The Japan-US Alliance Embraces the Economic – The Diplomat

Tokyo Report | Economy | East Asia The advent of the new Economic 2+2 shows how closely economic issues are intertwined with security concerns. Secretary of State Antony J. Blinken and Secretary of Commerce Gina Raimondo co-host the inaugural ministerial meeting of the U.S.-Japan Economic Policy Consultative Committee with Japanese Foreign Minister Hayashi Yoshimasa and Japanese Minister of Economy, […]

How the North Korean Government Is Squeezing Foreign Currency Out of Its People – The Diplomat

Advertisement In recent years, the North Korean government has intensified efforts to collect foreign currency held by its citizens. This situation not only reflects North Korea’s lack of foreign currency, but also highlights the country’s poor performing domestic currency (the Korean People’s Won, or KPW) and, more broadly, signals that the country’s economy is in […]

Bank of Mexico raises interest rates to record 8.5 percent | Inflation News

Mexico, Latin America’s second-largest economy, is fighting its highest inflation in 22 years. The Bank of Mexico raised its benchmark interest rate by three-quarters of a percentage point to a record 8.5 percent on Thursday, mirroring the United States Federal Reserve’s most recent policy decision as inflation surged to an over two-decade high. The five […]

Xi, Henan, and China’s Growing Financial Crisis – The Diplomat

Advertisement In July, videos of tanks supposedly rolling onto the streets of Henan circulated online, with many posts drawing comparisons to the Tiananmen Square Massacre. While the video was later refuted – the Associated Press confirmed the tanks were taking part in a military exercise in another city more than 400 kilometers away – the […]

At 75, India’s Biggest Challenge Is to Create Jobs – The Diplomat

Advertisement As India’s economy grew, the hum of factories turned the sleepy, dusty village of Manesar into a booming industrial hub, cranking out everything from cars and sinks to smartphones and tablets. But jobs have run scarce over the years, prompting more and more workers to line up along the road for work, desperate to […]

Ex-Arm boss exits Chinese chipmaker amid US-China tensions | Technology

Tudor Brown steps down from board of Semiconductor Manufacturing International Corporation after nine-year run. Tudor Brown, the former president of Arm Ltd., has resigned from the board of Semiconductor Manufacturing International Corp., stepping away from the Chinese chipmaker that has been hit with US sanctions. Brown, a celebrated engineer who was part of Arm’s founding, […]

Former Workers Sue Multinational Firms Over Alleged Malaysian Labor Abuses – The Diplomat

In this Aug. 26, 2020, file photo, a worker inspects disposable gloves at the Top Glove factory in Shah Alam outside Kuala Lumpur, Malaysia. Credit: AP Photo/Vincent Thian, File Advertisement Former workers at the Malaysian rubber glove maker Brightway Holdings have sued two foreign companies in a United States court, accusing them of “knowingly profiting” […]

Is China to Blame for Sri Lanka’s Debt Woes? – The Diplomat

Advertisement China has never been Sri Lanka’s biggest lender. Nevertheless, as Sri Lanka has fallen into economic woes, particularly in the wake of COVID-19, blame has turned to China. However, Sri Lankan officials have repeatedly expressed the view that China is not the source of the country’s economic woes. So what’s the real story? China […]

India Noncommittal on the Partnership for Global Infrastructure and Investment – The Diplomat

Advertisement The G-7 countries that met a month ago for the Leaders’ Summit in Germany formally launched the Partnership for Global Infrastructure and Investment (PGII). The PGII is an infrastructure initiative to fund connectivity projects in developing countries and is seen as a counter to China’s Belt and Road Initiative (BRI). U.S. President Joe Biden […]

Why Does Indonesia’s Bank Jago Have Such a High Valuation? – The Diplomat

Pacific Money | Economy | Southeast Asia The strong track record of the bank’s leadership, and the broader optimism about the future of digital banking in Indonesia, have combined to raise investors’ expectations. Advertisement Bank Jago is an Indonesian bank that primarily offers digital banking services. It is also one of Indonesia’s most valuable publicly traded companies, with a […]

Boeing gets green light to start delivery of 787 Dreamliner | Business and Economy News

American Airlines will be the first to take possession which could be as early as Wednesday. The United States government has approved the delivery of the first Boeing 787 Dreamliner — nearly two years after production defects drew scrutiny and halted deliveries — clearing the way for American Airlines to take possession, the Reuters news […]

China’s Low-Growth Zero-COVID Policy Signals Transition Away From Reform Period – The Diplomat

Advertisement If it wasn’t clear before COVID-19 hit, it is now apparent that Xi Jinping, China’s top leader, does not prize economic growth above social and political factors. In fact, growth appears to be further down on China’s agenda than it has been in several decades. We can conclude this since China is still following […]

Is Japan open to travelers? It’s where Singaporeans want to travel

Some 49% of Singaporeans say they are considering Japan for their next vacation abroad, according to the market research firm YouGov. Interest may be even higher among young citizens. Some 68% of Singaporeans aged 16 to 24 years old indicated they are considering Japan for their “next vacation,” compared to 37% of those aged 55 […]

Impacts on China and India – The Diplomat

Advertisement The Diplomat author Mercy Kuo regularly engages subject-matter experts, policy practitioners, and strategic thinkers across the globe for their diverse insights into U.S. Asia policy. This conversation with Dr. Craig Kennedy — historian and energy commentator at the Davis Center of Russian and Eurasian Studies at Harvard University, former international finance executive at Morgan […]

