Asia Economy
Australia’s new leader Albanese sworn in, ahead of Quad meet
Anthony Albanese, leader of the Labor Party, during a ceremony at the Government House in Canberra, Australia, on Monday, May 23, 2022. Albanese, was sworn in as the country’s 31st prime minister on Monday, promising to bring the country together after a fractious election campaign as he vowed to tackle climate change and inequality. Brendon […]
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Shanghai reopens some public transport, still on high Covid alert
Since March, mainland China has struggled to contain its worst Covid outbreak in two years. Notably, the metropolis of Shanghai, pictured here on May 18, only started this week to begin discussing resumption of normal activity — with a goal of mid-June. Hector Retamal | Afp | Getty Images Shanghai reopened a small part of […]
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Australia’s election will be a tight race. Whoever wins will struggle to manage rising costs
Australians will be voting for a new prime minister on Saturday. Opinion polls so far show that the race is too close to call, but whoever wins will have to grapple with hot-button issues like the rising costs of living and increased borrowing costs after the country raised rates for the first time in more […]
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China cuts borrowing rate again, seeking to revive housing sector
High-rise buildings in downtown Shanghai, China, on March 12, 2018. China cut its benchmark reference rate for mortgages by an unexpectedly wide margin on Friday, its second cut this year as Beijing seeks to revive the ailing housing sector to prop up the economy. Johannes Eisele | Afp | Getty Images China cut its benchmark […]
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Southeast Asia’s e-commerce market is still in its ‘opening act,’ says venture capital firm
Southeast Asia’s e-commerce ecosystem is still at a “very, very nascent stage” and many more business models and companies will be formed in the region, said the founding partner of a venture capital firm. “We’re talking about single-digit digital penetration, as compared to the overall commerce penetration,” Amit Anand of Jungle Ventures, a Southeast Asian […]
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Tencent profits plunge as Chinese tech giant grapples with Covid lockdowns, regulation
Signage for Tencent Holdings atop an office building in Shanghai, China, on March 22, 2022. China’s Tencent reported on Wednesday its quarterly profit halved from a year ago and revenues stagnated, blaming cuts in advertising spending by consumer, e-commerce and travel businesses for its worst performance since it went public in 2004. Qilai Shen | […]
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Singapore Airlines narrows annual loss, says outlook is improving
Singapore Airlines on Wednesday posted a narrower annual loss of S$962 million ($694.08 million), at a time when demand remained low due to the pandemic, but said the outlook was improving as travel restrictions were lifted. SIA’s loss in the 12 months ended on March 31, its third consecutive year in the red, was an […]
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Singapore Airlines has a ‘first mover advantage’ thanks to the country’s reopening: Industry expert
Greg Waldron, Asia managing editor of FlightGlobal, discusses the airline’s “dramatic” improvement in earnings. Source
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India isn’t the only one banning food exports. These countries are doing the same
India has banned wheat exports as the price of grain surged this year due in part to the Russia-Ukraine war. T. Narayan | Bloomberg | Getty Images India has banned wheat exports, becoming the latest country to do so as the price of grain surged this year due in part to the Russia-Ukraine war. The […]
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Bitcoin production has roared back in China thanks to an underground mining scene
By September 2021, China made up just over 22% of the total bitcoin mining market, according to Cambridge University research. Paul Ratje | The Washington Post | Getty Images Bitcoin miners aren’t giving up in China despite Beijing’s ban on the practice. China was once the world’s biggest crypto mining hub, accounting for between 65% […]
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