Tag: Asia

German Chancellor Olaf Scholz visits Japan to explore economic collaboration, emphasizing the need to reduce reliance on single markets following lessons learned from Ukraine conflict and COVID-19 pandemic. Both nations aim to strengthen economic security through diversified international partnerships.

Vietnam received $3.1 billion in foreign direct investment during January and February 2023, representing a 38% decrease from the same period last year. Manufacturing attracted $2.17 billion, with Singapore emerging as the largest investor, followed by Taiwan and the Netherlands.

Philippine Peso and Malaysian Ringgit lead Asian currency gains, supported by resilient U.S. economic data. Both currencies strengthen in January, with ringgit appreciating about 4% year-to-date, reflecting improved economic outlook and investor optimism.

- Asian stocks show modest gains amid concerns about global economic slowdown and Federal Reserve interest rate hikes. Hong Kong and China markets rise, while Australian and Japanese indexes decline, reflecting investor sentiment and ongoing economic challenges.

Asia-Pacific Economic Cooperation (APEC) leaders gathered in Bangkok, Thailand, to address global economic challenges. The summit focused on condemning the Russia-Ukraine conflict, promoting open trade, and seeking sustainable economic growth across the region. Most participants denounced the war, marking a significant diplomatic moment.

Hong Kong's government celebrates its continued recognition as the world's freest economy by the Fraser Institute. The annual report highlights the territory's top ranking in "Freedom to Trade Internationally" and commitment to maintaining an efficient, open market environment.

Indonesia dramatically increased fuel prices by 30%, with Pertalite gasoline rising from 51 to 67 cents per liter and diesel from 35 to 46 cents. Long lines formed at gas stations as citizens rushed to purchase cheaper fuel before the price hike took effect.

The International Monetary Fund has reached a preliminary agreement to provide Sri Lanka with $2.9 billion over four years. The package aims to help the country recover from its worst economic crisis, contingent on approval from IMF management and assurances from key creditors like China, India, and Japan.

Asia is investing over US$350 billion in gas projects to reduce coal dependency, but experts warn this could potentially slow renewable energy adoption and lock in fossil fuel use for decades.

Singapore's core inflation moderated to 2.2% in February, below expectations, but authorities warn of potential upside risks from geopolitical tensions and pandemic-related disruptions. The Monetary Authority of Singapore anticipates further inflation pressures in the near term.