Page 2 - Asia-pacific

Russia's foreign minister arrives in China to discuss Ukraine, Asia-Pacific

Hit with sanctions that closed access to Western markets and finances after sending its troops to Ukraine, Russia has since become China's fastest-growing trade partner

Natural disasters cause $65bn loss in APAC in 2023; 91% loss uninsured: Aon

As per the report, 398 natural disaster events occurred globally in 2023, resulting in an economic loss of $380 billion in the year.

India to mitigate slowing Apac growth on robust domestic demand: Moody's

Moody's Investors Service on Tuesday said growth in Asia Pacific will decelerate in 2024 as a downshift in China's growth trajectory will spill over in the region through trade in goods and services, but India will be able to mitigate the challenge aided by robust domestic demand. In a report on Asia-Pacific, Moody's said the region is marked with a heavy calendar of elections in 2024, notably in India, Taiwan, Indonesia, Korea and Bangladesh. "The election outcomes will either facilitate domestic policy continuity or lead to increased polarization, and have a bearing on geopolitical relationships," said a Moody's report titled 'Growth headwinds, tight funding and geopolitics will define 2024 conditions'. It said a downshift in China's economic growth rate and a cyclical slowdown in the US will weigh on Asia-Pacific (APAC)'s credit conditions in 2024. Peaking inflation globally will provide space for monetary tightening cycles to slow, but financial conditions will remain difficult

Rome seeks larger Indo-Pacific role, will step up defence ties with Japan

The leaders of Japan and Italy said on Monday they will bolster their cooperation in security and defence, including their joint next-generation fighter jet development with Britain, as Tokyo welcomed the European nation's shift toward playing a greater role in the Indo-Pacific. Japanese Prime Minister Fumio Kishida, after meeting his Italian counterpart Giorgia Meloni, welcomed Italy's move to increase its presence in the Indo-Pacific region, where several visits by Italy's warships, including its strike group, and joint exercises are planned this year. Japan and Italy are valuable strategic partners that share values and principles such as freedom, democracy, human rights and the rule of law, Kishida said. Kishida also praised progress in their joint development of a new advanced fighter jet with Britain. The three countries in December signed an agreement to establish a joint organisation to develop a new advanced jet fighter for deployment in 2035. Meloni said that the ...

Growth in Asia Pacific emerging markets to remain strong in 2024: Fitch

The economic growth in Asia Pacific will remain strong in 2024 and GDP is expected to grow by about 5 per cent in India and a host of emerging market countries, Fitch Ratings said on Wednesday. In its report titled 'APAC Cross-Sector Outlook 2024', Fitch said the outlooks for the banking sectors in India and Indonesia, as well as APAC emerging markets as a whole, move to improving in 2024, partly reflecting the robust economic backdrop. "Economic growth in APAC will generally remain strong in 2024, especially in emerging markets (EMs), supporting sector outlooks across the region. We expect real GDP to expand by, or above, 5 per cent in India, Indonesia, the Philippines and Vietnam, and China's performance will still be strong by most other countries' standards," Fitch said. The Indian economy grew 7.2 per cent in 2022-23 fiscal year. India's GDP expanded 7.8 per cent and 7.6 per cent in the June and September quarters, respectively. Fitch had last month said it expects India to be

After summit bonhomie, Biden & Xi Jinping vie to woo FDI from Asia-Pacific

After a display of rare bonhomie at their meeting on Thursday, US President Joe Biden and his Chinese counterpart Xi Jinping have fiercely courted investments from the leaders and CEOs attending the Asia-Pacific summit to entice foreign capital. Facing a doubting task of reviving a once buoyant economy with the steady outflow of foreign companies and supply chains Xi, in his address at the APEC CEO summit in San Francisco pledged to tear down foreign investment barriers and promised to invite foreign capital with "heart-warming" measures. "No matter how the international situation evolves, China's resolve to foster a market-oriented, law-based and world-class business environment will not change, Xi said in written remarks to the Asia-Pacific Economic Cooperation (APEC) CEO Summit on Thursday. China's policy of providing equal and quality services to foreign investors will not change, he said. We will strive to tear down the barriers to the flow of innovation factors, deepen reform

India to hold second Voice of Global South Summit virtually on Nov 17

The Global South refers to nations regarded as having a relatively low level of economic and industrial development, and are typically located to the south of more industrialised nations

One in four people in Asia, Pacific will be above 60 by 2050: UNFPA

One in four people in Asia and the Pacific will be above the age of 60 by 2050 and more than half of them will be women, UNFPA Asia-Pacific Regional Director Pio Smith said on Tuesday. Asia and the Pacific refer to a vast and diverse region that encompasses Asia and the Pacific Islands, which are scattered throughout the Pacific Ocean. Addressing a press briefing, Smith said along with ageing populations, countries are also witnessing low fertility rates as women are having fewer babies. "This means that while people are living longer, the working population is also shrinking," Smith said. By 2050, it is estimated that one in four people in Asia and the Pacific will be about the age of 60 and more than half of them will be women, he said. Smith said it is easy to hear alarm bells ring if the focus is only on the numbers. "We really do have to understand that population ageing and low fertility are not problems to be solved. They are demographic transitions that the human populati

