Market

Commentary: The merits of Singapore’s new carbon trading marketplace
Asia, Market, World

Commentary: The merits of Singapore’s new carbon trading marketplace

Climate Impact X is a welcome addition to the country’s climate action initiatives that provide new economic opportunities, help price discovery and can aid future compliance, say energy researchers. SINGAPORE: Singapore took another big step in advancing the green agenda last month. The country on May 20 announced plans to position itself as a hub for carbon services. Climate Impact X (CIX) is a joint venture between the Development Bank of Singapore, Singapore Exchange, Standard Chartered Bank and Temasek Holdings. First envisioned by the Emerging Stronger Taskforce’s Alliance for Action on Sustainability, CIX will provide a marketplace for trading carbon credits commencing in late 2021. Singapore is well-suited to hosting a carbon marketplace. It is an ideal base for multinatio...
Samsung boss could be set free by one of his biggest critics, Moon Jae-in
Market, World

Samsung boss could be set free by one of his biggest critics, Moon Jae-in

For most of Moon Jae-in’s presidency, the prosecution of Samsung Group’s de facto leader was the clearest evidence he could cite to show South Korea was rolling back preferential treatment for the country’s powerful tycoon class. Now, he’s considering whether to free Jay Y. Lee from jail in a decision that could shape his final year in office. The dramatic reversal reflects South Korea’s claustrophobic politics, where government leaders and big business are so dependent on each other that favoritism can trump the law. Polls show almost seven in 10 South Koreans now support a pardon for the vice chairman of Samsung Electronics Co. as the country tries to navigate an end to the coronavirus pandemic and a crisis in the crucial semiconductor industry. Lee, 52, was convicted of using bribery ...
Asia’s factories sustain expansion, supply chain woes cloud outlook
Asia, China, Market, World

Asia’s factories sustain expansion, supply chain woes cloud outlook

Asia's factory activity continued to expand in May thanks to an ongoing recovery in global demand, surveys showed on Tuesday, though rising raw material costs and supply chain constraints clouded the outlook. TOKYO: Asia's factory activity continued to expand in May thanks to an ongoing recovery in global demand, surveys showed on Tuesday, though rising raw material costs and supply chain constraints clouded the outlook. A spike in COVID-19 infections in countries like Taiwan and Vietnam could disrupt semiconductor output and supply chains, posing a headache for manufacturers and weighing on Asia's export-driven recovery, analysts say. Japan and South Korea saw an expansion in factory activity moderate in May, purchasing managers' indexes (PMI) showed on Tuesday, underscoring the fr...
HK’s Next Digital shares soar as trading resumes after Jimmy Lai assets frozen
China, Market, World

HK’s Next Digital shares soar as trading resumes after Jimmy Lai assets frozen

Shares of tycoon Jimmy Lai's Next Digital Ltd were set to surge 142per cent on resumption of trade on Thursday, a week after authorities froze assets of its jailed owner under a sweeping national security law imposed on the financial hub by Beijing. HONG KONG -Shares in jailed tycoon Jimmy Lai's Next Digital Ltd soared on Thursday, the first day of trading after a suspension of longer than a week following a freeze in the pro-democracy activist's assets under the national security law. In a late Wednesday statement, the media publisher said it had enough working capital for at least 18 months from April 1 without additional funding from Lai, its controlling shareholder. Shares opened 141.9per cent higher at HKUS$0.45, the highest since December 2020, when Lai was charged under the s...
Commentary: Targeted travel restrictions needed but careful not to undermine Changi Airport’s connectivity
Asia, China, Market, World

Commentary: Targeted travel restrictions needed but careful not to undermine Changi Airport’s connectivity

A handful of netizens have been calling for the aviation hub to close its doors to the world after a COVID-19 cluster there but IPS’ Faizal Yahya says be careful what you ask for. SINGAPORE: The recent wave of infections in Singapore, which included a COVID-19 cluster at Changi Airport last month, has prompted some calls for the suspension of passenger travel at the airport altogether. While many have called for an earlier tightening of restrictions of travel from certain places with surges in infections, which are reasonable, worryingly, there are some who have commented that Changi should also have been closed to inbound travelers to protect Singapore from bringing in COVID-19 cases into the country. “Can’t they just close the border for 14 days?” asked one. “How about a complet...
Commentary: Why are the major G7 economies delaying a break with the fossil fuel industry?
China, Market, World

Commentary: Why are the major G7 economies delaying a break with the fossil fuel industry?

