A man staying with his Ukrainian girlfriend in Bangkok’s luxury condominium complex is accused of hacking her apart with a handsaw and using Google’s translation service to communicate with a taxi driver he asked to help dismember her body for the equivalent of about £35 ($44). The taxi driver called the hotel where the couple was staying after becoming alarmed by the suspect’s behaviour, and police found his partner dead on the bed. It is suggested that Polish entrepreneur Jan Jerzy Lagoda-Filippow was going to try to flee to Cambodia.
Y. Michele Kang, who purchased the Washington Spirit last year for $35m, will create a multi-club organisation spanning the globe to promote women's soccer. The company will combine Kang's majority share in the Spirit with French club Olympique Lyonnaiş, which has won the UEFA Women's Champions League eight times, and could bring together three or four clubs under its banner by the close of the year. Each club, which will keep its established identity, will be able to leverage strengths in areas such as player data analysis and coaching, the founder of the organisation said in an interview. The deal is subject to third-party and league approval, and is expected to be concluded by the end of June.
The US government's showdown with Republicans over the country's debt ceiling threatens the global economy and raises concerns among policymakers over the US' efforts to counter China. Republicans are seeking spending cuts over a decade whereas Democrats prefer smaller spending cuts in defense and social programs over a shorter period. Senior White House economics adviser Shalanda Young said the debt ceiling situation was a "test of what works in this world" and has raised concerns that the US would default on its US$31.4tn borrowing limit.
Israeli-Cypriot plans to build a pipeline that will transport natural gas has attracted two major international gas companies so far. The pipeline will carry gas from both countries to Cyprus where it will then be liquified for export. Once Israel and Cyprus have agreed upon the project and energy companies have come on board, a tender process will open for the construction of the pipeline and processing facility. Some of the gas conveyed to Cyprus will be used for domestic power generation so as to reduce energy costs for consumers. This move offers European markets another option as they are currently primary targets for Israel’s gas.
A Chinese native has been charged by the US Department of Justice with stealing trade secrets from Apple, including information on autonomous vehicle technology. Weibao Wang, a former software engineer accused of stealing thousands of documents, is one of five individuals to be pursued as part of a government task force created to combat the theft of critical technology by foreign countries. Wang, who told investigators he had no plans to travel to China, immediately flew to Guangzhou upon being questioned by law enforcement officers who discovered a large volume of Apple data at his California home in 2018.
Taiwanese same-sex couples have been given joint adoption rights under the 2019 same-sex marriage legislation. An amendment to the legislation, which had its third reading in the Legislative Yuan, means the adoption process is the same for same-sex couples as it is for heterosexual couples under the island's civil code. The move comes after a landmark court ruling earlier this year in Kaohsiung that allowed a man to become the legal guardian of his husband's adopted daughter. Taiwan remains the only jurisdiction in Asia to have legalised same-sex marriage.
The London Metal Exchange is making incremental progress in restoring investor confidence after the disruption caused to trading by the increase in nickel prices after the Russian invasion of Ukraine in 2016. CEO Matthew Chamberlain said the exchange had introduced measures, such as daily price limits, as well as introducing an "action plan" on 30 March. LME, owned by Hong Kong Exchanges and Clearing, will be hoping the two-year project will accelerate its advance into Asia.
Australian Prime Minister Anthony Albanese has said that his government is in discussions with the prime ministers of Japan and India after US President Joe Biden postponed his upcoming visit to Australia. Biden had been due to attend a Quad leaders' meeting in Sydney on May 24, but cancelled the trip because of the US debt ceiling crisis. Albanese stated that he and Biden had agreed to work to reschedule the visit as soon as possible.