Delhi mayor to attend 'Asia Pacific Cities Summit' in Australia from Oct 11

Delhi Mayor Shelly Oberoi will take part in an urban summit in Australia and present the work done by the Arvind Kejriwal government in the national capital, officials said on Sunday. The 'Asia Pacific Cities Summit' is scheduled to take place in Brisbane from October 11-13. While the theme of the summit is 'Shaping Cities for Our Future', there are three sub-themes: technology, data, development, and people's well-being, according to a statement issued by the mayor's office. Oberoi will depart for Brisbane on Monday, it said. She will present the 'model of the Kejriwal governance' to a global audience. This model showcases the work done in Delhi, Punjab, and the Municipal Corporation of Delhi under the leadership of Chief Minister Arvind Kejriwal, the statement said. She will talk about education, health, and cleanliness. The summit will facilitate the exchange of ideas and achievements among mayors, policymakers, business leaders, and more. In the 2019 edition of the Summit, ma

India elected President of AIBD General Council for third consecutive term

Prasar Bharati, India's public service broadcaster is the representative body of the Ministry of Information & Broadcasting at the Asia-Pacific Institute for Broadcasting Development

Tourism recovery in Asia-Pacific region strong, robust post pandemic: PATA

The recovery in tourism in the Asia-Pacific region after the COVID-19 pandemic has been "strong and robust" and the numbers have reached about 80 per cent of 2019's figures, the chief of Pacific Asia Travel Association (PATA) said on Thursday. Peter Semone was interacting with reporters during the second day of the 46th edition of the PATA Travel Mart being hosted here from October 4-6. The physical version of the PATA Travel Mart is being held after a hiatus of three years due to the Covid pandemic. "Recovery from 2019 numbers... in the Asia-Pacific region, we are running at about 80 per cent. So there is a recovery and I have to say its strong and robust recovery. "The quality of tourism, in terms of lengths of stays, is better. It seems, when people are travelling, they are travelling a little bit more seriously and in a bit more committed way," Semone said when asked about the recovery made in tourism sector in the Asia-Pacific region. Later on the sidelines, he also shared so

Sensex ends 267 pts up; Adani Group stocks shine; Jio Fin dips 5% on debut

CLOSING BELL ON AUGUST 21, 2023: The NSE Nifty 50 ended with a gain of 84 points at 19,394. Jio Financial Services settled at the 5 per cent lower circuit on debut on Monday.

UBS Group to cut two-thirds of Credit Suisse dealmakers in Asia-Pacific

That would cost about 200 jobs at its global banking division in Asia over the next couple of months, the people said, asking not to be identified because the matter is confidential

Asia-Pacific needs disaster warning systems against climate change: Report

Countries in the Asia-Pacific region need to drastically increase their investments in disaster warning systems and other tools to counter rising risks from climate change, a United Nations report said Tuesday. The report issued Tuesday by the Economic and Social Commission for Asia and the Pacific, or ESCAP, says nearly USD 145 billion is needed to set up systems to minimise deaths and damage from floods, earthquakes, drought and other disasters. Artificial intelligence, satellites, remote sensing and other technologies can aid in forecasting, notifying the public in times of emergency and providing other services, but telecommunications systems must be fortified to ensure that vulnerable communities will get that information, said the report, which was released to mark the U.N.'s Disaster Resilience Week. Most countries have failed to spend even 10 per cent of what is needed, the report said. Half of all countries lack early warning systems and even fewer have systems that are ..

Kaspersky has big plans for India, will be investing in people & tech: MD

Over the next 10 years, India will be going through a rapid digital transformation, said Adrian Hia, managing director for Kaspersky in Asia-Pacific

Mumbai emerges as third-biggest data centre market in Asia-Pacific: Report

Mumbai was ranked third on the list in terms of the total capacity of data centre services, according to the Q1 2023 report. The live capacity (operational capacity) stood at 270 MW

Mumbai third in Asia Pacific region in data centre capacity: Report

Only Indian city in the ranking, had a 'standout growth story' in the first quarter of CY23

Morgan Stanley weighs 7% cut in Asia-Pacific investment banking workforce

The New York-based firm already axed about 50 investment-banking jobs in Asia by the end of last year after a plunge in deals, and a significant number of those were China-focused roles

With resilient growth in India, Asia-Pacific remains dynamic region: IMF

Pacific is projected to increase this year to 4.6 per cent, up from 3.8 per cent in 2022. As a result, the region would contribute around 70 per cent to global growth

India 2nd most targeted by ransomware in Asia Pacific, Japan region in 2022

India is the second most targeted country by ransomware in the Asia-Pacific and Japan region in 2022, up from spot 3 in 2021, a new report said on Tuesday