Tag: economy

China factory activity expands at slower rate as global slump drags on growth
1Jun mmBy Michael SmithNo Comments
Asia

China factory activity expands at slower rate as global slump drags on growth

Factory activity in China took a big hit as official data showed that the industry expanded at a slower pace in May as the country attempts to get back on track after the coronavirus.China's factories have stirred back to life after the lifting of strict lockdown measures imposed when the virus surfaced in Wuhan, but the spread of coronavirus worldwide has dragged down key foreign markets - weighing heavily on Chinese exports.The Purchasing Managers' Index (PMI), a key gauge of activity in China's factories, was at 50.6 points in May, remaining above the 50-point mark separating growth from contraction each month.But the figure was down slightly from 50.8 the month before, and 52.0 in March, according to the National Bureau of Statistics (NBS).“The epidemic situation and economic situation...
Read More
Thailand’s poorest suffer from unemployment, food shortage as virus shrivels economy
1Jun mmBy Joe RodriguezNo Comments
China

Thailand’s poorest suffer from unemployment, food shortage as virus shrivels economy

Months have gone by since the Noidee family have been shuffling around their tiny slum home which is too small to stand up in, sharing donated noodles with their sons and worrying about bills, as the coronavirus pushes Thailand's poor deeper into penury.The wood and breeze-block hut which is their home stands in the heart of a Bangkok commercial district festooned with five-star hotels and upmarket restaurants.Thanapat Noidee and his wife Papassorn share the small space in the shadow of the nearby high-rise developments with their children Woraphat and Kittipat, aged six and seven respectively.Under the 1.2-metre-high (four feet) ceiling, the adults have to kneel to move around the single room which is the bedroom, living room and dining area.Downstairs, a tap provides a shower and a flat ...
Read More
Thailand had no foreign tourists in April as borders closed
30May mmBy Mike TrudellNo Comments
Singapore

Thailand had no foreign tourists in April as borders closed

Thailand recorded zero foreign tourists or related spending in April after it closed borders and banned most incoming international flights to fight the novel coronavirus outbreak.There were almost 3.2 million arrivals in the same month last year, generating receipts of 146 billion baht (S$6.5 billion).Visitors stranded in the country because of lockdowns around the world were not counted in the numbers, the Tourism Ministry noted in data released on Friday.Stretching back to the 1990s, the latest report is the first to show a slump to zero.Incoming international flights are banned through June 30 and it remains unclear whether visitors will be willing or able to rush back when curbs are lifted.The state planning agency predicts the number of foreign arrivals will plunge to 12.7 million th...
Read More
Singapore secured about S$13 billion in investment commitments amid COVID-19 outbreak
30May mmBy Joe RodriguezNo Comments
China, Singapore, USA

Singapore secured about S$13 billion in investment commitments amid COVID-19 outbreak

Singapore's Trade and Industry Minister Chan Chun Sing on Saturday said that despite the COVID-19 outbreak, the Economic Development Board (EDB) has in the first four months of this year secured about S$13 billion in investment commitments for the “next few years”.“These investments, in sectors including electronics and infocomm, will generate a few thousand jobs for workers in Singapore in the coming years, Chan explained.Companies such as chipmaker Micron and life sciences firm Thermo Fisher Scientific are adding jobs, he said.This “very good performance” means Singapore has exceeded the S$8 billion to S$10 billion which had been projected for the whole of 2020.Chipmaker Micron aims to add 1,500 jobs in Singapore over the next few years, while Thermo Fisher Scientific is increasing hirin...
Read More
Reducing migrant worker population will affect Singapore’s competitive edge: Industry groups
27May mmBy Joe RodriguezNo Comments
China, Singapore

Reducing migrant worker population will affect Singapore’s competitive edge: Industry groups

Several industry groups on Wednesday said that a reduction in the number of foreign workers in Singapore would have multiple implications on the economy and businesses, and also have a ripple effect on jobs for Singaporeans and housing prices.Policy thinkers and parliamentarians recently called for a reassessment of Singapore’s reliance on migrant labour amid the COVID-19 pandemic, which has infected more than 30,000 migrants.Foreign workers make up more than 90 per cent of Singapore's COVID-19 cases.On Wednesday, several trade associations and ethnic chambers of commerce noted the important role foreign workers play in keeping Singapore's economy going, and the implications should there be a reduction in the number of migrant workers.They pointed out several challenges faced by companies ...
Read More
Hong Kong’s pro-Beijing politicians say national security law good for business
23May mmBy Mike TrudellNo Comments
Singapore

Hong Kong’s pro-Beijing politicians say national security law good for business

In a bid to reduce tension in the market, Hong Kong’s pro-Beijing politicians on Saturday rubbished claims that China’s proposed national security legislation would harm the Asian financial hub’s economy, saying it would instead boost investor sentiment.The security legislation aims to tackle secession, subversion, terrorism, and foreign interference and could see mainland intelligence agencies set up bases in Hong Kong, raising fears of direct law enforcement.U.S. government officials have said the legislation would end the Chinese-ruled city’s autonomy and would be bad for both Hong Kong’s and China’s economies. They said it could jeopardize the territory’s special status in U.S. law, which has helped it maintain its position as a global financial centre.Bankers and headhunters said it c...
Read More