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China, Egypt, and the new Middle East alignment
With much press coverage on Syria, scant attention has been paid to the Saudi-Egypt rift, and China’s rising influence as a crucial player in Egypt and the Middle East. Rift over Syria The Riyadh-Cairo spat began in April 2016, when Egypt’s President Abdel Fattah al-Sisi agreed to cede territorial integrity over two of its islands in the Red Sea, Tiran and Sanafir, in exchange for a series of lucrative contracts and promise of Riyadh’s diplomatic support.
US withholds aid package to Philippines over rights concerns
The United States has not renewed a major aid package to the Philippines because of “significant concerns” about the rule of law under President Rodrigo Duterte, the US embassy said on Thursday. “This decision reflects the Board’s significant concerns around rule of law and civil liberties in the Philippines,” embassy spokeswoman Molly Koscina said in a statement emailed to AFP after the country was not selected for a new Millennium Challenge Corporation grant.
Rahul under pressure to 'dish dirt on Prime Minister Modi’
Pressure is building on Congress leader Rahul Gandhi to reveal details of corruption involving Prime Minister Narendra Modi at a party meeting, press conference or an alternative forum as the last day of India’s winter session is likely to be washed out on Friday. Days after Rahul asked lawmakers to be ready for an “earthquake” in Parliament when he speaks on demonetization, he said on Wednesday that he had explosive information on corruption involving Modi.
The price of freight in China: OPEC or the Chinese New Year?
Recently, for the first time in eight years, OPEC decided to cut oil output by about 1.2 million barrels a day. It is also confident of soon securing a commitment from some non-OPEC countries to cut about 600,000 barrels a day. This in a concentrated effort to combat the increased supply of oil, which has pushed prices down to record lows. But even though this is effectively limiting production of 1% of the world’s global oil supply, it won’t impact freight prices. Well, it will. But not that much.
China's yuan jumps as PBOC acts to break bear grip
China’s yuan rose sharply on Tuesday, gaining a quarter of a percentage point from its previous close to 6.8623 to the US dollar shortly after 9:30 a.m. It was the biggest gain in a month as the central bank acted to break the bearish grip on the currency after the US presidential election. The offshore yuan exchange rate in Hong Kong, known as CNH, also strengthened to 6.8670 to the dollar on Tuesday morning, from 6.8757 as of 4:30 p.m. local time on Monday afternoon.
Anger at Obama’s refusal to ban rap song offensive to Asians
VIDEO Asian-Americans are voicing outrage over the refusal of the White House to help ban a song by the hip-hop artist YG that glorifies attacks on the homes of Chinese families in the US.
South Korean corporate chiefs deny seeking favors for donations
South Korean corporate chiefs told a parliamentary panel on Tuesday that they were not seeking favors when they made contributions to two foundations at the heart of a scandal that appears poised to bring down President Park Geun-hye. Still, the head of the GS Group, one of the nine conglomerate bosses summoned to appear at the unprecedented televised hearing, acknowledged that it was hard to say no to the government.
Contenders line up after New Zealand PM's shock resignation
At least three senior ministers joined the race to replace New Zealand Prime Minister John Key on Tuesday, a day after Key stunned the nation by resigning to spend more time with his family, with his deputy Bill English seen as the front-runner. English, the finance minister and deputy leader of the ruling center-right National Party, announced his candidacy, as did Health Minister Jonathan Coleman and Police Minister Judith Collins.
Tamil Nadu's 'mother' Jayalalithaa dies in hospital
One of India’s most popular politicians, Jayalalithaa Jayaraman, the chief minister of the southern state of Tamil Nadu, died in hospital in Chennai late on Monday night following a heart attack. The 68-year-old former movie star had been admitted to the hospital on September 22 suffering from dehydration and fever.
Thanks for the memory cards; North Koreans return from China
Tiny memory cards and fluffy teddy bears are among the most popular items for North Koreans shopping in Dandong, China’s gateway city to its impoverished and isolated neighbour. The teddy bears are often the souvenir of choice for young North Korean women returning home from contract work in Chinese restaurants and factories. Their remittances have become an increasing source of revenue for Pyongyang.
Aamir Khan reinvents movie marketing with his latest film Dangal
If there is someone who knows how to market films in Bollywood, that is Aamir Khan. From the day he did his debut film Qayamat Se Qayamat Tak Aamir Khan has been using his marketing brains to work out the success of his films. Released in 1988, Qayamat Se Qayamat Tak was a low budget film that could not afford to spend a lot on advertising. But Aamir Khan did not leave a single stone unturned to market his film.
South Korea opposition introduces bill to impeach President Park
South Korea’s three opposition parties introduced a bill on Saturday for parliament to impeach President Park Geun-hye who, tainted by a corruption scandal, could become the first democratically elected leader to leave office early in disgrace. The bill, signed by 171 members of the 300-seat unicameral assembly, said Park violated the constitution and criminal law by abusing her presidential power.
