Tag: economy

China fails to tackle flooding problem, billions of dollars at stake
1Oct mmBy Joe RodriguezNo Comments
Asia, China

China fails to tackle flooding problem, billions of dollars at stake

Over the last several years, China has built many reservoirs, levees, dikes and dams on its seven major river systems, however, it is still struggling with a spike in crippling floods, which has destroyed huge agricultural and industrial land, and millions of homes.Flooding in cities is a worrying trend and it is a clear sign of rising populations and failure to execute urbanisation policies.In August, flooding in the Three Gorges Dam, the world’s largest hydroelectric dam, on the Yangtze River peaked and officials feared it could overflow. Authorities elsewhere have blown up barriers that were creating more damage than help.According to China Water Risk, a research firm based in Hong Kong, over 40 per cent of China’s population lives in the Yangtze River Economic Belt and accounts for nea...
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Thailand delays US$724m China submarine deal after public anger
25Sep mmBy Joe RodriguezNo Comments
Asia, China

Thailand delays US$724m China submarine deal after public anger

Facing heat from the public, Thailand has delayed its controversial US$724 million purchase of two submarines from China as the kingdom's economy flatlines due to the coronavirus pandemic.Under a 2015 deal, Thailand was one of the first countries to buy Chinese naval hardware and finalised its purchase of three submarines in 2017, with the first one expected to be delivered in 2023.An order for two more for 22.5 billion baht (US$724 million) was approved in August by a parliamentary sub-committee - a move which drew public outrage as Thailand struggles with a freefalling economy.Angry citizens took to social media to criticise the deal, and the hashtag "People don't want submarines" trended on Twitter.Government spokesman Anucha Burapachaisri later announced that Prime Minister Prayut Chan...
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Nepal still banks on Indians to revive its tourism sector
31Aug mmBy Joe RodriguezNo Comments
Asia

Nepal still banks on Indians to revive its tourism sector

According to Nepal Tourism Board officials, despite the COVID-19 induced economic slowdown, Nepal is expecting to host about 2 lakh foreign tourists in the ongoing fiscal year 2020-21, that is set to end in mid-July 2021, of which majority will be Indians.This statement comes even after ties between India and Nepal have strained over the Himalayan nation's controversial map incorporating the Indian territories of Lipulekh, Kalapani and Limpiyadhura, tourists from India continue to be the mainstay for Nepal's tourism industry."We still have 10 months of this fiscal year and flights may not resume before September. We have estimated that over 200,000 tourists will visit Nepal during this period. We have also finalized our policy and programmes that mentions the target," Deepak Mahat, a membe...
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India announces $500 million connectivity project, cargo service to boost trade ties with Maldives
31Aug mmBy Joe RodriguezNo Comments
Asia

India announces $500 million connectivity project, cargo service to boost trade ties with Maldives

India has said that it will fund the implementation of the Greater Male Connectivity Project (GMCP) to revitalize the Maldivian economy through a $400 million Line of Credit (LOC) and $100 million grant linking its capital Male with Gulhifalhu Port and Thilafushi industrial zone.A new cargo ferry service will also be launched between the two countries, which will help India replace other countries to become the Maldives’ top trade partner. The measures were announced during a virtual meeting between external affairs minister S Jaishankar and his Maldives counterpart Abdulla Shahid.“Happy to announce the start of regular cargo ferry service between India & Maldives to boost trade and commerce. We are also starting an air travel bubble with Maldives to sustain and promote the dynamic peo...
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## RCEP is China’s strategy to gain access to Indian market ##
30Jul mmBy Brian ThompsonNo Comments
Market

## RCEP is China’s strategy to gain access to Indian market ##

The Government of India has decided “not to review” its stand to not join the Regional Comprehensive Economic Partnership (RCEP), which benefits China disproportionately and opens Indian market to economic threats, especially from Chinese preys.Despite claims that India’s decision is influenced by the initial inaction of China to curb the outbreak of the wide-spread coronavirus, and keeping its information hidden, and the unprovoked killing of 20 Indian soldiers by Chinese troops in a brutal clash on June 15, the Central government has maintained that the recent incidents do not have any bearing on India's decision to not join RCEP. The decision was based solely on economic reasons after multiple Ministerial discussions in November 2019.Most of the countries that are part of the RCEP, incl...
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Indonesia, Australia come into ‘Comprehensive Economic Partnership Agreement’
28Jul mmBy Michael SmithNo Comments
USA

