Economic to trade

Benchmark indices continued their downtrend for the fifth session on the trot on Thursday, May 12, 2022, with the Sensex tumbling nearly 817 points in early trade, tracking weak global trends and selling in index majors Reliance Industries and HDFC Bank. Unabated selling by foreign institutional investors also weighed on the sentiment. The 30-share BSE Sensex was trading 816.78 points lower at 53,271.61. The NSE Nifty declined 234.05 points to 15,933.05. From the Sensex firms, UltraTech Cement, Tata Steel, Bajaj Finance, M&M, IndusInd Bank, HDFC Bank, Bajaj Finserv and Larsen & Toubro were among the major laggards. In contrast, Power Grid emerged as the only gainer. Elsewhere in Asia, markets in Tokyo, Hong Kong and Seoul were trading lower, while Shanghai quoted marginally higher. Stock exchanges in the US had ended lower on Wednesday. "Asian stocks fell Thursday after elevated US inflation bolstered the case for aggressive monetary tightening and sparked a slide … [Read more...] about Sensex cracks 817 points in early trade

Reuters Washington, United States   ● Sun, May 15, 2022 2022-05-15 13:30 0 53ea05b5fe2e13733519dbf4e30bf409 2 Economy Malaysia,Indo-Pacific,economic,TPP,China,US,Joe-Biden,ASEAN Free Malaysia views US President Joe Biden's proposed Indo-Pacific economic bloc as a welcome initiative but sees a bigger immediate opportunity in selling its access to a China-led trade pact to lure investment from global companies, Malaysia's trade minister said on Friday. The Biden administration's proposed Indo-Pacific Economic Framework (IPEF) aims to offer a US-led platform for negotiating common regional standards around digital trade and data flows, labor standards, carbon emissions reductions and governance. But to the chagrin of some countries and business groups, it will not reduce tariffs between members or include traditional enhancements to market access. Azmin Ali, Malaysia's minister of international trade and industry told Reuters in an interview that the … [Read more...] about Malaysia says US Indo-Pacific economic plan only a ‘good beginning’

Sri Lanka has got a new Prime Minister, Ranil Wickremesinghe, under most unenviable circumstances. Unlike what the Indian public believes, the Sri Lankan prime minister’s job is vastly different from that of their Indian counterpart. Until President Gotabaya Rajapaksa gets the Constitution amended to end the controversial Executive Presidency and empowers the Prime Minister and his Cabinet through Parliament, the political impasse of the past weeks will continue, one way or the other. A constitutional debate on whittling down the Executive Presidency is going to consume more time and energy than already, further delaying the roadmap for economic recovery. As a friendly neighbour, India has multiple roles assigned by anxious citizens for Sri Lanka’s political stability, economic recovery, and strategic security. It owes not only to India’s own needs, as often wrongly surmised in Sri Lanka but owes even more to Indian concerns that Sri Lanka does not end up with a ‘failed state’ tag as … [Read more...] about What India Must and Must Not Do to Help Sri Lanka Get Out of the Economic Mess

BRUSSELS — The world economy is heading into a potentially grim period as rising costs, shortages of food and other commodities and Russia’s continuing invasion of Ukraine threaten to slow economic growth and bring about a painful global slump. Two years after the coronavirus pandemic emerged and left much of the globe in a state of paralysis, policymakers are grappling with ongoing challenges, including clogged supply chains , lockdowns in China and the prospect of an energy crisis as nations wean themselves off Russian oil and gas . Those colliding forces have some economists starting to worry about a global recession as different corners of the world find their economies battered by events. Finding ways to avoid a slowdown while continuing to exert pressure on Russia for its war in Ukraine will be the primary focus of finance ministers from the Group of 7 nations who are convening in Bonn, Germany, this week. At a news conference on Wednesday, Treasury Secretary Janet L. … [Read more...] about Economic Headwinds Mount as Leaders Weigh Costs of Confronting Russia

VIENTIANE (Xinhua): Laos recorded a trade deficit of US$102 million in April, the first trade deficit to be recorded in 2022 after three successive months of a trade surplus. The total value of trade in April amounted to $950 million, of which $424 million was exports and $526 million was imports, according to the latest information from the Lao Trade Portal website. Laos' main export products are gold, gold bars, paper and paper products, copper ore, wood pulp and waste paper, rubber, cassava, iron ore, bananas, clothing, and fertilizer. The country's main imports are vehicles (other than motorcycles and tractors), diesel and mechanical equipment (other than motor vehicles), wood pulp and waste paper, auto parts (including windshields and chains), steel and steel products, magnetic steel, plastic products, gasoline, paper and paper products, and wood and wooden utensils. China remained the top export destination for Laos, followed by Vietnam and Thailand, while the major … [Read more...] about Laos records US$102mil in trade deficit in April