India may cut rates as currency curbs hit economy: Analysts
The Reserve Bank of India (RBI) is expected to cut interest rates next week and economists are set to chop growth and inflation forecasts after Prime Minister Narendra Modi’s currency crackdown rattled the economy and severely hurt consumption. Modi’s outlawing of high-value bank notes last month, aimed at curbing corruption and tax evasion, has left the nation’s 1.2 billion population scrambling to exchange old notes for new and left many companies’ cash-reliant supply chains in tatters.
A man walks into a bar - not just any old bar
The Chalmun’s Cantina in Mos Eisley has to be one of the most famous watering holes ever. If it doesn’t ring any bells, that’s because you probably know it better as “the Star Wars bar.” The fictitious drinking haunt of space pirates on the planet Tatooine has become one of movie franchise’s iconic scenes since resident band Figrin D’an and the Modal Nodes first struck up a few chords in 1976.
Keep an eye on Q2 GDP data, says chief strategist
chief strategist Uwe Parpart discusses demonetization and the strengthening US dollar with BTVi's Ashu Dutt.
China deal for AC Milan likely to be postponed - sources
Silvio Berlusconi and the Chinese investors seeking to buy his Italian soccer club AC Milan are discussing the possibility of postponing the closing of the deal to the end of February, according to sources. The sources said that Berlusconi’s holding company Fininvest could ask for a further 100 million euros (US$107 million) from the Chinese consortium in exchange for the delay and that a final decision would be made in the next few days.
Cubans join dignitaries to bid farewell to Fidel Castro
Tens of thousands of Cubans packed into a public square in Santiago de Cuba on Saturday, joining dignitaries to bid farewell to revolutionary leader Fidel Castro in the city where his ashes will be entombed. Cuba’s current President Raul Castro was set to commemorate the legacy of a his older brother, a man once feted by Nelson Mandela for helping to end apartheid, but who also helped take the world to the brink of nuclear war during the Cuban missile crisis.
Thai king appoints new members to royal council
Thailand’s new king appointed three new members to his powerful royal advisory council on Tuesday and removed some former members in one of his first acts since taking the throne. King Maha Vajiralongkorn Bodindradebayavarangkun, 64, was proclaimed king on Thursday, ushering in a new era for the 234-year-old Chakri Dynasty, and reinforcing expectations of institutional stability in financial markets. He will also be known as King Rama X.
Regulator suspends insurer's major policy in leveraging row
The China Insurance Regulatory Commission has suspended Foresea Life Insurance Co. from selling new life insurance policies and proposing new products, the Caixin news agency reported on Monday night. The Baoneng Group’s subsidiary has taken stakes in several mainland-listed companies. Liu Shiyu, the chairman of the China Securities Regulatory Commission, labelled insurers’ leveraged buyout activities “barbaric” in a speech delivered on Saturday.
Clinton's Asian American snub could have cost her Michigan
The almost razor-thin margins in battleground states that elected Donald Trump as the next US president have some observers wondering if Asian American voters might have helped to tip the balance for Hillary Clinton if events had taken a slightly different turn. Nowhere is this more apparent than in Michigan, where on November 28, the state’s election board certified Trump as the winner almost three weeks after the contest by two-tenths of a percentage point, or 47.6% to 47.4%.
Worry not: the US-Japan alliance is safe in Trump's hands
Normally December in Washington, D.C. is filled with one thing and one thing only: unending boredom. Where the rest of the year is filled with momentous events, tittle tattle and intrigue, the 12th month drags in on a stream of idle chitchat about holiday plans. Not this year, though.
Japan, Russia and the 71-year dispute over the Kuril islands
Japan and Russia haven’t signed a treaty to formally end World War II because of a territorial dispute over the Kuril islands that stretch from Hokkaido to the Kamchatka Peninsula. The dispute will be on the agenda when Prime Minister Shinzo Abe meets President Vladimir Putin in Japan on December 15 and yes, it’s complicated. Odds are that Mr. Abe will walk away from the meeting very disappointed. First complication, when is a Kuril Island not a Kuril Island? When the Japanese government so decrees.
Trump's call with Taiwanese leader likely to anger China
US President-elect Donald Trump spoke by phone on Friday with Taiwanese President Tsai Ing-wen, a transition team spokeswoman said, in a move likely to infuriate China and expected to complicate relations. The call, confirmed by Trump transition spokeswoman Hope Hicks, was the first such contact with Taiwan by a president-elect or president since President Jimmy Carter adopted a one-China policy in 1979.
Shedding light on the Shadows
Sam Wild came to Hong Kong to further his career as a journalist. He soon found himself in the position of eyewitness to the city’s rapidly evolving political scene as he developed his new documentary Out Of The Shadows. Here, Wild talks to Asia Times about the experience What first brought you to Hong Kong?? I arrived in Hong Kong in March 2008 to work as a journalist with Agence France-Presse. I had lived and worked in the city for a year in 1996 at the Hong Kong Standard [newspaper].
