Asia Pacific (6do encyclopedia)



The Asia-Pacific region, also known as APAC, is the largest and most populous region in the world, covering more than 30% of the Earth’s land area and accounting for over 60% of the world’s population. The region is made up of several diverse countries with varying cultures and languages, which include China, Japan, South Korea, North Korea, Taiwan, Hong Kong, Macau, Mongolia, the Philippines, Malaysia, Indonesia, Singapore, Thailand, Vietnam, Cambodia, Laos, Myanmar, Australia, New Zealand, Papua New Guinea, Fiji, and other small island nations in the Pacific Ocean.

Geography:

The Asia-Pacific region stretches from the eastern coast of Africa to the western coast of the Americas, from the Arctic to the Antarctic, and from the Indian Ocean to the Pacific Ocean. It is home to a variety of landscapes, including mountains, deserts, rainforests, and islands. The region is also known for its natural disasters, such as earthquakes, typhoons, and tsunamis.

Economy:

The Asia-Pacific region has become an economic powerhouse in recent decades, thanks to the rapid growth of China and other emerging economies. According to the International Monetary Fund, the Asia-Pacific region is expected to account for nearly two-thirds of global economic growth in the coming years. The region is home to some of the world’s largest companies, including Alibaba Group, Samsung, Toyota, and Tencent.

Trade:

The Asia-Pacific region is heavily involved in global trade, with many countries exporting goods such as electronic devices, automobiles, textiles, and agricultural products. The region is also a major importer of raw materials, energy, and consumer goods, with China being the largest importer of crude oil and iron ore.

Culture:

The Asia-Pacific region is known for its rich history and diverse cultural traditions. Each country has its own unique customs and traditions, which are influenced by factors such as geography, religion, and political history. Some of the most famous cultural practices in the region include the Dragon Boat Festival in China, the Songkran Festival in Thailand, and the Holi Festival in India.

Language:

The Asia-Pacific region is home to a variety of languages, with Mandarin Chinese and English being the most widely spoken. Other prominent languages in the region include Japanese, Korean, Tagalog, Thai, and Vietnamese.

Tourism:

The Asia-Pacific region is a popular tourist destination, attracting millions of visitors each year. Some of the most popular tourist sites in the region include the Great Wall of China, the beaches of Bali, the temples of Kyoto, and the forests of New Zealand. The region is also known for its vibrant nightlife and entertainment scenes, particularly in cities like Tokyo, Hong Kong, and Bangkok.

Challenges:

Despite the many economic and cultural achievements of the Asia-Pacific region, the region also faces several challenges. Issues such as poverty, inequality, corruption, and environmental degradation remain significant problems in many countries. Additionally, the region is home to several ongoing territorial disputes, particularly in the South China Sea.

Conclusion:

The Asia-Pacific region is one of the most complex and diverse regions in the world, with a wealth of cultural, economic, and political differences. Despite the many challenges facing the region, it is clear that the APAC region will continue to play a central role in shaping global trends in the coming years.


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Germany's Scholz: some nations see Western double standards on Russia

Reuters

23-05-15 12:36


German Chancellor Olaf Scholz has said that some countries, including India, Vietnam, and South Africa, are reluctant to criticize Russia over its invasion of Ukraine as they feel international principles are not being applied on an equal basis. Scholz made the comments in a speech, stating: “many assure me that they are not questioning the underlying principles of our international order. What they are struggling with is the unequal application of those principles…What they expect is representation on equal terms, and an end to Western double standards.” The invasion, which has been widely condemned, led to an increase in the price of oil and gas and a fall in global stock markets. It has also led to concerns that it could become a precursor to a wider conflict in the region. Diplomatic efforts to resolve the crisis continue. Yesterday, the US, UK, and other G7 nations pledged to offer both political and economic support to Ukraine. They also warned Russia of the potential consequences of continued aggression.

https://www.reuters.com/world/germanys-scholz-some-nations-see-western-double-standards-russia-2023-05-15/
Sri Lankan economy expected to contract by 3% in 2023: IMF official