Indonesia, Australia come into ‘Comprehensive Economic Partnership Agreement’

In order to reduce trade barriers and boost economic growth, Australia and Indonesia came into the “Indonesia-Australia Comprehensive Economic Partnership Agreement” (IA-CEPA) on July 5.The agreement will open up new opportunities for Australian and Indonesian businesses, primary producers, service providers and investors.“The mutual benefits from this Agreement are critical. Australia wants not only a stronger Australia but also a stronger Indonesia. By reducing trade barriers, we can grow both of our economies and by encouraging trade and investment in areas of high potential for Indonesia, we can build greater capacity for its continued successful development,” the Australian government said in a statement.A key component of the IA-CEPA is a sweeping free-trade agreement (FTA) that will...
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Pakistan saw highest inflation in the world during 2020: SBP
20Jul mmBy Mike TrudellNo Comments
Asia

Pakistan saw highest inflation in the world during 2020: SBP

The State Bank of Pakistan (SBP) has said that fiscal year 2020 was the worst year for Pakistani citizens as they witnessed highest inflation in the world forcing policy makers to increase interest rate.“Pakistan witnessed highest inflation not only in comparison with the developed economies but also with emerging economies,” said the Inflation Monitor for April issued by SBP.The Bank pushed up its interest rates to cool down the inflationary pressure during the fiscal year but high rates proved counterproductive as they further increased inflation while the private sector stopped borrowing costly money hampering industrial growth and services.January witnessed 12-year high inflation at 14.6 per cent. In response to the rising prices, the SBP rose the interest rates to 13.25pc.However, wit...
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China’s use of economic sanctions now fail to serve its geopolitical goals
20Jul mmBy Michael SmithNo Comments
USA

China’s use of economic sanctions now fail to serve its geopolitical goals

China's practice of imposing economic sanctions on countries to achieve its own geopolitical goals is nothing new and the regular phenomenon of China bullying others has, in fact, helped other countries to keep several options at bay, said the author of "China's Crony Capitalism", Minxin Pei.Recently, the Chinese Ministry of Culture and Tourism issued an official warning against travel to Australia because of "a significant increase in racist acts and violence against Chinese and Asians in Australia". Two months ago, after Australia had demanded an investigation into the coronavirus outbreak, Beijing imposed an 80 per cent "anti-dumping" tariff on Australian barley, costing Australian 500 million Australian dollars a year.Minxin said Australia is only the latest victim of Chinese bullying....
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China’s ‘Lackey’ Duterte is smarting as Beijing tightens screws
20Jul mmBy Brian ThompsonNo Comments
Market

China’s ‘Lackey’ Duterte is smarting as Beijing tightens screws

Philippines President Roberto Duterte has been ridiculed as a ‘Chinese lackey’ and worse time and again for doing a complete U-turn on his predecessor’s policies regarding Beijing and its expansionist strategies to overtake resource-filled Islands.Under former president Benigno Simeon Aquino III, Philippines had taken China to an international tribunal regarding disputes over Scarborough Shoal and the Spratly Islands.Both these islands are said to have untapped oil and natural gas resources and are of great strategic value to the Philippines and the United States. Fears of a Chinese naval and weapons build-up here and on artificial islands being created in the neighboring areas, are of great concern to the Philippines.And even then, Duterte who is otherwise known as the strongman for his o...
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Indonesia warns unemployment could hit decade-high due to coronavirus pandemic
22Jun mmBy Mike TrudellNo Comments
Asia

Indonesia warns unemployment could hit decade-high due to coronavirus pandemic

Indonesian ministers on Monday warned that the country’s unemployment rate could hit the highest in more than a decade this year due to the coronavirus pandemic, with four million to 5.5 million people losing their jobs this year.Planning Minister Suharso Monoarfa told a parliamentary hearing on Monday that four million to 5.5 million people could lose their jobs this year, pushing the unemployment rate up to 8.1-9.2 per cent, versus 5.28 per cent in 2019.“The unemployment rate may remain between 7.7 per cent and 9.1 per cent in 2021”, he said.The forecast is still more conservative than that of Indonesia's chamber of commerce and industry, whose chairman expects new rounds of layoffs by August on top of an estimated 6.4 million jobs shed so far.“The number of people living below the pover...
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