After falling 12.2% this year, Hong Kong’s stocks rebounded 2.63% on Tuesday on news that Beijing may mobilize about 2 trillion yuan (US$278 billion) through offshore entities to support beaten-down Chinese stocks. The Hang Seng Index, the benchmark of Hong Kong markets, increased 392 points to close at 15,353 on Tuesday. But it is still […]

The post China mulls market rescue as tears of regret flow appeared first on Asia Times.

MUNICH —A meeting sponsored by the Nobel Sustainability Trust has launched the Central Bank Digital Currency Collaboration Organization (CBDCCO), under the chairmanship of Peter Nobel, president of the trust. The organization’s goal is to nurture sustainable economic growth and stability by encouraging the adoption of digital currencies. The November 9 inauguration ceremony represents the culmination […]

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Government has implemented three rounds of cooling measures to bring housing prices in line with economic fundamentals

The post Singapore pulling all stops to avert a housing collapse appeared first on Asia Times.

Republicans and Democrats are again playing a game of chicken over the US debt ceiling – with the nation’s financial stability at stake. Treasury Secretary Janet Yellen recently said that June 1, 2023, is a “hard deadline” for raising the debt limit, currently set at US$31.38 trillion, to avoid an unprecedented default. The government hit […]

The post A primer on US debt default purgatory appeared first on Asia Times.

US chip maker Micron Technology has become the first Western firm sanctioned by China after G7 countries vowed to de-risk from the world’s manufacturing hub. China’s key national infrastructure operators are now forbidden to purchase products from Micron because the company poses network security risk, said the Cybersecurity Review Office, a unit of the Cyberspace […]

The post With Micron ban, China says no to ‘de-risking’ appeared first on Asia Times.

Taiwan is seeking to reach a free trade agreement (FTA) with the United States after both sides concluded a trade initiative to boost their economic ties. The United States Trade Representative announced on Thursday that the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office in the United States (TECRO) have […]

The post Taiwan pushes FTA after closing US trade deal appeared first on Asia Times.

Convening war rooms, planning speedy bailouts and raising house-on-fire alarm bells: Those are a few of the ways the biggest banks and financial regulators are preparing for a potential default on US debt. “You hope it doesn’t happen, but hope is not a strategy – so you prepare for it,” Brian Moynihan, CEO of Bank […]

The post War rooms and bailouts: How US is preparing for a default appeared first on Asia Times.

In early March 2023, General Laura Richardson, head of the United States Southern Command, told a US congressional hearing that Chinese actions in South America posed a threat to US safety. According to General Richardson, China is on a relentless march to replace the United States as the leader in the region. While China’s presence in […]

The post China expands economic reach in US’ backyard appeared first on Asia Times.

The EU plans to implement the world’s first carbon border adjustment mechanism (CBAM) from October 2023. During the transition period, the scheme will require importers to report the embedded carbon in their imported goods. From 2026, additional taxes will be levied on imported goods to bridge the gap between the EU’s carbon price and the price in […]

The post EU carbon limits to pinprick Vietnam export boom appeared first on Asia Times.

Vanessa Hudson, who will replace Alan Joyce as Qantas Airlines’ chief executive in November, inherits an airline still struggling to resume services after the pandemic and border closures shuttered much of the global aviation industry in 2020. The silver lining for Qantas has been that high demand for air travel has enabled it to charge […]

The post New Qantas chief can’t charge sky-high prices forever appeared first on Asia Times.

Prior to Silicon Valley Bank’s March 10, 2023, collapse, conversations on Twitter among investors about the bank spiked – helping fuel the SVB bank run. As we explain in our new working paper, “Social media as a bank run catalyst,” those tweets also destabilized other financial institutions with weak balance sheets. The number of tweets […]

The post How Twitter brought down Silicon Valley Bank appeared first on Asia Times.

First Republic Bank became the second-biggest bank failure in US history after the lender was seized by the Federal Deposit Insurance Corp. and sold to JPMorgan Chase on May 1, 2023. First Republic is the latest victim of the panic that has roiled small and midsize banks since the failure of Silicon Valley Bank in […]

The post First Republic collapse signals wider US bank ills appeared first on Asia Times.

With inflation easing and the US economy cooling, is the Federal Reserve done raising interest rates? After all, gently bringing down the trajectory of prices without crashing the economy was the central bank’s objective when it began jacking up rates over a year ago. Gross domestic product, the broadest measure of an economy’s output, expanded […]

The post US Fed weighs mixed signals in next crucial rate call appeared first on Asia Times.

On November 30, 2022, OpenAI launched the AI chatbot ChatGTP, making the latest generation of AI technologies widely available. In the few months since then, we have seen Italy ban ChatGTP over privacy concerns, leading technology luminaries calling for a pause on AI systems development, and even prominent researchers saying we should be prepared to […]

The post Welcome to the age of AI inequality appeared first on Asia Times.

Democrats and Republicans have agreed to raise the US debt ceiling by $1.5 trillion. However, markets do not grow by leaps and bounds, and the cost of default insurance (CDS) on US government bonds remains up in the heavens. Why do investors not believe in House Speaker Kevin McCarthy’s bill? It’s all about President Joe […]

The post US debt: The bomb is ticking appeared first on Asia Times.

Malaysian Prime Minister Anwar Ibrahim’s recent call for the revival of an Asian Monetary Fund (AMF) “to reduce reliance on the dollar or the International Monetary Fund” (IMF), raises the question of whether an AMF was necessary in the first place. Japan proposed the idea of an AMF shortly after the outbreak of the Asian Financial Crisis in July […]

The post Dollar weaponization just cause for Asian Monetary Fund appeared first on Asia Times.

SINGAPORE – Singapore’s central bank defied expectations that it would tighten monetary policy for a sixth time since October 2021, announcing on Friday (April 14) that it would keep its policy settings unchanged despite stubborn price pressures at a 14-year-high and amid advance estimates that first-quarter economic growth fell well short of expectations. The bellwether […]

The post Singapore stops tightening amid faltering growth appeared first on Asia Times.

The 2019 satirical film “Eeb Allay Ooo!” highlights the grim reality of India’s employment crisis. The protagonist, who lacks marketable skills, takes on the impossible job of chasing away monkeys from public spaces. The subcontractor, not happy with his employee’s performance, hurls insults, withholds his wages and finally fires him. The film unwittingly captures what is wrong […]

The post Why there aren’t any good jobs in India appeared first on Asia Times.

Samsung Display plans to more than double its OLED flat panel display manufacturing capacity over the next three years to maintain its world’s leading position in the face of intense competition from China. On April 4, at a ceremony attended by South Korean President Yoon Suk-yeol and Samsung Electronics Chairman Lee Jae-yong, the company agreed […]

The post Samsung spending billions to keep OLED lead on China appeared first on Asia Times.

The latest jobs report is in, and the good news is Federal Reserve policy on inflation appears to be working. The bad news is Fed policy on inflation appears to be working. The March 2023 jobs report reveals that the US economy added 236,000 jobs during the month – roughly in line with expectations. A […]

The post ‘Growth recession’ beckoning for the US appeared first on Asia Times.