Page 5 - Asia

Europe, Asia dominate list of top 10 nations in 2024 by GDP per capita

Advanced economies are projected to experience a slight uptick in growth, moving from 1.6 per cent in 2023 to 1.7 per cent in 2024 and 1.8 per cent in 2025

Asian factories show tentative signs of recovery as China's PMI improves

Factory activity in South Korea and Taiwan also expanded in August, while Japan saw a slower rate of contraction due in part to solid global demand for semiconductors

Indonesia celebrates Nusantara, the new capital struggling to take shape

Located about 800 miles northeast of Jakarta, construction of Nusantara involves five phases, to be completed by 2045, the govt intends to shift some 1.9 mn people from Jakarta to ease congestion

Asia's 50 Best Bars 2024: ZLB23 named India's best bar, ranks 40th in list

Asia's 50 Best Bars 2024 list has been released, and Begnaluru's ZLB23 is ranked 40th in the list. Hong Kong's Bar Leone tops the chart

Pope to preside over interfaith meet in Indonesian mosque during Asia visit

Pope Francis will preside over an interfaith meeting in a mosque in the world's largest predominantly Muslim country during a four-nation Asian visit in September that will be the longest and most complicated foreign trip of his pontificate. The Vatican on Friday released the itinerary for Francis' September 2-13 trip to Indonesia, East Timor, Papua New Guinea and Singapore. The packed schedule makes clear that the 87-year-old pontiff, who has battled health problems and is increasingly reliant on a wheelchair, has no plans to slow down. After a day of rest upon arrival in Jakarta on September 3, Francis launches into a typically rigorous round of protocol visits to the four countries' heads of state and government, speeches to diplomats and meetings with clergy and public Masses in each location. In Jakarta, he'll preside over an interfaith meeting at the capital's Istiqlal Mosque. Sprinkled in the mix are encounters with young people, poor and disabled people, elderly people and

IFC appoints Vikram Kumar as regional director for Asia and Pacific

Global investment and financing solution provider IFC on Monday said it has appointed Indian national Vikram Kumar as its Regional Industry Director for Infrastructure and Natural Resources in Asia and the Pacific. Kumar will be based in Singapore, where he begins his new role on July 1, IFC (International Finance Corp) said in a statement. Having more than 20 years of global investment and development expertise, Kumar will drive IFC's strategy to connect more people and businesses in the region to sustainable infrastructure. In his role, Kumar will lead IFC's Infrastructure and Natural Resources investment team across Asia and the Pacific to develop and implement power, water, telecom, transport, and other infrastructure projects with public and private sector partners, expanding the reach of essential services, said IFC -- a member of the World Bank Group. "His (Kumar's) experience leading transformative projects with our partners globally and in this region will enable him to gr

Asia's first half crude oil imports decline, undermines bullish forecasts

The slightly weaker outcome was largely a result of lower arrivals in China, the world's biggest oil importer

India presents action plan for regional cooperation under Colombo Process

India has presented an action plan focusing on several of its priority areas for regional cooperation under the Colombo Process, a regional consultative forum comprising 12 Asian nations. India rolled out the plan while chairing a meeting of the grouping in Geneva on Friday. In the meeting, India listed a range of its priorities that included reviewing the financial sustainability of the Colombo Process and broadening the grouping's membership by including new nations as members and observers. Muktesh Pardeshi, Secretary (consular-passport-visa division) in the Ministry of External Affairs, delivered the special address at the meeting. "He emphasised India's commitment to advancing the objectives of the Colombo Process and enhancing collaboration among member states," the ministry said. "India presented an outline of an action plan for the next two years, focusing on key priorities and initiatives to further strengthen the Colombo Process," it said. In May, India assumed the cha

BII vows $75 mn to Symbiotics' 2nd green basket bond for emerging markets

British International Investment, the UK's development finance institution, on Tuesday said it has committed USD 75 million (about Rs 625 crore) to the second green basket bond arranged by emerging markets access platform and financial lender Symbiotics Investments. The green lending programme will increase financing to small-scale green projects across Africa, South and South-East Asia through MSME lenders, with 50 per cent of the financing earmarked for India, British International Investment (BII) said in a statement. It will focus on supporting new MSME lenders not included in the first green basket bond. The first green basket bond supported 11 MSME lenders in India, Vietnam, Cambodia, Tunisia, Botswana, Kenya, Bangladesh and Nepal, it added. "Partnering with Symbiotics on a second green basket bond signifies a continued commitment to empowering smaller financial institutions and supporting sustainable development in climate-vulnerable regions," BII Managing Director and Head o

Self-confident Asia charts its own course, diversifies ties beyond West

Desire to make an Asia for Asians, without the overbearing influence of the West, is not new

Iran, Bahrain to discuss resuming diplomatic relations severed since 2016

Iran and Bahrain have agreed to talk about how they might resume bilateral relations after nearly eight years, Iranian media reported Monday. The report by state-run IRNA news agency said Iran's acting foreign minister Ali Bagheri Kani and his Bahraini counterpart Abdullatif bin Rashid al-Zayani spoke on the sidelines of the ongoing Asian Cooperation Dialogue in Tehran. The report said both sides agreed on creating the framework to start talks on the requirements for resuming diplomatic relations. This is al-Zayani's second visit to Tehran in a month. The first came during the memorial for President Ebrahim Raisi who died in a helicopter crash in May. Bahrain cut its diplomatic relations with Iran after Saudi Arabia severed diplomatic ties with Tehran following Riyadh's execution of an opposition Shiite cleric and attacks on Saudi diplomatic posts in Iran in 2016. Iran and Saudi Arabia resumed their diplomatic relations in 2023.

