Japan has started to pursue a "new form of capitalism" as the flagship agenda of Prime Minister Fumio Kishida amid the challenges posed by the lingering pandemic and new shocks delivered by the Russian invasion of Ukraine.
'President Biden told President Xi that we share a profound responsibility to ensure that the competition between our countries does not veer into conflict," US Secretary of State Antony Blinken declared during a visit to Jakarta in December.
The main factor limiting the global recovery is not the much-discussed increase in inflation in advanced economies, but rather the massive inequalities between most rich countries and the rest of the world, with the exception of China.
Domestic travellers have been the lifeline for tourism-reliant countries, especially in Southeast Asia, for the past two pandemic-battered years. But even as countries start scrapping restrictions to welcome international visitors back, some pandemic uncertainties persist and now a crisis in Ukraine threatens the global economic recovery as a whole.
Asian currencies are poised for more losses in the short term as investors have consistently underestimated risks stemming from the invasion of Ukraine, according to Morgan Stanley. "A combination of geopolitical uncertainty and higher oil prices should lead to higher inflation and lower growth in Asia," the US bank's analysts wrote, adding that foreign exchange is "the main shock absorber" for many. Currencies of emerging Asian nations have fallen with stocks as Russia's invasion of its neighbour pushed up commodity prices, threatening the outlook for global growth. Major oil-importing nation such India and the Philippines have been among the hardest hit, with the rupee tumbling to a record low last week. Morgan Stanley has lowered most of its Asian currency forecasts for the next three months, but still expects the dollar to weaken in the second half of the year if geopolitical tensions ease.
About 12 new mines in the Philippines should begin commercial operations this year, mostly nickel projects, adding to a "bright" outlook for a sector enjoying a cash windfall from high prices, authorities say. The Mines and Geosciences Bureau said the Philippines' nickel output last year totalled 386,359 tonnes, up 17% from a year earlier and the highest in six years. The Philippines has been China's biggest supplier of nickel ore after Indonesia banned exports of the material from 2020, as Jakarta strives to promote more value-added processing of the metal used in stainless steel and batteries for electric vehicles. The medium-term outlook for the mining industry is rosy "unless the war in Ukraine will spill over to Asia and cause disruption to trade", bureau director Wilfredo Moncano said.
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China is strengthening energy cooperation with Laos, signing an electricity agreement in a bid to speed up work on lagging water and electricity facilities, as well as promote green development. The pact signed last week envisions the establishment of electricity grid interconnections in the Lancang-Mekong region, with an eye to setting up a shared electricity market in the region, according to the Chinese Embassy in Vientiane. "Though Laos enjoys rich electricity resources, its grid construction is lagging. The energy cooperation will help Laos improve its electricity supply and improve the living standard of local residents," said Lin Boqiang of the China Center for Energy Economics Research at Xiamen University.
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Malaysia will allow quarantine-free entry for fully vaccinated travellers from April 1, ending almost two years of stringent border controls introduced to contain Covid-19. Foreigners will no longer need to apply for MyTravelPass, which will be abolished next month, Prime Minister Ismail Sabri Yaakob said. A high vaccination rate — 64% of adults now have booster shots — has allowed the government to roll back restrictions that battered the tourism sector and pushed the economy into contraction for two quarters in 2021.
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A key ally of President Joko Widodo has said it is possible to change the Indonesian constitution to extend his time in office beyond two terms, breathing new life into speculation that there may be support among the political elite for the move. Jokowi, as the president is popularly known, is serving his final five-year term and the government has only recently set a date for general elections in February 2024 after many months of delay. Proponents of a third term argue it would help the government see through an ambitious infrastructure agenda, including relocating the capital to Borneo. However, it would been to be debated and voted on in parliament.
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Hundreds of ESG funds run by some of the world's biggest money managers have a combined US$13.4 billion invested in companies that supply weapons and technology to the Myanmar military, according to a report. The funds, which say they take into account environmental, social and governance (ESG) risks, have investments across 33 companies that the United Nations and two advocacy groups say provided weapons, communications and technologies to the military, Inclusive Development International and ALTSEAN-Burma said in a report released last Wednesday. Another report says that roughly 14% of sustainable funds globally held Russian assets before the invasion of Ukraine, an allocation that now looks questionable.
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Singapore is seeking to attract higher-calibre foreign workers under a new points-based visa system, as part of the government's broader push to boost local employment while positioning itself as a global city, Manpower Minister Tan See Leng said. "What we are trying to do is to be able to differentiate the high talent, the really super skill sets that can come to our country to complement our existing workforce," Mr Tan said. The country last week announced one of the biggest overhauls ever to visa rules that allow entry of typically highly paid workers, who will be scored on factors such as education, skills and how their nationality contributes to the diversity of their employer. The revised scoring system is set to take effect from September next year for new applicants of an Employment Pass, holders of which currently make up about 14% of the foreign workforce.
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Vietnam has asked China not to violate its exclusive economic zone and continental shelf with military drills off the nearby Chinese island province of Hainan. Foreign ministry spokesperson Le Thi Thu Hang made the comment following the announcement of the exercises from March 4-15 by the China Maritime Administration. Chinese Foreign Ministry spokesman Zhao Lijian defended the drills, saying, "China's military exercise on its own doorstep is reasonable and lawful. It is beyond reproach."
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A summit in Washington between US President Joe Biden and Asean leaders, scheduled for March 28 and 29, has been postponed as not all Asean leaders could attend on those dates, said Foreign Minister Prak Sokhonn of Cambodia, the current chair of Asean. Cambodian Prime Minister Hun Sen suggested the meeting should be delayed after some Asean countries had asked for it to be held two days earlier. The summit is seen as part of US efforts to step up engagement with the region in light of China's growing power.
