Page 7 - Asia

Killer April heat wave in Asia was made much worse by climate change

In South Asia, which was the focus of two such studies in 2022 and 2023, abnormal heat was found to be 45 times more likely to occur, and to be 0.85C higher due to climate change

Concerned about IMEC delay amid West Asia situation, says Jaishankar

The delay in implementation of the India-Middle East-Europe Economic Corridor (IMEC) in view of the current situation in West Asia is a matter of "concern" and the expectation generated following firming up of the initiative in September last has to be "adjusted" a bit now, External Affairs Minister S Jaishankar has said. In an exclusive interview to PTI, Jaishankar said all the stakeholders of the IMEC -- a ship-to-rail transit network -- are committed to it as they feel it is a "great" initiative. "It has definitely been a source of concern for us and the kind of expectation we had when the agreement was signed in September, we have had to adjust it a bit," he said when asked whether the ongoing crisis in West Asia would delay the project by at least a few years. "On the other hand, all the parties to the agreement have reconfirmed that 'we think it is a great idea' and all are committed to it," he said. Billed as a path-breaking initiative, the IMEC envisages a vast road, railro

India leads first Asia high-yield dollar bond sales rise in five years

Regional sales of such corporate notes, outside of Japan, touched $5.6 billion so far this year, already surpassing $4.4 billion in all of 2023, according to Bloomberg-compiled data

Japan describes US President Biden's 'xenophobia' comment as regrettable

Last week Biden said "xenophobia" in economies from China to Japan and India was hobbling their growth, while arguing at a Washington fund-raising event that migration has been good for the US

Asian Development Fund to be replenished with $5 billion: ADB Prez Asakawa

The Asian Development Fund (ADF) will be replenished with USD 5 billion to support most vulnerable sections in the Asia Pacific region. Donors and the Asian Development Bank (ADB) have agreed for the replenishment of ADF and Technical Assistance Special Fund (TASF) during the 57th Annual Meeting of the Manila-based multilateral funding agency here. ADF is ADB's largest source of grants for operations in its poorest and most vulnerable developing member countries and is replenished every four years. ADB President Masatsugu Asakawa said ADF 14, marking the 13th replenishment since the fund's establishment, will support grant operations during 2025 -2028. The current replenishment is about 22 per cent higher than the USD 4.1 billion available in ADF 13, and will provide eligible ADB members with the largest-ever volume of ADF grants, he said. The TASF 8 will provide grants that help prepare projects, build capacity, and provide technical or policy advice. "We meet amidst multiple ..

Why HSBC must prioritise Asian expertise in CEO search after Quinn retires

HSBC, Europe's largest lender by assets with a balance sheet of $3 trillion, is increasingly betting on its historic Asian ties to raise profits, as competition crimps revenue growth in other regions.

Asia hardest hit by storms, floods and heatwaves in 2023: WMO report

A report by the World Meteorological Organisation (WMO) has again called Asia as the world's most "disaster-hit" region in 2023, citing casualties and economic losses due to floods, storms, and heat w

Asia world's most 'disaster hit' region with rising climate crisis: Report

WMO climate report reveals record high temperatures in Asian countries with flooding and heat waves are major issues in India

Micron set to get over $6 bn in chips' grants in announcement next week

After the preliminary agreement is announced, Micron would enter months of due diligence and then receive the money in tranches tied to project-specific benchmarks

UBS Group plans to shut thousands of smaller Credit Suisse accounts in Asia

The lender is reviewing the accounts with a balance of around $2 million or less, said the people, who asked not to be identified discussing private information

Crouching tiger, rising mammoth

Historian Sugata Bose, in his new book, makes a compelling case for Asia to embrace its political, cultural, and economic diversity as it reclaims its centrality in the world

Exports venturing into uncharted territories of Africa, Asia, Europe: Govt

At a time when global trade is facing geo-political uncertainties, India's exports of goods like automobiles and gold jewellery have ventured into uncharted territories of Central Asia, Africa and Latin America, according to an analysis by the commerce ministry. The analysis has shown that India has penetrated into what are termed as "absolutely new markets" in regions such as Africa, Central Asia, Latin America and North America during April-December 2023. The "absolutely new markets" refer to areas where India did see any export during April-December 2022, but healthy growth of certain principal commodities like motor vehicles, two- and three-wheelers, petroleum products, sugar, gold and other precious jewellery were recorded in April-December 2023. Exports of these commodities to the absolutely new markets during April-December 2023 stood at USD 234 million as against nil shipments during the same period of 2022. It added that these commodities captured a greater number of marke

Indian diesel floods to Asia as Houthis attacks impact flows to Europe

There were no imports of diesel-type fuel into the EU in the first two weeks of February and only one shipment into the UK, according to the data

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

Novo invests in Manipal hospitals as it aims to expand Asia footprint

Novo Holdings' key markets in the region are India, South-East Asia and China, where it opened an office in Shanghai last 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

Reliance wins IFR Asia's 'Issuer of the Year' award for record fourth time

Reliance Industries Ltd has been conferred on IFR Asia's 'Issuer of the Year' Award for 2023 for achieving most optimal pricing for super-sized funding deals while overcoming multiple market challenges. International Financing Review (IFR) is the pre-eminent financial publication globally for fixed income, capital markets, and investment banking news, analysis and commentary. In a two-page commentary on Reliance that was titled 'Blockbuster Producer', IFR said "the Indian blue chip firm balanced onshore and offshore funding to achieve optimal pricing results from supersized deals". In a tumultuous year for debt markets, it found increased demand from lenders as it reshaped its business to seize future opportunities. Reliance is now the only entity in Asia to have won this prestigious award four times -- 2006, 2015, 2018, and 2023. The financing deals in 2023 that enabled Reliance win the award were raising of USD 7.5 billion in syndicated loans -- this was the largest amount raised

India ranks 93 out of 180 countries in corruption perceptions index 2023

India ranked 93 out of 180 countries on the corruption perceptions index for 2023 as its overall score remained largely unchanged, according to a Transparency International report. The index, which ranks 180 countries and territories by their perceived levels of public sector corruption according to experts and business people, uses a scale of 0 to 100, where 0 is highly corrupt and 100 is very clean. In 2023, India's overall score was 39 while in 2022, it was 40. India's rank in 2022 was 85. "India (39) shows score fluctuations small enough that no firm conclusions can be drawn on any significant change. However, ahead of the elections, India sees further narrowing of civic space, including through the passage of a (telecommunication) bill that could be a 'grave threat' to fundamental rights," the report said. In South Asia, both Pakistan (133) and Sri Lanka (115) grapple with their respective debt burdens and ensuing political instability, it said. "However, the two countries ha

Top investment banker pay sinks below $1 million in Asia as bonuses vanish

Total compensation for many senior bankers in Asia ex-Japan fell to $700,000 to $800,000, well below the $1 million or more they have typically earned since the turn of the millennium

KKR, Warburg plow into Asia data storage centers amid AI, cloud boom

Demand in Southeast Asia and North Asia is expected to expand about 25% a year through 2028, according to Cushman & Wakefield data. That compares with 14% a year in the US