Business Archives - Page 3 of 39

Reports that SpaceX ordered suppliers to relocate outside have angered Taiwan.

8Nov

By Joanne SerriehNo Comments

Reports that SpaceX ordered suppliers to relocate outside have angered Taiwan.

Taiwan’s government says it is paying close attention to reports that Elon Musk’s SpaceX asked Taiwanese suppliers to move manufacturing to other countries because of “geopolitical” concerns. Reuters reported on Wednesday that SpaceX’s request to suppliers in Taiwan’s multibillion-dollar industry appeared to have prompted some to shift locations to Vietnam, Thailand and other places. In response, Taiwan’s economic affairs minister, JW Kuo, said the industry was strong and “should be able to cope”, but that the government was monitoring the situation. “There is no such information on its official website, but some foreign media are reporting it, and we are paying close attention to it. I think the supply chain in Taiwan is very strong and it should be able to cope with the

China is preparing for new economic, tech, and Taiwan-related disputes with Trump.

8Nov

By Nectar GanNo Comments

China is preparing for new economic, tech, and Taiwan-related disputes with Trump.

The first time China faced Donald Trump in the White House, there was a trade war, a breach of protocol involving Taiwan’s former leader, and a president-to-president bromance that turned sour. As President-elect Trump prepares to start his second term in office, China is bracing for unpredictability in its ties with the United States and renewed tensions over trade, technology and Taiwan. A new tariff war looms Perhaps the biggest consequence for China — if Trump stays true to his campaign promises — is his threat to slap blanket 60% tariffs on all Chinese exports to the U.S. Tariffs like that would be a blow to China’s already unstable economy, which is suffering from high youth unemployment, a lengthy property slump and government debt. A 60% duty o

Bangladesh increases Adani repayments to prevent a power outage.

5Nov

By Joanne SerriehNo Comments

Bangladesh increases Adani repayments to prevent a power outage.

Bangladesh is ramping up payments to Adani Power after the Indian conglomerate cut electricity supplies by half, reportedly over an unpaid $800m bill. Two senior government officials told the BBC they are already processing partial payments to Adani, which supplies 10% of the electricity used by Bangladesh. “We have addressed payment glitches and already issued a $170 million [£143m] letter of credit to Adani group,” a senior Bangladesh Power Development Board official told the BBC. Adani supplies Bangladesh from its 1600 megawatt coal-fired plant in eastern India. The company hasn't responded to BBC queries about cuts to its supply to Bangladesh, which suffers regular power shortages. Officials say the company has threatened to suspend all supplies if the money owed to it is

Expectations for China’s NPC meeting and important Hang Seng Index levels

1Nov

By Joanne SerriehNo Comments

Expectations for China’s NPC meeting and important Hang Seng Index levels

China’s NPC meeting in focus next weekChina's top legislature, the 14th NPC Standing Committee (NPCSC), will convene for its twelfth session from 4-8 November 2024, the week of the US presidential election. Why is the meeting important?Weak economic conditions have forced Chinese authorities into rescue mode lately, as time is running short for them to meet their 5% gross domestic product (GDP) growth target this year. China’s Q3 GDP pointed to a 4.6% year-on-year expansion, marking the slowest annual growth rate since Q1 2023. The International Monetary Fund (IMF) also projected China’s economy to grow by 4.8% this year, falling short of its 5% target. This seems to raise the pressures for a final year-end push by Chinese authorities, following policymakers’ assertions that they

Trade, Investment, and Prospects in China-Singapore Economic Partnerships

1Nov

By Joanne SerriehNo Comments

Trade, Investment, and Prospects in China-Singapore Economic Partnerships

China has been Singapore’s largest trading partner for 11 consecutive years since 2013. Additionally, China is Singapore’s largest export market and largest source of imports. Singapore is China’s fifth-largest trading partner among ASEAN countries. In 2023, bilateral trade between China and Singapore amounted to US$108.39 billion.Singapore has been the largest source of new investments in China for 11 consecutive years since 2013. In April 2022, Singapore surpassed Japan to become the largest cumulative source of foreign investment in China. By the end of 2023, Singapore’s cumulative actual investment in China reached US$141.23 billion.As a global financial center and technology hub, Singapore offers opportunities for collaboration, especially in electronic and medical equipment, facilit

Israel and the US warn of a possible attack on Sri Lankan tourist destinations.

