End of ‘engagement’ won’t lead to U.S. business exit from China
A commitment by U.S. businesses to China’s market isn’t likely to be reversed after a high-level warning that relations between the two countries had entered new territory following an extended period of geopolitical tension, a former long-time American diplomat in Greater China said in an interview.
“The majority of U.S. companies are successful in China and see that success as an important contributor to their global performance,” Kenneth Jarrett, currently a senior advisor to the Albright Stonebridge Group, said. “They are not looking to exit the China market.”
Kurt Campbell, the White House’s top leader on Asia policy, sounded a cautious note on ties between the two countries in an online discussion organized by Stanford University on May 26. “The period that was broadly described as engagement” with China, Campbell said, “has come to an end.”
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The road ahead for State Bank Of India
In three months ending March 2021, the State Bank of India posted Rs 6,451 crore net profit, its highest quarterly profit. For the full financial year, its Rs 20,410 crore profit has also been a record high. India’s largest lender has proposed a dividend (Rs 4 per share) after a gap of three years.
It had stopped paying dividends from the financial year 2018 when it had recorded its first ever annual loss (Rs 6,547 crore). In 2019, it returned to the black by posting Rs 862 crore profit and followed it up with a profit of Rs 14,488 crore in 2020.
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Russia aimed for post-pandemic ‘normal’ at its business expo
A negative coronavirus test got you in the door and most wore masks inside. Yet the St. Petersburg International Economic Forum was Russia’s attempt to show a return to a post-pandemic “normal.”
The work-from-home wear stayed home and attendees’ business attire was on display. Packed evening parties — remember those from the before times? — were back, too.
The event, attended by Russia’s elite and held in President Vladimir Putin’s hometown, was billed by Putin and others as the first in-person international event of this scale since the pandemic changed the world. A total of 13,000 people attended, according to the organizers.
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Japan business sentiment down for first time in 4-month
Business sentiment in Japan fell for the first time in four months in May, a private-sector survey showed Thursday.
The business sentiment diffusion index dropped 0.8 point from April to 37.5, partly reflecting the extension and expansion of the government’s third COVID-19 state of emergency, according to the Teikoku Databank Ltd. survey.
Sentiment worsened in eight of the 10 surveyed industries.
The index sank 1.6 points to 33.1 in the retail sector as people refrained from going out and stores suspended operations or cut opening hours.
The service industry’s index was down 0.4 point at 37.5, with the indexes for the restaurant industry and hotels dropping 1.9 points and 3.0 points, respectively.
Business sentiment fell in all 10 regions. The index sagged 1.7 points to 34.5 in Hokkaido, 1.8 points to 36 in the Chugoku region of western Honshu and 2 points to 37.5 in the Kyushu region, which also includes Okinawa Prefecture.
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Thailand debuts locally made Astrazeneca but supplies are tight
Health authorities in Thailand began their much-anticipated mass rollout of locally produced AstraZeneca vaccines on Monday, but it appeared that supplies were falling short of demand from patients who had scheduled vaccinations for this week.
Hospitals in various parts of the country have been posting notices for several days that some scheduled appointments would be delayed, adding to existing public skepticism about how many doses Siam Bioscience would be able to produce each month.
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Bangladesh rises to be S. Asia’s standout star as India, Pak fall behind
Half a century ago, in March 1971, Bangladesh’s founders declared their independence from richer and more powerful Pakistan. The country was born amid famine and war; millions fled to India or were killed by Pakistani soldiers. To the Pakistani military’s American backers, the new country seemed destined to fail: Henry Kissinger, then Secretary of State, famously called it a “basketcase.” George Harrison and Ravi Shankar organized the first-ever super-benefit to raise money for UNICEF relief work in the struggling country.
This month, Bangladesh’s Cabinet Secretary told reporters that GDP per capita had grown by 9 percent over the past year, rising to $2,227. Pakistan’s per capita income, meanwhile, is $1,543. In 1971, Pakistan was 70 percent richer than Pakistan; today, Bangladesh is 45 percent richer than Pakistan. One Pakistani economist glumly pointed out that “it is in the realm of possibility that we could be seeking aid from Bangladesh in 2030.”
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S.Korea says vaccine shipment to N.Korea from covax delayed again
A shipment of coronavirus vaccines to North Korea via the global COVAX sharing programme that was expected for late May has been delayed again amid protracted consultations, South Korea’s Unification Ministry said on Tuesday.
COVAX, which secures vaccines for poor countries, has said it will provide nearly 2 million doses of AstraZeneca’s COVID-19 vaccine to North Korea. read more
North Korea was expected to receive a first batch of the shipment in late May but discussions are still under way, said an official at the ministry, which handles North Korea affairs.
“Countries that want COVAX support are required to hold various consultations and submit some documents including an inoculation plan,” the official said.
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Mercurius capital’s plan to buy 10 grocery business in Malaysia
Mercurius Capital Investment said its legal counsels in Malaysia have started the drafting and preparations of the necessary legal documentation for the proposed acquisition of 10 grocery businesses in Malaysia, Bloomberg reported.
Additionally, the company’s management has also commenced a review of the financial statements and related financial information of the stores, according to a Monday bourse disclosure.
The Singaporean real estate investment firm previously signed a legally binding term sheet in April to acquire Tan Lee Heng, Songmart Cash & Carry, Granville Grocery and seven Pasaraya Songmart branches located in Kluang, Kulaijaya, Kota Tinggi, Pulai Perdana 2, Sri Stulang, Bandar Tenggara and Chellam, Malaysia, Bloomberg reported.
Mercurius Capital’s shares soared over 21 percent in recent trade.
The Catalist-listed Mercurius Capital Investment Limited is an investment holding company focusing on property development and investment.
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Nepal Prime Minister Oli says misunderstandings’ with India resolved
Nepal’s embattled Prime Minister K P Sharma Oli has said that misunderstandings with India have been resolved and that the two countries should move forward looking at the future, asserting that neighbours share both love and problems.
In a recent interview to BBC Hindi Service, Oli accepted the fact that once, there were misunderstandings between the two neighbours. However, he did not elaborate on those issues.
Oli, in a televised address to the nation last month, said that the outstanding issues relating to the border issue with India will be resolved through diplomatic channels on the basis of historical accords, maps and factual documents.
He told BBC: Yes, there were misunderstandings at one time, but now those misunderstandings are gone. We should not be stuck in past misunderstandings but move forward looking at the future.
We have to pursue a positive relationship, the 69-year-old Nepal Prime Minister, now heading a minority government, said.
Nepal’s Opposition alliance has approached the Supreme Court against the “unconstitutional” move of President Bidya Devi Bhandari to dissolve the House of Representatives and fresh elections on the recommendation of Prime Minister Oli.