Reuters

23-05-15 11:46


The International Monetary Fund (IMF) has said that the Sri Lankan economy is likely to decrease by 3% in 2023, due to an unfavourable external environment. The warning comes as a team of IMF officials head to Colombo as part of consultations and ahead of a first review mission later in the year. Sri Lanka is trying to overcome a deep economic crisis after defaulting on foreign debt last April.

https://www.reuters.com/world/asia-pacific/sri-lankan-economy-expected-contract-by-3-2023-imf-official-2023-05-15/
Hong Kong 'firefighter' cartoonist bids farewell to newspaper strip after 40 years

Reuters

23-05-15 11:35


Hong Kong political cartoonist Wong Kei-kwan has urged others to continue speaking out and promote freedom of expression, after the cartoon strip he worked on for four decades was cancelled. Wong's satirical comic page addressed China's tightening grip on freedoms in Hong Kong, such as the National Security Law, with his work garnering a vast following in the city since 1983. Although more than half a dozen journalists have been arrested since the introduction of the National Security Law in 2020, Wong and other artists said they would not leave Hong Kong nor stop criticising the government.

https://www.reuters.com/world/china/hong-kong-firefighter-cartoonist-bids-farewell-newspaper-strip-after-40-years-2023-05-15/
Thailand's Senate could hold the key for hopeful election winner

Reuters

23-05-15 10:53


Thailand’s Move Forward party has announced it has enough votes to form a coalition government, following a Sunday general election where Pita Limjareonrat led the party to victory, but it may face hindrances over its position on a royal insult law, as well as complaints against its leader and the military-appointed Senate. The victory may end Thailand’s nearly decade-long military-backed governments led by a former army chief, Prime Minister Prayuth Chan-ocha.

https://www.reuters.com/world/asia-pacific/thailands-senate-could-hold-key-hopeful-election-winner-2023-05-15/
Pakistan court grants bail to former PM Imran Khan's wife in graft case - lawyer

Reuters

23-05-15 10:23


Bushra Bibi, the wife of former Pakistani Prime Minister Imran Khan, has been granted bail until May 23 in a graft case by a court in Lahore. The case relates to alleged financial help from a land developer to set up the Al Qadir University of which Khan and Bibi are trustees. Khan was arrested by the country's anti-graft agency last week, leading to violent protests and his subsequent release on bail.

https://www.reuters.com/world/asia-pacific/pakistan-court-grants-bail-former-pm-imran-khans-wife-graft-case-lawyer-2023-05-15/
New Zealand set to reveal bigger deficit in 'no frills' 2023-24 budget

Reuters

23-05-16 01:55


New Zealand's Labour government will unveil a pared-down 2023-24 budget on Thursday, without "frills", as it eyes the impact of two devastating weather events and higher than expected public debt. The cyclones at the start of 2018 are set to add an estimated NZD9bn ($6.15bn) and NZD14.5bn to New Zealand's repair bill, with treasury data from March indicating the economy is already weaker than economists had predicted. The government is trying to avoid adding to inflation through too much government spending as interest rates rise, with Prime Minister Chris Hipkins cutting costs from non-essential items.

https://www.reuters.com/world/asia-pacific/new-zealand-set-reveal-bigger-deficit-no-frills-2023-24-budget-2023-05-16/
Dollar on back foot as U.S. default risk weighs

Reuters

23-05-16 01:49


Investors are concerned about the US dollar's potential default risk amidst a standoff between Democrats and Republicans. The dollar index, which measures the currency against a basket of six major peers, remained unchanged at 102.39 after sliding 0.26%, falling from its five-month high. The US borrowing limit has been brought to the forefront of investor worries, with a potential deadline of 1 June. The dollar had been boosted by safe-haven demand during a sluggish COVID-19 recovery in China and US consumer inflation expectations, which suggested a Federal Reserve rate hike in June.

https://www.reuters.com/markets/currencies/dollar-back-foot-us-default-risk-weighs-2023-05-16/
Australia's c.bank hiked in May due to inflation risks, more raises may be required

