Bangladesh is experiencing frequent power cuts due to erratic weather patterns and high global energy prices, resulting in short power supply which has hit millions of citizens in the country. Natural gas accounts for over half of Bangladesh's power output with domestic gas stores dwindling; power demand was around 17% short of supply, data from Bangladesh’s grid operator showed. The Summit LNG terminal will boost supplies of natural gas by two-thirds to 500 million standard cubic feet per day, and the Moheshkhali LNG terminal, which has temporarily paused operations, will resume supplies in the next few days, according to statements from the companies.
The Beijing LGBT Center has become the latest organisation to be closed under a crackdown by the Chinese government. The group's notice of cessation marks a critical blow to advocacy groups that once had been able to be public about their work for LGBTQ+ rights. They focused on low-cost mental health counselling and published lists of of LGBTQ+-friendly health professionals. “In our political, economic and cultural center, to have this type of organization. It was a symbol of the LGBT movement’s presence,” said one anonymous activist.
China’s military has warned it is ready to “smash” Taiwan's independence, as the US reportedly prepares to accelerate the sale of defensive weapons and other military assistance to the self-governing island. China claims the 23 million-person island as its own territory and is prepared to bring it under its control by force if necessary. While China's actions thus far, including daily air and sea incursions around Taiwan, have had limited effect, analysts have warned of the likelihood of a major conflict involving all three sides and possibly US allies including Japan.
Those involved in the recent attacks against state assets and military facilities in Pakistan will be tried under army law, according to members of the country's civilian and military leaders, led by Prime Minister Shehbaz Sharif. The decision followed accusations from the military that the rioters and their masters had been identified, and were affiliated with former prime minister Imran Khan, who was arrested over corruption allegations. While campaigners have called for those responsible for violence during the protests to be punished, they have also protested against civilians being tried under army laws.
President Joe Biden has vetoed legislation that would have repealed exemptions for Cambodia, Malaysia, Thailand, and Vietnam to US tariffs on imported solar panels. The waivers were granted in June 2022 and will be in place for two years, with imports from these countries accounting for around 80% of US solar panel supplies. Biden said the waivers would bridge the gap while domestic US manufacturing ramps up, allowing it to supply sufficient products to achieve domestic climate goals. Domestic manufacturers, however, argue that the tariffs were needed immediately to combat cheaper overseas panels.
Former Thai Prime Minister Thaksin Shinawatra praised the election-winning Move Forward Party, claiming the group's success over the established Pheu Thai party was credited to their social media skills and their use of user-generated content. Thaksin stated that the newly-elected party disrupted traditional politics and garnered support for their liberal ideology by using apps geared toward younger voters, such as TikTok. In addition, the Move Forward Party appealed to the youth with their promises to fight monopolies, amnesty for the youth, and efforts to amend a rigid law that upholds prison sentences for insults to the monarchy.
The Philippines central bank is expected to keep its key interest rate at 6.25% indefinitely as inflation cools, marking the end of its year-long tightening cycle, according to a Reuters poll. Inflation hit a peak of 8.7% in January and has since moderated, hitting 6.6% in April, but remains above the central bank's target range of 2%-4%. However, last month Bangko Sentral ng Pilipinas Governor Felipe Medalla signalled that decreasing inflation rates gave the central bank every argument for not changing interest rates at the May meeting.
Japan's GDP figures for the first quarter are set to be the highlight for Asian markets on Wednesday, with expectations of annualised growth of 0.7%, the fastest rate in three quarters, leading to Tokyo stocks opening up 0.2%. China's weaker than expected economic data for April has resulted in slumps across Chinese financial assets, with April house prices also due on Wednesday. Although offshore investors have a new scheme to link Hong Kong with the mainland in order to access interest rate derivatives to help hedge their Chinese bond exposure, concerns about debt demand have cast extra doubt over the yuan's ability to gain reserve currency status.
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.
Former British Prime Minister Liz Truss will say during her visit to Taiwan on August 18 that the West must stand firm against China and offer unwavering support to the independent state. This follows a period of strained relations between Britain and China in recent years, including the increasingly aggressive foreign policy stances taken by China's government. Truss disagrees with the engagement model currently favored by the UK's conservative government, which seeks to engage economically and avoid national security threats. The statement by Truss follows similar calls by the US government in light of China's human rights abuses in Hong Kong and its occupation of Taiwan.
North Korean leader Kim Jong-un has inspected a military satellite facility and approved the next action plan for the country’s non-permanent satellite-launching preparatory committee, according to reports. Earlier this year, Pyongyang revealed it had completed its first military spy satellite and that final launch preparations were underway.