India has released new rules governing the trade of electricity across its borders. They define the contours of the South Asian electricity market, placing clear limits on who can buy from and sell into India. This has ramifications for the electricity markets of Bangladesh, Bhutan, and Nepal, which, to varying degrees, have aligned their energy futures with the Indian market. The new rules show that India’s approach is unmistakeably political. It attempts to balance China’s growing influence in the region with developmental aims, both its own and the region’s. Rules on ownership Of central importance is the ownership of power plants wishing to sell to India. In masterful legalese, the rules strongly discourage the participation of plants owned by a company situated in “a third country with whom India shares a land border” and “does not have a bilateral agreement on power sector cooperation with India”. Chinese companies hoping to establish plants in Nepal, Bhutan, or Bangladesh … [Read more...] about The surge of geopolitics in South Asia’s power trade

Reuters Tokyo, Japan   ● Sun, May 22, 2022 2022-05-22 15:20 0 02c2f042c5018a82e8094ec7529e1e5d 2 Asia and Pacific Japan,US,China,TPP,trade-aggreement-talk,Joe-Biden,ASEAN,diplomacy,Fumio-Kishida Free President Joe Biden headed to Japan on Sunday to launch a plan for greater US economic engagement with the Indo-Pacific, facing criticism even before the program is announced that it will offer scant benefit to countries in the region. On the second leg of his first Asia trip as president, Biden is to meet with leaders of Japan, India and Australia, the "Quad," another cornerstone of his strategy to push back against China's expanding influence. In Tokyo on Monday, Biden will call on Emperor Naruhito before talks with Prime Minister Fumio Kishida. He and Kishida are expected to discuss Japan's plans to expand its military capabilities and reach in response to China's growing might. Tokyo will also see the launch on Monday of Biden's long-awaited … [Read more...] about In Japan, Biden to launch economic plan for region sceptical on benefits

Export ships docked at a port in Busan. The global trade order has been changing rapidly, leaving Korea, which relies on trade, vulnerable. [YONHAP] Korea is sailing into uncharted waters as three decades of globalization come to an end and a new era of trade blocs begins in the context of a new Cold War. The Russia-Ukraine conflict has accelerated the geopolitical fragmentation and national-interest driven protectionist movements, which have fed inflation, which in turn further exacerbates protectionism. Stuck between China and the United States — its two biggest trading partners — and dependent on exports for 70 percent of its GDP, Korea works to balance interests, hedge its bets and preserve its access to foreign markets. Already cut off from Russia — which was a small but growing opportunity for Korean companies — it is now making sure open economies remain open. Korea has already been aggressive in its signing of free trade agreements (FTA). It continues to push for more … [Read more...] about As globalization ends, RCEP will help maintain trade order

JAKARTA/TOKYO, May 23 (Bloomberg): The Biden administration announced that a dozen Indo-Pacific countries will join the US in a sweeping economic initiative designed to counter China’s influence in the region, even as questions remain about its effectiveness. Altogether the nations involved in the Indo-Pacific Economic Framework, or IPEF, constitute roughly 40% of global gross domestic product, according to the White House, which has touted its launch as a marquee accomplishment of President Joe Biden’s first trip to Asia. Australia, India, Japan, South Korea and New Zealand were included, along with seven South-East Asian countries - Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. "The United States is deeply invested in the Indo-Pacific,” Biden said Monday at an event in Tokyo launching the partnership. "We’re committed for the long haul.” The framework is the most significant US effort to engage Asia on economic matters since former President … [Read more...] about US unveils 13-nation economic pact to assert Asia leadership; seven South-East Asian countries included

From left, Kim Chang-beom, former Korean ambassador to Indonesia, moderates a panel discussion at the Korea-Asean RCEP Forum at the Westin Josun Seoul on Tuesday, as Cambodian Ambassador to Korea Chring Botumrangsay, Indonesian Ambassador Gandi Sulistiyanto, the Philippines Ambassador Maria Theresa Dizon-De Vega, Singapore’s Deputy Chief of Mission Adrian Li, Thai Ambassador Witchu Vejjajiva and Vietnamese Ambassador Nguyen Vu Tung share their respective governments’ views on RCEP and expectations for its implications on trade relations with Korea. [PARK SANG-MOON] Diplomats from six Regional Comprehensive Economic Partnership (RCEP) member countries emphasized that their trade pact will be beneficial for all 15 members at the Korea-Asean RCEP Forum, with Korea positive about joining more trade agreements with Asean countries. "As a small country, our trade is still minimal and RCEP will open up more opportunities for us to reach into the supply chain and provide trading of goods … [Read more...] about RCEP diplomats emphasize benefits of trade pact