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The Japanese government will disburse ¥8.8 billion (US$75.3 million) from reserve funds for humanitarian assistance to Ukraine following its invasion by Russia since late last month. The assistance will go to international organisations including the Office of the UN High Commissioner for Refugees and help fund the activities of Japanese non-governmental organisations helping Ukraine, the Finance Ministry said. The amount is part of the emergency humanitarian aid worth $100 million that Prime Minister Fumio Kishida pledged last month.
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Prime Minister Narendra Modi's party won re-election in India's most populous state, Uttar Pradesh, on Thursday, continuing its record of repeated success at the polls despite mounting economic hardship. The victory by the Bharatiya Janata Party (BJP) marks the first time in more than three decades that voters have returned an incumbent bloc to power in Uttar Pradesh, home to 240 million people. It further consolidates the rise of Yogi Adityanath, a hard-line Hindu monk who has been the state's chief minister for five years and is increasingly viewed as a potential successor to Mr Modi.
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China has warned the United States against trying to build what it called a Pacific version of NATO, while declaring that security disputes over Taiwan and Ukraine were "not comparable at all". Foreign Minister Wang Yi said the "real goal" of Washington's Indo-Pacific strategy was to form Asia's answer to the North Atlantic Treaty Organization. China has often accused the US of trying to form alliances to suppress its growth, a complaint that is likely to attract greater attention after President Vladimir Putin cited similar grievances before his invasion of Ukraine. "The perverse actions run counter to the common aspiration of the region for peace, development, cooperation and win-win outcomes," Mr Wang said. "They are doomed to fail."
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Conservative opposition candidate Yoon Suk-yeol on Thursday won South Korea's presidential election, propelling a political novice and avowed anti-feminist to the helm of Asia's fourth largest economy. After a bitter, hard-fought campaign, the former prosecutor, who has never held elected office, was declared the winner after rival Lee Jae-myung from the incumbent Democratic Party conceded defeat. Despite a campaign dominated by mud-slinging between the two frontrunners, voter turnout was 77.1%, including record early voting. Top Democrat executives resigned en masse on Friday to take responsibility for the defeat, but the party still holds enough seats to potentially thwart the new president's agenda.
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Australia will increase the number of troops by around 30% by 2040 to a total of almost 80,000 personnel to keep Australians safe "in an increasingly uncertain global environment", Prime Minister Scott Morrison said on Thursday. To fund the biggest increase in the size of the Australian Defence Force since the Vietnam war, Canberra will invest at least A$38 billion (US$28 billion) between now and 2040, he said. "It's important we take steps now to protect our people and our national interest over the coming decades," Mr Morrison said. Australia has in recent years stepped up defence spending in response to China's growing assertiveness. Last year, it entered into an agreement dubbed the Aukus partnership with the United States and Britain, under which it will seek to obtain nuclear-powered submarines.
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Hong Kong is stepping up its focus on vaccinating the elderly and children, as authorities battle to reduce a surge of coronavirus infections and climbing death rates that have ripped through care homes and overwhelmed hospitals. The city of 7.4 million reported the most Covid deaths globally in the week to March 9. "Over 90% of the deaths were those who had not been fully vaccinated. We need to catch up and vaccinate every Hong Kong citizen," Chief Executive Carrie Lam said on Friday.
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Taiwan is racing to set up more specialised "chip schools" that run year-round to train its next generation of semiconductor engineers and cement its dominance of the industry. The plans come as semiconductor companies pour billions of dollars into capacity expansion to make the "brains" that power everything from smartphones to fighter jets, amid a global shortage. The industry giant TSMC alone this year will spend up to US$44 billion and hire more than 8,000 employees. The first four schools were established at top universities last year, each with a quota of 100 master's and PhD students.
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As I returned to the office early last week to complete some required paperwork, I found a whole floor that was once filled with enthusiastic editorial staff nearly empty.
READ MORE >As I returned to the office early last week to complete some required paperwork, I found a whole floor that was once filled with enthusiastic editorial staff nearly empty.
Two years of the protracted Covid-19 pandemic have proved to be tough for everyone, with millions losing their jobs as economies slumped across the world. Women in particular have faced hardship from changes in the working environment.
As the world moves ahead to mark International Women's Day tomorrow, the clock on women's rights is moving backwards. All of us are paying the price.
The pandemic is inevitably teaching humanity a lot of lessons. The traditional three pillars of literacy -- reading, writing and arithmetic (the three R's) -- must now be complemented by digital literacy.
Contrary to what others might perceive, Bryan Choong considers himself an introvert who enjoys most activities alone. During the lockdown, for example, he took up cycling and explored Singapore even more.
Young people in Mon State who not long ago were actively engaged in campaigning for elections in Myanmar have shifted from protesting in the streets against the military to taking up arms to defend their rights and freedoms.
Countries across the world are feeling the impact of Russia's full-scale invasion of Ukraine as stock markets tumble and oil prices spike. But Taiwan is feeling a particular chill, amid concerns that it eventually could face a similar fate at the hands of China.
The economy of Sabah, a Malaysian state in the northern part of Borneo Island, has fallen into a slumber during the Covid-19 pandemic, with the lowest growth among the country's states.
While many people are keeping their eyes on how the Russia-Ukraine standoff could play out, America is making news in Asia as well with the launch of a new Indo-Pacific strategy.
Once perceived as Asia's final frontier, Myanmar has been tested severely by dual shocks -- a surge in Covid-19 cases in 2021 and the military coup that has brought its economy close to a standstill and left its people suffering from ongoing violence.