India's LNG demand surge supports Asia's declining imports in June

Asia is on track to import 23.18 million metric tons of LNG in June, down a touch from May's 23.55 million

African, Asian tea producers flag concerns over demand-supply mismatch

Associations of tea producers in Asia and Africa have flagged concerns over the global mismatch of demand and supply and called for an early restoration of equilibrium, according to a statement issued by a planters' body on Friday. In a meeting of the stakeholders of the global tea industry, recently held in Dubai, the associations also addressed the issue of quality and long-term sustainability of the sector. Indian Tea Association (ITA) chairman Hemant Bangur said that the global tea industry is facing a demand-supply mismatch as production continues to outpace demand. Representatives of ITA, East African Trade Association (EATTA), independent tea producers' body of Kenya, and tea associations of Malawi, Bangladesh and Uganda attended the meeting. They voiced concern over stagnating consumption demand in Europe and Asia, the ITA said in a statement. Bangur said, "Africa with its growing population and rising income has the potential to become one of the largest markets for black

Gold discounts in India widen as elevated prices dampen its demand

Domestic prices were trading around 72,800 rupees per 10 grams, after hitting a record high of 74,442 rupees last month

Putin inks deals with Vietnam to shore up ties in Asia to offset isolation

Russian President Vladimir Putin signed at least a dozen deals with his Vietnamese counterpart on Thursday and offered to supply fossil fuels, including natural gas, to Vietnam during a state visit that comes as Moscow is seeking to bolster ties in Asia to offset its growing international isolation over its war in Ukraine. Putin and President To Lam agreed to further cooperate in education, science and technology, oil and gas exploration and clean energy. The two countries also agreed to work on a roadmap for a nuclear science and technology centre in Vietnam. Of the 12 publicly announced agreements, none overtly pertained to defense but Lam said there were other deals that were not made public. Putin said the two countries share an interest in developing a reliable security architecture in the Asia-Pacific region with no room for closed military-political blocs. Lam added that both Russia and Vietnam wanted to "further cooperate in defence and security to cope with non-traditional

FDI, R&D, manufacturing key to achieve $5 bn defence export: Study

The survey, conducted across 15 cities in India, saw participation from over 130 national and international arms, ammunition, and security equipment manufacturers, exporters, and startups

India's medium-term fiscal consolidation may get more challenging: Fitch

"Our expectation is that the government will look to achieve the 4.5% fiscal deficit target by 2025-26," Jeremy Zook, director - Asia-Pacific sovereigns at Fitch told Reuters in an interview

Sebi bags 'Best Conduct of Business Regulator' award by The Asian Banker

Sebi has been given 'Best Conduct of Business Regulator' award in Asia Pacific by The Asian Banker for its role in enhancing the regulatory framework for securities markets in India. The award was received by Sebi's Whole Time Member Kamlesh Chandra Varshney in a ceremony held in Hong Kong. "This authority (Sebi) has been actively working towards instantaneous settlement. In 2021, T+1 settlement was introduced in a phased manner, which was fully implemented from January 2023. This move has provided investors with faster access to their funds following trade execution and settlement, enhancing market efficiency and liquidity," The Asian Banker said in a statement. Through rigorous enforcement and innovative regulatory practices, Sebi has significantly improved the conduct of business in the country's financial markets, ensuring fair treatment of consumers and robust market integrity, it added. The Asian Banker creates platforms to build a greater sense of community amongst players i

S Korea to nullify peace deal to punish N Korea over balloon launches

South Korea announced Monday it'll suspend a rapprochement deal with North Korea to punish it over its launches of trash-carrying balloons, even after the North said it would halt its balloon campaign. Over several days, North Korea flew hundreds of balloons to drop trash and manure on South Korea in an angry reaction against previous South Korean civilian leafleting campaigns. On Sunday, South Korea said it would take unbearable retaliatory steps in response, before North Korea abruptly announced it would stop flying balloons across the border. On Monday, South Korea's presidential national security council said it has decided to suspend a 2018 inter-Korean agreement aimed at easing frontline animosities, until mutual trust between the two Koreas is restored, according to the presidential office. The security council said the suspension would allow South Korea to resume military drills near the border with North Korea and take effective, immediate responses to provocations by North

Proposed ban on Russia's LNG transports not to impact Asia: EU commissioner

European Union proposed to ban re-loading services by EU facilities for trans-shipment of Russian LNG to third countries