Page 3 - Asia Economy

China solar industry faces challenges, but rock-bottom prices to persist

Overcapacity in China's solar industry is emblematic of the challenges facing the world's second-biggest economy

Japan's economy recovers to full capacity, keeps rate hike prospects alive

The BOJ ended eight years of negative interest rates and other remnants of its unorthodox policy last month

Misery for Pak public as petrol price likely to rise by PKR 10 per litre

According to industry officials, the price of petrol is poised to inflate by nearly PKR 10 per litre due to a surge in international crude prices

71 Indian companies on FT's Asia Pacific top 500 high-growth list

Indian companies top the list, with Zypp Electric at number one and BigHaat at number two

Bank of Japan ends its negative interest rate policy, first hike in 17 yrs

Japan's central bank raised its benchmark interest rate Tuesday for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy. The Bank of Japan's short-term rate was raised to a range of 0 to 0.1% from minus 0.1% at a policy meeting that confirmed expectations of a shift away from ultra-lax monetary policy. The interest rate hike was the first since February 2007. The BOJ had remained cautious about normalizing monetary policy, or ending its negative benchmark borrowing rate, even after data showed inflation at about its target rate of 2% in recent months.

Mark Zuckerberg's Asia tour to range from AI to Ambani wedding party

On Wednesday, Zuckerberg plans to travel to Seoul to meet with partners, the spokesperson said, declining to elaborate further

Pak now an 'authoritarian regime', only Asian country in category: Report

Out of the 28 countries in the region that are included in the index, 15 recorded a decline in their score, and only eight registered an improvement

Japan slips to world's 4th-largest economy, behind US, China, and Germany

Japan has slipped to the world's fourth-largest economy as government data released on Thursday showed it fell behind the size of Germany's in 2023. The numbers highlight how the Japanese economy has gradually lost its competitiveness and productivity while the population shrinks as Japanese people age and have fewer children, analysts say. Japan fell from the second-ranked economy behind the US to the third-largest in 2010 as China's economy grew. The International Monetary Fund had forecast Japan's fall to fourth. The comparisons among nations' economies look at nominal GDP, which doesn't reflect some different national conditions, and is in dollar terms. Japan's nominal GDP totalled USD 4.2 trillion last year, or about 591 trillion yen. Germany's, announced last month, was USD 4.4 trillion, or USD 4.5 trillion, depending on the currency conversion. For the latest October-December quarter, the Japanese economy shrank at an annual rate of 0.4 per cent, and minus 0.1 per cent from

India to help Sri Lanka with upgradation of railways; to cost $91.27 mn

India and Sri Lanka have together launched multiple works costing USD 91.27 million across the island nation to upgrade the railway network which will enhance the mobility of goods and services and boost economic activity. Sri Lanka's Minister of Transport, Highways and Mass Media Dr Bandula Gunawardena and High Commissioner of India to Sri Lanka Santosh Jha ceremonially launched the multiple works on Sunday, a release from the office of the High Commission of India said here. Minister of Transport Gunawardena thanked India for the support extended to Sri Lanka, especially in the transport sector. The Indian High Commissioner expressed happiness that as a long-standing development partner of Sri Lanka, India had executed projects for the development and rehabilitation of Sri Lanka's Northern and Southern Railway line over the past several years in line with the priorities and requirements of the Government of Sri Lanka. Jha also underscored the importance of the modernisation of ..

MoS Chandrasekhar launches training centres under PM Vishwakarma in Goa

The government is focusing on skilling, reskilling and upskilling youth, which would result in better employment and growth of local economy

Asia-Europe LNG spread at widest level in almost two years: S&P Global

The spread between the Japan Korea Market, used as an Asian benchmark, and the Title Transfer Facility, the European gas benchmark, was assessed at $2.79 per million British thermal units on Wed

Asian airlines eye growth as int'l passenger traffic soars by 171% till Oct

As the international air passenger traffic grew by 171 per cent in the first nine months of 2023, a top airline association on Thursday said it looked forward to celebrate growth of the industry and focus on sustainability. Ahead of the 67th Assembly of Presidents of the Association of Asia Pacific Airlines (AAPA) to be held here on Friday, the Association said, the number of international air passengers in Asia Pacific reached 79 per cent of 2019 levels in September 2023, behind other regions given that borders in Asia fully re-opened only six to 12 months after the rest of the world after the pandemic induced lockdowns across nations. Nevertheless, demand is robust, with international air passenger traffic measured in revenue passenger kilometres (RPK) growing by 171 per cent in the first nine months of 2023, compared to the same period in 2022, AAPA said. Seat capacity measured in available seat kilometres increased by a comparatively slower 130 per cent in the first nine months

WHO South-East Asia region to prioritise investment in primary healthcare

Member countries of the WHO South-East Asia Region on Tuesday committed to prioritising investment in primary healthcare in order to accelerate progress towards universal health coverage. Regional Director of WHO South-East Asia Dr Poonam Khetrapal Singh said this will help realise health-related sustainable development goals. "Prioritising investments to strengthen primary healthcare, including the health workforce, will accelerate progress towards achieving health for all and help realise health-related sustainable development goals, health security and equity promoting health systems," she said. Dr Singh was addressing a ministerial roundtable on 'Strengthening primary healthcare as a key element towards achieving universal health coverage' which culminated in the member countries and WHO signing the Delhi Declaration for strengthening primary healthcare. The declaration builds on the commitments of heads of state and government and ministers of health to strengthen primary ...

HSBC places 12 countries on exit watchlist to focus on expansion in Asia

HSBC's ongoing pivot to Asia has already triggered planned sales of all or parts of its businesses in France, Greece, Russia, and Canada

India's Exports to EU, US grow but Asia and Africa suffer in FY23

India's merchandise exports had risen 6.7 per cent to $450.4 billion in FY23

APAC region to surpass US by 2030 to become world's largest fintech market

These regions, which are an underpenetrated market with nearly $4 trillion in financial services revenue pools, have the largest fintechs

Potential US recession signal sets off global rush into Indonesian bonds

With the US and Indonesian central banks seen approaching the end of their respective hiking cycles, inflows looking for higher carry returns are likely to keep increasing in the second quarter

Asia's factory activity contracts despite China easing Covid curbs

China's factory activity shrank more slowly in January after Beijing lifted tough Covid curbs late last year, a private sector survey showed

'Underweight' on India, China to lead Asian outperformance in 2023: Nomura

The key risks identified by the brokerage are stretched government finances and oil prices going past $120 a barrel

Asian shares fall in early trade amid jitters over missile strike in Poland

Asian shares were mostly lower Wednesday, as investors got jittery over global risks after Poland said a Russian-made missile killed two people there. Benchmarks fell in morning trading in Tokyo, Sydney, Seoul and Hong Kong, while shares were little changed in Shanghai. Ukrainian President Volodymr Zelenskyy decried the blast as a very significant escalation of the war. Details were unclear, including who fired the missile. The Polish government said it was investigating. President Joe Biden, in Indonesia for the Group of 20 summit, promised full U.S support for and assistance with Poland's investigation. Japan's benchmark Nikkei 225 lost 0.2% in morning trading to 27,924.63. Australia's S&P/ASX 200 slipped 0.3% to 7,121.60. South Korea's Kospi shed 0.3% to 2,472.97. Hong Kong's Hang Seng fell nearly 0.2% to 18,308.00, while the Shanghai Composite was little changed, inching up less than 0.1% to 3,135.88. Asian equities were defensive on Wednesday, with geopolitical tensions ...