World

SUVA: Ten Pacific Island nations rebuffed China's push for a wide-ranging regional security pact Monday (May 30), amid worries the proposal was designed to pull them into Beijing's orbit. Talks in Fiji between Chinese Foreign Minister Wang Yi and leaders from the small island nations failed to reach an agreement, in a high-profile diplomatic setback for Beijing. China is offering to radically ramp up its activities in the South Pacific, directly challenging the influence of the United States and its allies in the strategically vital region. The proposed pact would see Beijing train Pacific Island police, become involved in cybersecurity, expand political ties, conduct sensitive marine mapping and gain greater access to natural resources on land and in the water. As an enticement, Beiji...

NOIDA, India: For construction worker Yogendra Tundre, life at a building site on the outskirts of the Indian capital New Delhi is hard enough. This year, record high temperatures are making it unbearable. As India grapples with an unprecedented heatwave, the country's vast majority of poor workers, who generally work outdoors, are vulnerable to the scorching temperatures. "There is too much heat and if we won't work, what will we eat? For a few days, we work and then we sit idle for a few days because of tiredness and heat," Tundre said. Temperatures in the New Delhi area have touched 45 degrees Celsius this year, often causing Tundre, and his wife Lata, who works at the same construction site, to fall sick. That in turn means they lose income. The relentless heatwave is likely to res...

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. David Totah , CFP and partner at Exencial Wealth Advisors , calls borrowing against one's brokerage account "one of the very best sources for short-term financing," which he defines as three to six months. But taking out a line of credit where the loan relies essentially on the market's movements can have its cons as well. Here's what to know to decide if you should make the move. Through what's called a portfolio line of credit (also known as a "margin loan"), investors can borrow against their taxable brokerage account at a moment's notice....

SINGAPORE: Frozen chicken has been in the spotlight since Malaysia announced a temporary ban on its poultry for export on May 23. There are plentiful supplies of frozen chicken available, but some people have complained that it's just not as good as fresh in terms of taste, texture and juiciness. It's been cast as the inferior alternative, with some eateries saying it will be the last resort in the absence of fresh chicken. CNA spoke to restaurant owners and nutritionists about whether people's perceptions are justified. The difference between fresh and frozen chicken may not be obvious depending on how it was frozen, said Mr Anthony Yeoh, owner of Summer Hill. Technology has advanced, he said. “For it to get that watery kind of frozen taste and the texture to change, that's somethin...

NEW DELHI :India's effort to break Amazon Inc and Walmart Inc's dominance of its e-commerce sector, by establishing its own open network, has begun lining up banks and other key players needed to move it forward, sources familiar with the matter said. Some of India's biggest banks are in discussions about setting up "buyer platforms" to let their customers place orders for goods and services over the Open Network for Digital Commerce (ONDC), which the Indian government soft-launched in April, the sources told Reuters. The success of the network, which would promise equal access to all online sellers and buyers regardless of their size, is a priority for Prime Minister Narendra Modi, who faces pressure from small businesses to act against the outsized influence of Amazon and Walmart's Fli...

BEIJING: China's services activity contracted for a third straight month in May, pointing to a slow recovery ahead despite the easing of some COVID-19 lockdowns in Shanghai and neighbouring cities, a private business survey showed on Monday (Jun 6). The Caixin services purchasing managers' index (PMI) rose to 41.4 in May from 36.2 in April, edging up slightly as authorities began to roll back some of the strict restrictions that have paralysed the financial city of Shanghai and roiled global supply chains. However, the reading remained well below the 50-point mark that separates growth from contraction on a monthly basis. Analysts say weakness in the services sector, which accounts for about 60 per cent of China's economy and half of urban jobs, is likely to persist under the government...

:Oil prices climbed above $121 a barrel on Monday, hitting a two-month high as China eased COVID-19 restrictions and traders priced in expectations that the European Union will eventually reach an agreement to ban Russian oil imports. Trading activity was muted due to a public holiday in the United States. The Brent crude futures contract for July, which will expire on Tuesday, settled up $2.24, or 1.9 per cent, at $121.67 a barrel. U.S. West Texas Intermediate (WTI) crude futures were up $1.99, or 1.7 per cent, to $117.06 a barrel at 18.03 GMT, extending solid gains made last week. "One reason being cited for this is the imminent lifting of coronavirus restrictions in Shanghai, which is sparking hopes that oil demand will pick up again in China," analysts at Commerzbank said in a note ...

(Inpex corrects quote to read 'reports of Shell's withdrawal' (not 'withdrawal'), paragraph 10) By Yuka Obayashi TOKYO : Japan's biggest oil and gas explorer Inpex Corp raised its net profit forecast for 2022 by 20 per cent to a record 300 billion yen ($2.3 billion) thanks to higher-than-expected oil prices and a lower yen against the U.S. dollar. Its annual net profit prediction was raised from its February estimate of 250 billion yen as the company revised its assumption of an average Brent oil price to $85 a barrel from $75 a barrel and the yen's rate against the dollar to 120 yen from 110 yen. "Higher sales of oil and liquefied natural gas (LNG) amid soaring oil prices as well as the yen's drop contributed to stronger profit outlook," Managing Executive Director Daisuke Yamada told...

(Click here to subscribe to the Delivering Alpha newsletter.) With $1.5 trillion in assets, Franklin Templeton is among America's top 10 asset managers, and growing. Over the last few years, the firm has acquired asset manager Legg Mason, custom index provider O'Shaughnessy Asset Management, and secondary private equity investor Lexington Partners, among others. President and CEO Jenny Johnson says it doesn't end there. She's focused on bolt-on acquisitions in technology and alternatives to fill product gaps in Franklin Templeton's business. Johnson sat down with CNBC's Delivering Alpha newsletter in an exclusive interview where she also discussed the firm's active management strategy and made the case for implementing blockchain technology. (The below has been edited for length and cla...

mdphoto16 | E+ | Getty Images It's a scary time for new retirees. Stocks have plunged this year. Bonds, which traditionally serve as a ballast when stocks falter, have also been pummeled. Both trends are worrisome for seniors who rely on investments for their retirement income. High inflation also means retirees need to draw more income to afford the same items and make ends meet. "That's a pretty bad combination that's relatively rare," David Blanchett, head of retirement research at PGIM, the investment management arm of Prudential Financial, said of this three-pronged challenge. More from Personal Finance: Tax breaks aren't prime reason for high-net-worth philanthropy Only 18% plan to increase stock investments this year Buyers are making concessions to nab a home "2022 has been a d...