As long as fossil fuels remain profitable, governments are in an awkward position, say business lecturers. CARDIFF, Wales: The climate crisis was a hot topic at the G7 summit in Cornwall. Yet while the leaders of the world’s richest countries agree in theory on the need to reach net zero emissions by 2050 at the latest, they remain faithful to a fossil fuel industry reluctant to substantively change its business model. A recent report by the International Energy Agency, a typically conservative advisory body, argued for an immediate ban on new fossil fuel projects. But investments by oil, gas and coal companies into finding new sources continue, as does industry lobbying to undermine regulation. The environment ministers of the G7 countries committed to end funding for new overseas...
Giving away 70,000 free meals in NYC’s Chinatown changed this bakery manager’s perspective on leadership
Asia, China, Market, World

Giving away 70,000 free meals in NYC’s Chinatown changed this bakery manager’s perspective on leadership

Patrick Mock, general manager of 46 Mott, and volunteers have delivered 70,000 free meals to low-income Chinatown residents in the last year. "There's never an easy day for me," Patrick Mock tells CNBC Make It over the phone as he surfaces from the New York City subway to Manhattan's Chinatown. Mock, 27, grew up in the neighborhood and has been the general manager of 46 Mott, a Cantonese-style bakery, for four years. And in the last year, he's taken up organizing efforts to help save struggling Chinatown businesses while also caring for the neighborhood's most vulnerable residents during the pandemic. He now spends his days running the bakery on top of making sure the meals program he launched last spring — where he hand-delivers free meals to Chinatown's elderly and unhoused — is running...
China’s factory output, retail sales, investment all miss expectations in May
China, Market, World

China’s factory output, retail sales, investment all miss expectations in May

BEIJING: Growth in China's factory output slowed for a third straight month in May, possibly due to disruptions caused by COVID-19 outbreaks in the country's southern export powerhouse of Guangdong. The Chinese economy has largely shaken off the gloom from the coronavirus-induced slump last year, but officials warn the foundations for the recovery are not yet secure amid challenges including rising raw material prices and global supply chain disruptions, especially a shortage of micro chips. Industrial production grew 8.8per cent in May from a year ago, slower than the 9.8per cent uptick in April, National Bureau of Statistics data showed on Wednesday. That missed a 9.0per cent on-year rise forecast by analysts from a Reuters poll. Most China watchers had expected some moderation i...
Philippines again suspends scrapping of troop pact with US amid China dispute
China, Market, USA, World

Philippines again suspends scrapping of troop pact with US amid China dispute

MANILA/WASHINGTON: The Philippines has again suspended a decision to scrap a crucial agreement governing the US troop presence in the country, its foreign minister said on Monday (Jun 14), amid continuing maritime pressure from China. The Pentagon welcomed the announcement from Manila - the third suspension of the decision covering the two-decade-old Visiting Forces Agreement (VFA) that had been due to expire in August - but analysts said there would be disappointment in both countries that it was not renewed. Philippine Foreign Minister Teodoro Locsin said the suspension would be for a further six months while President Rodrigo Duterte "studies, and both sides further address his concerns regarding, particular aspects of the agreement". The Philippines is a US treaty ally and sever...
Illegal drugs trade goes digital for pandemic
Market, World

Illegal drugs trade goes digital for pandemic

Like supermarkets, restaurants and purveyors of sourdough bread, the illegal drugs trade went digital to serve its customers during lockdown, and could stay that way when the COVID-19 pandemic is over, Europe's drugs agency said on Tuesday. LISBON: Like supermarkets, restaurants and purveyors of sourdough bread, the illegal drugs trade went digital to serve its customers during lockdown, and could stay that way when the COVID-19 pandemic is over, Europe's drugs agency said on Tuesday. "The pandemic is pushing drug criminals online, reinforcing a trend," said the European Commissioner for Home Affairs Ylva Johansson during the online launch of the 2021 drugs report put together by the Lisbon-based agency EMCDDA. "Drug dealers are moving from the streets onto social media, taking orde...