Always look on the bright side of life
The world is a gloomy place. It’s unjust and violent. With the horrors of Islamic State, terror attacks on major European cities and rape and corruption making headlines every day, it’s obvious that we live in an era plagued by viciousness and radicalism. And it’s only getting worse. Right? Well, no. Contrary to what most people believe, the world has become increasingly safe, equal and educated, according to Johan Norberg, a Swedish economic historian and author of a new book called Progress.
Abstract from the book ‘Progress’, by Johan Norberg
THE GOOD OLD DAYS ARE NOW Nothing is more responsible for the good old days than a bad memory. – Franklin Pierce Adams The DailyBrief Must-reads from across Asia - directly to your inbox Terrorism. ISIS. War in Syria and Ukraine. Crime, murder, mass shootings. Famines, floods, pandemics. Global warming. Stagnation, poverty, refugees. “Doom and gloom, everywhere,” as a woman on the street responded when public radio asked her to describe the state of the world.
Why your bath tub is more deadly than terror attacks
Terrorism is spectacular and frightening. But while the horror of new attacks keep dominating media headlines and populist politicians’ propaganda, the number of terror-linked deaths is actually going down. And to put terrorism in comparison, the number of people dying from lighting up a cigarette, suffering from diarrhea or crossing a road is several hundred times higher. Last year, 29,376 people were killed in terrorist attacks.
Black Friday logistics: Brought to you by ocean freight
Ocean freight has had a complicated year so far. Beyond speed, one of air freight’s primary advantages over ocean has always been reliability. But improved data forecasting and more predictable supply chains have become a boon for ocean freight, leading to an increase in China-US ocean shipments at the expense of their more expensive aerial counterparts. Even items that were traditionally reserved for air – like cellphones and other high-value items – are now occasionally shipped by ocean.
Why Singles Day will become a US sales event
In a single day in 2015, Alibaba handled an average of US$9.9 million every minute in a retail feat that racked up US$14.3 billion of Alipay payments, mostly on Tmall and Taobao Marketplace. That’s one and a half-million dollars of sales in the time it took to read this article’s first sentence. That day was Single’s Day (11/11), first celebrated by proud singles in China in 1993. Impressed? It gets better.
South Korea's tycoons face grilling in President Park scandal
The heads of nine of South Korea’s top conglomerates controlling revenue equivalent to half the country’s economy face an unprecedented televised grilling by lawmakers on Tuesday, as the glare from a widening political scandal falls on Korea Inc.
The Muslim Reform Movement: Even more necessary a year in
On December 4, 2015, Muslim leaders from the United States, Canada and Europe convened in Washington, DC to embark on an urgently needed mission: to demand, as a collective, bold and deep reforms within the Muslim community.
Trump in the Taiwan China shop
News of the Trump/Tsai Ing-wen phone convo exploded into the mediasphere on Friday night and learned and unlearned predictions of dire consequences raged for a good four hours until the PRC government issued an anodyne statement that characterized the phone call as “a petty trick” by Taiwan. By placing the onus on Taiwan, the PRC was indulging Trump’s tweeted version of events, which is that Tsai had called him, not the other way around.
Koreans flock back to cinemas; Japanese hit tops China chart
It was down. Now it’s up. Due to the jamming of downtown areas of Korean cities by political protests through November, the newspaper Chosun Ilbo identified a nearly 50 per cent drop in Korean cinema attendances, when compared to November 2015. The paper didn’t state whether the drop was because potential ticket-buyers were abandoning cinemas to protest or because movie fans just couldn’t access theaters.
Tata's ousted chairman reaches out to shareholders
Ousted Tata Sons chairman Cyrus Mistry has reached out to shareholders of six Tata group companies, defending his position and laying out reasons why he should not be removed as director at their upcoming shareholder meetings. In a bitter boardroom coup Mistry was removed as chairman of Tata Sons in October when patriarch Ratan Tata returned to the helm temporarily. A very public power struggle has since ensued between Tata Sons and Mistry.
Tax amnesty on overseas cash could raise economic productivity in US: strategist
With an estimated US$2.5 trillion in corporate cash parked abroad, a one-time tax amnesty could lead to greater investment in US economic productivity, says Capital Link International chief strategist Uwe Parpart. Parpart, who is also editor of Asia Times, says Trump’s proposal of offering a tax rate of only 10% on overseas funds brought back into the the United States could put an estimated US$500 billion into the economy. The DailyBrief Must-reads from across Asia - directly to your inbox
MMA's ONE expanding into new markets, including China
ONE Championship, the mixed martial arts (MMA) promotion, will expand its reach in Asia in 2017 by adding new events in Vietnam, South Korea and Japan, as well in multiple destinations in mainland China including Shenzhen, Shanghai and Beijing. In 2016, ONE staged the first-ever major MMA event in Bangkok, Thailand, and consolidated its position as the region’s leading MMA organization with a sell-out show at the Cotai Arena in Macau.
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