The European Union (EU) is seeking deeper ties with India amid pressures to reduce economic dependence on China. While Brussels is not looking to cut off ties with Beijing altogether, it intends to diversify its supply chains by reducing its reliance on China. This where India comes into play. During the first meeting of the EU-India Trade and Technology Council, the word “de-risk” was mentioned several times by both sides, indicating their shared goal to reduce economic dependence on China. The EU has plans to increase cooperation with India on quantum and high-performance computing while making their digital public services more compatible. "India has a population of 1.4 billion. So, we are an economy of scale, and the EU is an economy of skill — it's natural that these two power centers should come together," according to Swasti Rao, an associate fellow at the Indian government-funded think tank, the Manohar Parrikar Institute for Defense Studies and Analyses.
China is looking to Central Asia for a new energy partner source to offset growing tensions between it and the US-led West. Leaders from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan join President Xi in China, where the main focus will be the joint projects between the nations aimed at pushing forward cooperation in other areas from the economy to security and politics. Beside abundant reserves of traditional fossil fuels, there is huge untapped hydropower potential in Tajikistan and Kyrgyzstan. Piped natural gas from Central Asia to China is traditionally considered to be more secure and cheaper than other countries, especially the US. Central Asia supplied over two-thirds of China's pipeline gas imports in 2017, with the bulk of it coming from Turkmenistan, which has the world's fourth-largest gas reserves after Qatar, Iran and Russia.
US President Joe Biden is expected to emphasise unity and Washington's dedication to the Asia-Pacific during his planned trip for the G7 Summit in Japan whilst navigating a delicate balance between countering China's economic coercion and avoiding further division among US allies. Biden also seeks to build a "little Nato" in Asia to contain Russia and China. While the G7 is expected to outline proposals on countering China's "economic coercion", it is important to not inflame nationalistic tendencies or put smaller countries in a difficult position where they become the target of coercive activities. The trick, according to experts, is to build more robust trade agreements, maritime security measures, and reinforcing supply chains rather than setting up divisions. China carried out 73 incidents of economic coercion aimed at 19 countries between 2020 and 2022, including trade sanctions, investment restrictions, tourism bans and popular boycotts.
US President Joe Biden has cancelled his trip to Australia and Papua New Guinea as his team attempts to reach an agreement on the debt ceiling crisis. Although the president will still travel to Japan for the G7 summit, he has shortened his visit in order to return to the US on Sunday. Treasury Secretary Janet Yellen has argued that a default on the country's debt would trigger a global economic downturn. The US government could run out of money as soon as June if no resolution is found.
There are around 432 million middle-class Indians — one in every three people — with family incomes of between INR500,000 and INR3m ($6,700 to $40,000) a year, according to People Research on India’s Consumer Economy (Price), a not-for-profit research firm based in Udaipur. The group put forward the estimate based on its own research, with this range of incomes is enough to have achieved economic security and to be able to indulge in discretionary consumption. Despite India having just overtaken China as the world's most populous country, the size of its middle class is far smaller than the other middle-income economies.
According to reports, multinational banks, including Goldman Sachs and Morgan Stanley, are reportedly scaling back their goals and expansion plans in China due to the "deteriorating geopolitical climate" and the increasingly authoritarian direction of President Xi Jinping's government. In particular, the banks are struggling to compete against China's state-owned enterprises, which are "well-entrenched" in the market, making it difficult for global banks to compete. In the face of slowing growth for its economy, China has introduced the most sweeping changes to its financial services, including full ownership of insurers, banks, brokers, and asset managers by foreign firms.
However, the country's ongoing geopolitical nuances have caused Wall Street firms to become more cautious about the China market; publicly, everyone is saying the same thing - China is still a massive opportunity, and they have no plans of withdrawing, particularly since such considerable money has already been spent. Privately, Wall Street executives told Bloomberg that it's challenging to maintain the confidence of both sides as tensions escalate, which is expected to intensify as the US election cycle approaches.
Many Wall Street giants are considering more drastic job cuts as there is a realization that a fundamental rethink on the world’s No. 2 economy is necessary due to the weakened business climate, fewer opportunities for outsized profits and China's approach to the financial market. While planning to build onshore brokerage, Morgan Stanley is focusing its efforts on its derivatives and futures businesses.