Will Reform of Nepal’s Civil Aviation Authority Ever Take Off? – The Diplomat

Relatives of passengers of the Tara Air turboprop Twin Otter plane that went missing wail outside the airport in Pokhara, Nepal, May 29, 2022. Credit: AP Photo/Yunish Gurung Advertisement On August 3, the U.N. aviation watchdog, the International Civil Aviation Organization (ICAO), formally asked the Nepali government to split the Civil Aviation Authority of Nepal […]

Hong Kong cuts hotel quarantine to 3 days as city’s image dives | Coronavirus pandemic News

Announcement comes amid mounting frustration with international financial centre’s isolation as world lives with COVID. Hong Kong will reduce hotel quarantine from seven days to three days as businesses and residents in the international financial hub grow increasingly frustrated with one of the world’s most draconian border regimes. Under the eased measures, travellers will be […]

Senate Democrats pass budget package, a major victory for Biden | Business and Economy News

Democrats pushed their election-year economic package to Senate passage, a hard-fought compromise less ambitious than President Joe Biden’s original vision — but one that still meets deep-rooted party goals of slowing climate change, moderating pharmaceutical costs, and taxing big corporations. The package on Sunday heads next to the House where legislators are poised to deliver […]

Pacific Rim Economies in Doldrums, Sapped by Inflation, War – The Diplomat

Pacific Money | Economy Most economies in the region are just beginning to fully emerge from border closures and other pandemic-related precautions.  Advertisement Economies in the Asia-Pacific are forecast to hit the doldrums this year as decades-high inflation and the war in Ukraine compound geopolitical uncertainties and the aftereffects of the pandemic. A report on Pacific Rim […]

Japan’s households raise spending for first time in 4 months | Business and Economy

Spending jumps 3.5 percent in June amid rebound in domestic travel. Japan’s households increased spending for the first time in four months in June, as demand for travel services rose in a positive sign for broader economic recovery prospects. Spending jumped 3.5 percent in June from a year earlier, government data showed on Friday, posting […]

Bangladesh Tightens Its Belt as Forex Crisis Looms – The Diplomat

Advertisement Amid declining foreign exchange reserves due to rising import bills, Bangladesh has sought a $4.5 billion loan from the International Monetary Fund (IMF). According to economists, who participated in a recent discussion at the Centre for Policy Dialogue in Dhaka, Bangladesh is facing an “economic crisis,” one that will not end soon as the […]

Investors dump Chinese stocks, bonds amid global recession fears | Financial Markets

The trade group report points to the sixth consecutive month of foreign outflows from China’s $20 trillion bond market. Foreign investors continued to cut holdings in Chinese bonds in July and dumped equities for the first time in four months, according to a report by the Institute of International Finance (IIF). Emerging markets (EM) posted […]

Sri Lanka Leader Proposes 25-year Plan for Crisis-hit Nation – The Diplomat

Advertisement Sri Lanka’s new president said Wednesday that his government is preparing a national policy roadmap for the next 25 years that aims to cut public debt and turn the country into a competitive export economy as it seeks a way out of its worst economic disaster. President Ranil Wickremesinghe in his speech to Parliament […]

Shipping firm Maersk warns of weak demand and warehouses filling up

A.P. Moller-Maersk, is one of the world’s biggest container shippers with a market share of around 17%, and is widely seen as a barometer of global trade. Andia | UIG via Getty Images AP Moller-Maersk on Wednesday predicted a slowdown in global shipping container demand this year amid weakening consumer confidence and supply chain congestion. […]

India’s faltering rice output can cause a new food crisis | Business and Economy News

Rice could emerge as the next challenge for global food supply as a shortage of rain in parts of India, by far the world’s biggest exporter, has caused planting area to shrink to the smallest in about three years. The threat to India’s rice production comes at a time when countries are grappling with soaring […]

Understanding China’s Role in Sri Lanka’s Debt Restructuring Efforts – The Diplomat

Advertisement As Sri Lanka embarks on debt restructuring negotiations with key lenders in parallel to discussions with the International Monetary Fund (IMF), it is useful to consider the seminal role of China, one of Sri Lanka’s top creditors. How China deals with Sri Lanka will be a crucial determinant in the trajectory and timing of […]

Rodrigo Duterte’s Economic Legacy in the Philippines – The Diplomat

ine President Rodrigo Duterte inspects the newly-constructed Estrella-Pantaleon Bridge in Manila, Philippines, along with Senator Bong Go, Chinese Ambassador to the Philippines Huang Xilian, and Public Works and Highways Secretary Mark Villar. Credit: Facebook/Rody Duterte Advertisement When Rodrigo Duterte assumed the presidency of the Philippines in 2016 his economic vision for the country was pretty […]

The Importance of India-Pakistan Cross-LoC Trade – The Diplomat

Advertisement In 2019, the New Delhi government suspended cross-Line of Control trade: the barter exchange between the Indian and Pakistani parts of Kashmir. Thus, while India and Pakistan continue to trade through their officially recognized border, trade through the disputed part of the border, the Line of Control (LoC), is not allowed at the moment. […]

Hong Kong slips into second recession since 2019 mass protests | Business and Economy

International financial hub’s economy shrinks 1.4 percent in the second quarter, after previous 3.9 percent decline. Hong Kong has tipped back into a technical recession, new government figures showed Monday, weighed down by mounting interest rates, weakened global trade and the city’s continued adherence to strict coronavirus controls. Following a year-on-year decrease of 3.9 percent […]

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