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SINGAPORE, Singapore (AFP) — Singapore’s economy, a closely watched barometer for the rest of Asia’s export-driven countries, grew just 0.7 percent last year as the US-China trade war hammered global markets. The city-state has traditionally been the first among Asia’s economies to be affected during a downturn, and the country narrowly escaped tipping into recession in the third quarter. The trade ministry said in a statement Thursday that based on advance estimates, the economy […]
by Heather SCOTT Agence France Presse A wave of debt in emerging and developing nations has grown faster and larger than in any period of the last five decades and could end with another crisis, the World Bank warned Thursday. And if the wave breaks, it could be more damaging since it would engulf private companies in addition to governments, at a time when economic growth is sluggish, according to a new report that […]
RIYADH, Saudi Arabia (AFP) — Saudi oil giant Aramco said on Friday that applications from private investors for its planned stock market offering had been oversubscribed. The much-delayed initial public offering, first announced in 2016, is a cornerstone of Saudi Crown Prince Mohammed bin Salman’s ambitious plan to diversify the Gulf state’s oil-reliant economy. The IPO could exceed the world’s biggest to date — the $25 billion float of Chinese retail giant Alibaba in 2014. […]
by Dan Martin SHANGHAI, China (AFP) — Chinese customers spent billions of dollars during the opening hours of the country’s annual “Singles’ Day” frenzy Monday, the world’s biggest 24-hour shopping event that was kicked off by US megastar Taylor Swift. E-commerce giant Alibaba said the first $1 billion spent on its platforms was reached in just 68 seconds. The total gross merchandise volume settled through its payments platform Alipay hit 100 billion yuan ($14.3 billion) […]
by Jenny VAUGHAN / Joe Freeman Agence France Presse BANGKOK, Thailand (AFP) — Several Southeast Asian leaders snubbed a meeting with US officials on Monday after President Donald Trump decided not to attend a regional summit in Bangkok. Just three leaders from the 10-member Association of Southeast Asian Nations (ASEAN) showed up to the session, along with a host of foreign ministers. Trump has been accused of turning his back on Asian allies for […]
by Joe Freeman Agence France Presse BANGKOK, Thailand (AFP) — US Commerce Secretary Wilbur Ross insisted Monday that his country remained “extremely engaged” with Asia despite Donald Trump skipping a regional leaders summit. Ross and US national security advisor Robert O’Brien are the most senior members of the Washington delegation in Bangkok for the Association of Southeast Asian Nations (ASEAN) meeting, also attended by Indian, South Korean and Japanese leaders. Previous meetings have been […]
by Célia Lebur LAGOS, Nigeria (AFP) — First there was Tutu, the “African Mona Lisa” sold last year for 1.5 million dollars. Then a second portrait by revered Nigerian painter Ben Enwonwu, called Christine, sold in mid-October, for 1.4 million dollars. Both record sales of famous works by the late “father of African modernism”, captured the emergence of Nigeria’s art market. A decade ago, major African artists were largely absent from international auctions. But the […]
by Paulina ABRAMOVICH Agence France Presse SANTIAGO, Chile (AFP) — Chile pulled out of hosting two major international summits on Wednesday as it struggled to restore order after more than ten days of civil unrest that have left at least 20 dead. President Sebastian Pinera said “common sense” dictated the decision to withdraw from the Asia Pacific Economic Cooperation summit and the Cop 25 climate change conference. US President Donald Trump had said he […]
by Katell ABIVEN / Hector Velasco QUITO, Ecuador (AFP) — A first meeting between Ecuador’s president and indigenous leaders will take place on Sunday, the United Nations said, after Lenin Moreno ordered a curfew and military control in the capital to try to quell deadly, anti-austerity protests. The rolling demonstrations have left six people dead and nearly 2,100 wounded or detained, according to authorities, with protesters on Saturday targeting a television station and a newspaper […]
by Heather SCOTT and Delphine TOUITOU WASHINGTON, United States (AFP) — As global trade tensions persist, investments are put on hold and without that cash to boost economic growth, poverty could surge, the World Bank’s chief economist warned Tuesday. Without growth “inevitably, people will struggle,” Pinelopi Koujianou Goldberg said in an interview with AFP. The US-China trade war — involving hundreds of billions of dollars in two-way trade — is at the center of global […]
BRUSSELS, Belgium (AFP) — Unemployment in the eurozone fell in August to 7.4 percent, its lowest level since May 2008, according to official data released Monday. The figure, which brought the number of unemployed in the single currency bloc to 12.17 million, was lower than a forecast by financial data provider Factset, which predicted unchanged unemployment at 7.5 percent. Unemployment in the eurozone thus fell below the rate just prior to the world financial […]
WASHINGTON, United States (AFP) — Saudi Arabia’s crown prince said in an interview aired Sunday that war with Iran would devastate the global economy and he prefers a non-military solution to tensions with his regional rival. “If the world does not take a strong and firm action to deter Iran, we will see further escalations that will threaten world interests,” Prince Mohammed bin Salman told the CBS program “60 Minutes.” “Oil supplies will be […]