A fire broke out at Loafers Lodge in the Newtown neighborhood of Wellington, New Zealand, on Tuesday, killing at least six people. Recovery efforts are being hampered by major structural damage to the building, but authorities hope to be able to enter and identify the dead by midday on Wednesday. A number of people remain unaccounted for. Fire and Emergency New Zealand is working with the police to investigate and remove the victims.
Japan's economy grew by an annualized rate of 1.6% in Q1 2016, beating expectations of 0.7%. Firm private consumption and an unexpected rise in capital expenditure offset weak external demand. Private consumption accounts for more than half the economy, grew by 0.6% QoQ in Q1. Capital expenditure, a key engine of growth, gained 0.9% against expectations and external demand, or net exports, shaved off 0.3 percentage point of the gain, which was more than compensated by positive domestic demand contribution of 0.7 percentage point.
A Group of Seven summit is expected to face significant tensions on the issue of nuclear disarmament. Many atomic bomb survivors in Hiroshima fear that the summit may be the last time that world leaders will call for disarmament. For those in the West, Russia's invasion of Ukraine has reminded them of the important role played by nuclear deterrence. The summit is also expected to discuss ways of curbing nuclear programmes in Iran and North Korea. Barack Obama, the last US President to visit Hiroshima, chose the city as an opportunity to express his hope for a world without nuclear weapons.
The G7 leaders are meeting in Hiroshima for their annual summit, which will focus heavily on the threat China’s economic coercion poses to the seven countries. The use of that coercion – punitive trade measures – has raised concern throughout Asia-Pacific and Europe, with some countries including Japan, Australia and South Korea having faced trade restrictions following disputes with Beijing over issues related to Taiwan and the origins of Covid-19. The G7 is reportedly preparing a statement of concern over such practices and may suggest ways to co-operate – but members are deeply divided over how to manage their business ties with China.
Vietnam EV maker Vinfast expects to break even by end-2024 - founder
Reuters
23-05-17 04:14
VinFast, Vietnam's electric automaker, plans to launch an electric pickup truck and a city car model in addition to its current model lineup. The company also expects to break even by the end of 2024, according to founder Pham Nhat Vuong. VinFast will list in the US through a merger with a special purpose acquisition company (SPAC), Black Spade Acquisition Co. The deal is expected to close in the second half of 2023, and VinFast has received funding pledges of $2.5bn from Vingroup and Vuong.
The Airbus A320neo planes in the Singapore Airlines group powered by Pratt & Whitney engines are not being grounded for lack of spares, said Leslie Thng, the CEO of Scoot. His remarks on the subject came during an earnings call for Singapore Airlines, which announced positive results for 2019-20. The Pratt engines were in the news this month due to Go Airlines' bankruptcy, blamed on "faulty" power units. While Pratt denies any allegations of engine issues, IBA Aviation said earlier this month that 12% of neos with Pratt GTF engines were inactive, compared with 4% of those with rival engines made by CFM International.
Smaller consultancies eye opportunities as China crackdown hits sector leader
Reuters
23-05-17 03:45
Smaller Chinese consultancy firms are predicted to gain from the country's increasing demand for expert knowledge, particularly after the shock delivery of the Beijing crackdown on firms supplying too sensitive information for Chinese consumption. Many of these firms are now working to reduce risk. For the long-term, the sector will become more regulated, becoming more popular for investors and firms who need greater insight into China. US-based Frost and Sullivan has predicted the Chinese market for expert information will grow from $1bn in 2015 to $1.9bn by 2025.
Trudeau says Canada ready to partner with South Korea on critical minerals, security
Reuters
23-05-17 02:53
Canadian Prime Minister Justin Trudeau has pledged the country’s support to South Korea, saying Canada is ready to aid Seoul in subjects ranging from critical minerals to clean energy and North Korea. The two nations also plan to sign an agreement on securing electric vehicle mineral supply chains, energy conversion and energy security cooperation, according to a South Korean government official. Trudeau has urged the region to work on stability in the Indo Pacific and the North Pacific, calling for North Korea to renounce its weapons programmes and return to talks regarding denuclearisation.
Brazil's antitrust regulator Cade has recommended that L'Oreal's acquisition of Natura & Co's Aesop brand be approved. L'Oreal agreed to buy Aesop for $2.53bn last month. The deal is considered definitively approved within 15 calendar days of its publication, providing no appeals are made.
