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...
Read More
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...
Read More