Reuters

23-05-16 01:41


The Reserve Bank of Australia (RBA) is considering further rate hikes due to inflation risks caused by weak productivity growth and greater-than-expected rental increases. The RBA still plans to hike rates despite the risks, according to minutes from the board's May meeting. Governor Philip Lowe warned that the central bank could not afford to wait too long to tackle inflation.

https://www.reuters.com/markets/rates-bonds/australias-cbank-hiked-may-due-inflation-risks-more-raises-may-be-required-2023-05-16/
Rakuten shares slump 6% on expected $2.2 bln new share issuance

Reuters

23-05-16 01:02


Shares in Japanese e-commerce and fintech firm Rakuten Group slid by 6% as the firm's board is expected to consider a measure to stave off losses arising from its mobile business. It is believed the company is considering a $2.2bn capital raising that could lead to a share dilution, hence a sell-off. Rakuten Group posted a loss in the last quarter, while it has offloaded its stake in the Seiyu food store chain to private equity firm KKR & Co; it also floated its banking unit last month.

https://www.reuters.com/technology/rakuten-shares-slump-51-early-trading-2023-05-16/
Australian consumer mood bleak in May after surprise rate hike, budget

Reuters

23-05-16 00:33


Australian consumer sentiment fell in May due to a surprise interest rate increase from the Reserve Bank of Australia and a "mildly disappointing" federal budget. The Westpac-Melbourne Institute index of consumer sentiment decreased by 7.9% to record pessimism amongst respondents. The RBA increased interest rates because of near 30-year high inflation rates, but Westpac chief economist Bill Evans believes the RBA will sustain ratings because of economic weaknesses, though the risks are evenly balanced. 

https://www.reuters.com/markets/australian-consumer-mood-bleak-may-after-surprise-rate-hike-budget-2023-05-16/
Hong Kong leader says public libraries must ensure books don't violate laws

Reuters

23-05-16 04:50


Hong Kong's chief executive, John Lee, has defended the removal of books and videos related to China's Tiananmen Square crackdown from public libraries. Lee stated that public libraries needed to ensure that books don't violate local laws, including copyrights, and shouldn't spread messages that aren't in the interests of Hong Kong. Hong Kong has curbed individual liberties under China-imposed national security law in recent years. Since 2020, more than 40% of books and videos involving political themes have been removed from public libraries, according to reports. The national security law has been criticised as a tool of repression by some western countries including the United States.

https://www.reuters.com/world/asia-pacific/hong-kong-leader-says-public-libraries-must-ensure-books-dont-violate-laws-2023-05-16/
With eye on Ukraine, top Chinese general calls for unconventional warfare capabilities

Reuters

23-05-16 04:44


General Wang Haijiang, commander of the People's Liberation Army's (PLA) Western Theatre Command, has urged greater integration of artificial intelligence with conventional warfare tactics ahead of any confrontation with the West. He points out that a new genre of hybrid warfare has emerged from the Ukraine conflict, with the intertwining of "political warfare, financial warfare, technological warfare, cyber warfare, and cognitive warfare". To fend off perceived threats from the West, China continues to prepare the country for security challenges despite a slowing economy and COVID-19. Defence spending is set to rise for the eighth straight year in 2023.

https://www.reuters.com/world/china/with-eye-ukraine-top-chinese-general-calls-unconventional-warfare-capabilities-2023-05-16/
US defence pact to strengthen military, police -PNG leader

Reuters

23-05-16 03:57


US President Joe Biden will visit Papua New Guinea on Monday, and the two countries’ leaders will sign two security agreements: one on defence co-operation and another on maritime surveillance. The US is seeking to build greater security ties with Pacific island nations in order to challenge China’s growing influence in the region. Last year, China signed a security agreement with the Solomon Islands. Papua New Guinea is strategically located near key sea routes between the US, Australia and Japan.

https://www.reuters.com/world/us-defence-pact-strengthen-military-police-png-leader-2023-05-16/
Asia stocks steady despite China data miss, helped by weaker dollar outlook