23Oct

By Stuart WhiteNo Comments

Israel and the US warn of a possible attack on Sri Lankan tourist destinations.

Both the United States and Israel issued security alerts Wednesday warning of a potential attack on tourist locations in a coastal area of Sri Lanka. The US Embassy alert advised they had received “received credible information warning of an attack targeting popular tourist locations in the Arugam Bay area.” “Due to the serious risk posed by this threat, the Embassy imposed a travel restriction on Embassy personnel for Arugam Bay effective immediately and until further notice,” it said, noting that US citizens “are strongly urged to avoid the Arugam Bay area until further notice.” Israel’s alert from its National Security Council calls on Israeli citizens to “immediately leave Arugam Bay and the south and west coastal areas of Sri Lanka.” Israel raised its tra

Germany’s Scholz will travel to India with defense and economic concerns in an attempt to forge closer ties.

23Oct

By Stuart WhiteNo Comments

Germany’s Scholz will travel to India with defense and economic concerns in an attempt to forge closer ties.

German Chancellor Olaf Scholz will embark on a three-day visit to India from Thursday to hold talks on defence and economic ties which are likely to deepen engagement between the two countries over the strategic Indo-Pacific region. Scholz, who succeeded Angela Merkel as chancellor in December 2021, has consistently signalled his intent to forge ties with New Delhi against the backdrop of the West’s China plus-one strategy on trade and amid geopolitical tensions. The German chancellor visited India twice last year, once for a bilateral state visit in February and the second time to attend a G20 leaders’ summit in Delhi in September. His latest trip comes at the invitation of Indian Prime Minister Narendra Modi, according to a statement by India’s Ministry of External Affairs. “I

Maldives Takes Action to Tighten Belts and Increase Tourism Taxes

17Oct

By Stuart WhiteNo Comments

Maldives Takes Action to Tighten Belts and Increase Tourism Taxes

The Maldives government has decided to hike tourism-related taxes in a belated push for sorely needed economic reforms. Government-sponsored bills were submitted to Parliament this week to double the green tax, hike the departure fee and airport service charge, and raise the tourism goods and services tax (T-GST). The move came after the World Bank reiterated that a “large fiscal consolidation is urgently required to regain fiscal and debt sustainability and ease liquidity pressures,” referring to foreign exchange reserves plunging to “critically low levels” due to rising debt repayment. “Despite the government’s announcement of a homegrown fiscal reform agenda in February 2024, the policies are yet to be endorsed and implemented,” the Worl

13Oct

By Nectar GanNo Comments

The scale of China’s anti-corruption campaign: Some recent examples

China’s top anti-corruption agency has said that former Justice Minister Tang Yijun would be indicted on charges of corruption and misconduct after being accused of taking bribes and abused his power. The Central Commission for Discipline Inspection (CCDI) has accused Tang of helping family members secure financial deals and accepting lavish gifts and travel expenses, in violation of the Communist Party’s code of conduct. While Tang’s case, like so many others shows continuance of the anti-corruption campaign by Xi Jinping, a new dimension has been recently added relating to ‘corruption of the mind’ and disloyalty to the Communist Party of China (CPC) by reading publications with “serious political problems”. This has become an increasingly common accusation levelled at disg

To seek help and restore relations, the president of the Maldives is in Delhi.

7Oct

By Joanne SerriehNo Comments

To seek help and restore relations, the president of the Maldives is in Delhi.

Maldivian President Mohammed Muizzu has told the BBC that he is confident that India will come to the aid of the island nation as it faces an economic crisis. Muizzu, who begins a five-day visit to India on Sunday, is expected to seek a bailout worth hundreds of millions of dollars. The Maldives is staring at a debt default as its foreign exchange reserves have dropped to $440m (£334m), just enough for one-and-a-half months of imports. “India is fully cognizant of our fiscal situation, and as one of our biggest development partners, will always be ready to ease our burden, find better alternatives and solutions to the challenges we face,” Muizzu told the BBC in an email interview ahead of his visit. Experts point out that Muizzu's reconciliatory tone towards Delhi is