Business

Is the Chinese shipbuilding industry going up in smoke?
Business, Opinion

Is the Chinese shipbuilding industry going up in smoke?

Amidst the tensions caused by the coronavirus outbreak, one image that recently caught global attention was the fire on board the PLA Navy’s latest Type 075 landing helicopter dock (LHD) amphibious ship.On the morning of 11 April 2020, the PLA Navy’s LHD caught fire, as smoke was observed coming out of rear hangar opening and lift near island superstructure. Within ten days, the damaged ship was painted to hide the black smoke marks on its superstructure and readied for the launch ceremony of PLA Navy’s second Type 075, on 22 April 2020. The intensity of smoke indicates a major fire which would have caused significant damage to the ship’s aft section, equipment and electrical cables, with resultant time penalties for their repair and replacement.The fire, while extinguished has rekindled t
Was Angoda Lokka setting up drug smuggling network in India?
Asia, Business

Was Angoda Lokka setting up drug smuggling network in India?

According to Indian probe agencies, Sri Lanka’s underworld figure Angoda Lokka, who died under mysterious circumstances in July, was developing a local network for smuggling drugs under the garb of supplying protein supplements to gyms.“The protein supplement business could be a cover for dealing in drugs, given that Lokka was part of the syndicate in Sri Lanka which ran a major drug trafficking racket. Just a few days ago, the Sri Lankan authorities seized 42 kg of heroin at the instance of one of his close accomplices, Shabdeen Zubair, who was arrested along with three others,” said a government official familiar with the findings.The investigators have also detected a “hawala” channel being run from Dubai, through which funds were also being managed for Lokka.“Payments for the heroin co
World Bank puts on hold its ‘Doing Business’ report after irregularities in data by China, 3 others
Business, World

World Bank puts on hold its ‘Doing Business’ report after irregularities in data by China, 3 others

The World Bank had to put on hold its ‘Doing Business’ report after it was reported that China and three other countries had submitted data that was “inappropriately altered”.China, Azerbaijan, the United Arab Emirates and Saudi Arabia appeared to have been inappropriately altered their data, said a source with knowledge of the decision.The move renewed concerns first raised two years ago by the World Bank’s chief economist that the report, called “Doing Business,” was vulnerable to manipulation. According to the Doing Business report, a sharp difference was noted when China rose from 46 to 31 between 2019 to 2020.The World Bank in a statement said: “A number of irregularities have been reported regarding changes to the data in the Doing Business 2018 and Doing Business 2020 reports, publi
Indian Foreign secy’s visit to Bangladesh centred on Sheikh Mujibur Rahman’s anniversary, diplomatic ties
Asia, Business

Indian Foreign secy’s visit to Bangladesh centred on Sheikh Mujibur Rahman’s anniversary, diplomatic ties

The Indian Ministry of External Affairs (MEA) has said that during the visit of Foreign Secretary Harsh Vardhan Shringla to Bangladesh, the discussions centred on the 100th birth anniversary of Bangabandhu Sheikh Mujibur Rahman in 2020 and 50 years of the liberation of Bangladesh, and the establishment of diplomatic ties between India and Bangladesh in 2021.“Discussions during the meeting centred on the importance of the 100th birth anniversary of Bangabandhu Sheikh Mujibur Rahman in 2020 and the 50 years of the liberation of Bangladesh and the establishment of diplomatic ties between India and Bangladesh in 2021. India plans to issue a commemorative stamp on Bangabandhu during Mujib Barsho. The two countries also propose to hold joint events on the occasion. PM Modi had paid tributes to B
China has no one to blame but itself for the stall-out of tech company Huawei
Business, Politics, Singapore, World

China has no one to blame but itself for the stall-out of tech company Huawei

With its belligerent disregard for the rest of the world, China’s ruling regime has overplayed its hand in several ways. Among the most telling examples is the abrupt change in fortunes of China’s Huawei Technologies Co. Ltd. Huawei was once poised to help reinvent how the world communicates, with its technological lead in next-generation 5G networking, which is about 100 times more powerful in speed and functionality than the current 4G technology. But today, Huawei is radioactive. In many of the world’s biggest markets, it has become politically difficult or impossible for telecom operators to buy Huawei gear for 5G networks. And so, Huawei’s growth prospects suddenly appear constrained, effectively limited to Huawei’s home market of China. The likely prospect of stunted growth at t
China’s domestic spending sluggish as economy recovers from virus
Business, World