Reuters

23-05-16 03:16


Stocks in Asia mostly remained steady on Tuesday despite weaker-than-expected Chinese economic data. China's industrial output grew 5.6% in April from a year earlier, accelerating from the 3.9% growth seen in March. However, this was lower than the 10.9% analysts had predicted in a Reuters poll. Retail sales also missed expectations, possibly indicating a wobbly post-COVID recovery. Nevertheless, investors expect China will provide policy support to increase corporate confidence and ensure sustainable growth. The market is also cushioned by expectations that the US dollar will soften.

https://www.reuters.com/markets/global-markets-wrapup-1-2023-05-16/
Exclusive: LG Display to supply OLED TV panels to Samsung Elec

Reuters

23-05-16 03:03


South Korea's LG Display has agreed a deal to supply high-end TV panels to Samsung Electronics, which would help the loss-making flat-screen maker turn profitable. LG Display will initially supply 77-inch and 83-inch white OLED (WOLED) TV panels, with Samsung looking to expand in high-end OLED TVs, aiming to overtake Sony as the second largest supplier of OLED TVs worldwide. The deal could help LG Display take its OLED factory to full capacity, as the company has been operating below its full capacity due to a limited customer base and a pandemic-driven demand surge for new TVs tapering off due to soaring inflation and slowing economy.

https://www.reuters.com/technology/lg-display-supply-oled-tv-panels-samsung-elec-sources-2023-05-16/
Japan approves energy firms' household power price hike

Reuters

23-05-16 09:30


Japan's government has approved an increase in household electricity rates made by seven major utilities, which range from 14% to 42% to reflect higher fuel costs. The hikes will put strain on the world's third-biggest economy, and are expected to squeeze the loss-making sector between high global fuel prices and Tokyo's green goals. The increases, which were due last August, took several months to examine due to the government's bid to ease the high inflation burden on consumers.

https://www.reuters.com/world/asia-pacific/japan-approves-energy-firms-household-power-price-hike-2023-05-16/
Analysis: Australian banks' bid to shake mortgage reliance brings new risks

Reuters

23-05-16 07:47


Australia's four largest banks are shifting their focus towards business banking as competition in the mortgage sector wanes and margin-enhancements disappear. CBA, NAB, ANZ, and Westpac have all this month stated that they will redirect capital and staff to the rapidly declining business sector, opening themselves up to risks, which are compounded by the fact that company failures are rising. The move by the banks to invest in the sector will be challenging, as the commercial banking market is less-competitive, but has a higher risk and a far smaller market size than residential mortgages.

https://www.reuters.com/business/finance/australian-banks-bid-shake-mortgage-reliance-brings-new-risks-2023-05-16/
EU must build cutting-edge computer chips - industry chief Breton

Reuters

23-05-16 07:26


European Union (EU) industry chief, Thierry Breton, told a conference of semiconductor companies in Antwerp that Europe must manufacture its own cutting-edge computer chips, and not be relegated to a position on research or in building relatively older chips. He described the Chips Act as an answer to similar plans in the US and China, as well as in Taiwan, South Korea, and Japan. The Chips Act intends to double Europe's share in all chip manufacturing to 20% of global total, up from 10% now. However, experts say the EU plan represents less support than the other countries.

https://www.reuters.com/technology/eu-must-build-cutting-edge-computer-chips-industry-chief-breton-2023-05-16/
Court orders South Korean agency to compensate adoptee over his mishandled adoption to US

Associated Press

23-05-16 07:21


South Korea’s largest adoption agency, Holt Children’s Service, has been ordered to pay $74,700 in damages by a civil court for mishandling the adoption of a man who later struggled with legal charges and deportation after suffering an abusive childhood in the United States. Adam Crapser alleged manipulation of paperwork and screening failures; the four-year trial marks the first in which a South Korean adoptee has sued the government and a national adoption agency over fraudulent practices. Despite the ruling, Crapser’s claims against the government were dismissed. His lawyers have stated they will examine the full written decision before deciding whether to appeal. Crapser’s case follows wider criticism of the nation’s past “corruption” in adoption practices and recent calls for investigations into facilitation of marred adoptions and identity laundering to allow more adoptees to launch legal actions.

https://apnews.com/article/south-korea-adoption-adam-crapser-lawsuit-3065e00fc9e7889e3cb4862700d88aef