Japan has entered a period of recovery following Covid, creating an exit from its technical recession. While the recovery has caused stocks in the country to skyrocket, it is primarily driven by tourism and consumers spending. However, economists warn that exports and manufacturing in Japan are still weak, not to mention the global economy's substantial risks in a post-Covid world. Despite a modest recovery, there is still a cautious optimism that Japan has reached an inflection point whereby wages and higher spending could loom on the horizon, which has driven the foreign investment that fueled the country's post-Covid recovery.
From January to March, Gross Domestic Product (GDP) in Japan grew at an annualized rate of 1.6%, well above economists’ forecast of 0.7%. Q1 data indicates that household spending has increased, which accounts for over half of Japan’s GDP, boosted by domestic tourism after the Japanese government repositioned Covid similarly to seasonal flu. Business investment has also increased, rising to a bigger than expected 0.9%. However, goods and services’ export fell 4.2%, the first drop in six quarters influenced by the global underproduction of semiconductors.
The expectation is for a modest recovery for Japan, with economists and investors closely watching the impact of a global economic slowdown or any future Covid-related measures that may present themselves. Yet, solid performance in consumer spending and tourism validates that there are still bullish signs of life in the Japanese market, which is the largest in Asia.
Uncertainty over the US debt ceiling is set to continue as traders brace for April inflation data for the eurozone, with European markets predicted to open lower. UBS Group AG is poised to release its financial statement detailing the $17bn hit it took from the takeover of Credit Suisse Group AG. Meanwhile, BlackRock is requesting its staff return to the office at least four days a week as pandemic restrictions are lifted globally. The recession in Japan has lifted as the country rebounds post-pandemic to offset global economic challenges, while Warren Buffett increased his influence in Capital One Financial Corp.
Move Forward Party leader Pita Limjaroenrat says he will ‘demilitarize’ Thailand
CNN
23-05-17 04:46
Pita Limjaroenrat’s Move Forward Party is likely to win the largest share of seats in Thailand’s election. Limjaroenrat revealed that his three-pronged policy priorities are to demilitarise, demonopolise and decentralise Thailand over the next four years. These proposed changes will reduce the military’s budget, number of generals, and transparency but will also work to democratise and globalise Thailand. The party’s success in this year’s election has demonstrated Thailand’s demand for change and policies resonate across society, especially among young Thais. Limjaroenrat hopes to form a coalition with opposition parties including Puea Thai.
Despite operating at 78% of pre-Covid capacity and carrying almost 10 million fewer passengers, Singapore Airlines has reported record annual results. The carrier's airfares remain elevated and it has seen strong bookings for China, Japan and South Korea. Meanwhile, Hong Kong's Cathay Pacific still has a way to go before reaching pre-pandemic levels, with last year's revenue only about half of what it was before.
HSBC has abandoned plans to launch a master trust pension fund. The lender, which became the first bank to gain regulatory approval for the scheme in 2019, had hoped to break into a market worth £62bn annually, but failed to win sufficient backing from employers. Master trust operators generate income from investment and management fees from employee contributions. Such pension pot consolidators have attracted more than 10 million savers since their introduction in 2012. HSBC made a number of senior hires for the initiative and said in its 2021 annual accounts that it planned to launch the service in the coming year. However, concerns about the bank entering the pensions sector and over level of fees scuppered its ambitions. HSBC confirmed the retirement of the master trust after an "extensive review".
Japan welcomed nearly two million visitors in April, the post-pandemic high, due to a relaxation of travel in China. The number of foreign visitors, for both business and leisure, climbed to 1.95 million in April, up from 1.82 million in March. However, the number of arrivals is still down by 33% from April 2019 due to the pandemic. Traveller numbers towards Japan increased significantly from October 2021 when the country resumed visa-free travel for many nations. The number of international flights from China is expected to keep increasing in the coming months.