China’s domestic spending sluggish as economy recovers from virus

China's domestic spending sluggish as economy recovers from virus A domestic consumption pickup is crucial to China as external demand weakens, with other countries battling the pandemic. BEIJING: China's retail sales dropped in July, official data showed Friday, indicating that sluggish consumer spending could hold up the country's recovery from the coronavirus outbreak. Retail sales -- a key indication of consumer sentiment -- shrank by 1.1% on-year, falling short of forecasts and suggesting many are still reticent about going out to spend time and money, even as China appears to have the virus largely under control. The latest data follows a drop of 1.8% on-year for retail sales in June. Bloomberg analysts had projected sales would recover to a modest 0.1% growth. While the sale o...
Siam Cement leads SE Asian firms eyeing Oct IPOs
Asia, Business, Singapore, World

Siam Cement leads SE Asian firms eyeing Oct IPOs

Siam Cement leads SE Asian firms eyeing Oct IPOs SINGAPORE/HONG KONG: Siam Cement Group Packaging's initial public offering (IPO) is looking to raise 50% more than a previously targeted $1 billion, boosted by higher valuations, sources with knowledge of the matter said. The firm joins other companies in Malaysia and Philippines preparing to list next month, signalling a revival in investor interest in Southeast Asia's underperforming markets. The sources said cash-rich funds and investors were keen to allocate money to sectors viewed as long-term beneficiaries in pandemic-hit markets. They said Siam Cement Group Packaging was looking to line up cornerstone investors for its IPO, which is now likely to raise $1.5 billion, up from an estimated $1 billion when the company announced plans ...
32 TIFF movies that people who know film want to see
Business, Conflict, Politics, World

32 TIFF movies that people who know film want to see

For once this pandemic year, that tingling sensation you’re feeling isn’t coming from the fear of COVID-19. It’s the buzz generated by the Toronto International Film Festival, which is defying the virus by going ahead with its Sept. 10 to 19 cinema celebration, albeit in a downsized form that’s more of an online and outdoor event. Which means it’s time for the 20th anniversary edition of “Chasing the Buzz,” the Star’s annual dive into the hive of pre-TIFF anticipation, taken from a poll of film critics, writers, programmers and scholars. This year, antennae are seriously twitching for “One Night in Miami,” the top pick with five votes and the feature directing debut of Oscar-winning actress Regina King. It dramatically imagines what might have happened had 1960s icons Muhammad Ali, Malc
Covid-hit businesses get B884m boost
Business, World

Covid-hit businesses get B884m boost

Covid-hit businesses get B884m boost (Bangkok Post photo) The cabinet on Tuesday gave its approval for 884.62 million baht to be spent to fund 157 economic recovery projects in 57 provinces around the country that have been hit by the Covid-19 pandemic. Deputy government spokeswoman Rachada Dhnadirek said the money would be allotted to support many farming businesses, including organic agriculture, goat farms and mulberry farms. Ms Rachada said some of it would also be used to promote businesses linked to tourism in the provinces. Meanwhile, Cherdkiat Atthakor, spokesman for the Ministry of Foreign Affairs, said three Thai monks out of five at a Buddhist temple in Las Vegas, Nevada had been infected with the coronavirus, according to the Royal Thai Consulate-General in Los Angeles. M...
Analysts say if Biden wins he’ll likely unite allies against China, and that’s good for Canada
Business, World

Analysts say if Biden wins he’ll likely unite allies against China, and that’s good for Canada

VANCOUVER — A Joe Biden White House would benefit Canada as it grapples with mainland China’s increasingly hostile foreign policy, analysts say. Dan Ikenson, director of the Herbert A. Stiefel Centre for Trade Policy Studies at the Washington, D.C.-based Cato Institute, said Biden’s stance on China and his desire to repair the international reputation of the United States will give Ottawa more leverage against Beijing. “What Biden is likely to do is to recognize if we have problems with China the best way to handle those problems is to have as many allies as possible on board paddling in the same direction,” Ikenson said. Canada’s relations with mainland China have been in a downward spiral since the 2018 arrest of Huawei CFO Meng Wanzhou in Vancouver at the request of the United States