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Share to Twitter Share to Linkedin Adani Enterprises —controlled by Gautam Adani and his family—is pushing ahead with plans to build India’s largest copper refinery as the world’s second most populous nation seeks to reduce its reliance on metal imports. The conglomerate—which also has interests in airports, edible oils, ports, renewable energy and toll roads—said in a regulatory filing on Sunday that its unit Kutch Copper has raised 60.7 billion rupees ($775 million) in loans from a syndicate of banks led by the State Bank of India. Proceeds will be used to accelerate the construction of a greenfield copper refining plant in Gujarat, Adani’s home state in western India. “Kutch Copper aims to create the capacity for production of refined copper, which plays a vital role in strengthening the nation’s shift towards electric vehicles and renewables,” Vinay Prakash, director of Adani Enterprises said in a statement. “The project has requisite technology … [Read more...] about Asia’s Richest Man, Gautam Adani, Raises $775 Million To Build India’s Largest Copper Refinery

SINGAPORE, June 26 (The Straits Times/ANN): While reducing carbon emissions will help manage the extreme weather conditions that have led to food price spikes in South-East Asia, this transition to a lower carbon future could come with its own costs, one think-tank said. Global forecasting firm Oxford Economics estimated that the costs of producing food could go up by as much as 80 per cent in countries such as Indonesia by 2050, as governments implement measures aimed at achieving net zero. This is if regional authorities do not also introduce initiatives to mitigate the impact to the food supply chain, said Oxford Economics Asian macro consulting head Tom Rogers, during a webinar on Thursday (June 23). The webinar, hosted by Oxford Economics, discussed findings from a study into the impact of climate change on food prices. The study, commissioned by industry body Food Industry Asia and conducted by Oxford Economics, found that heatwaves in Thailand in December 2014 and in … [Read more...] about South-East Asia’s food production costs could go up by 80% in sustainability drive, says Study

- A + A (June 28): After years of building their foreign-exchange reserves, central banks in Asia are tapping into their stockpiles to bolster their weakening currencies against a rising US dollar. Thai reserves slid to US$221.4 billion as of June 17, in data released late last week. That was the lowest in more than two years. Monthly figures show that Indonesia’s stash is at the smallest since November 2020. Reserves in South Korea and India are at their lowest in more than a year. Malaysia’s stockpile, meanwhile, has fallen the most since 2015. “Some countries would have used their reserves to stabilize their currencies when moves were excessive,” said Rajeev De Mello, a global macro portfolio manager at GAMA Asset Management in Geneva. “They know that they can’t reverse their currencies’ weakness against the USD, but they can smooth the declines.” Learning from the 1997 Asian financial crisis, central banks have been accumulating dollars to help defend their … [Read more...] about Central banks in Asia spend billions to slow currency declines

Share to Twitter Share to Linkedin In Asia, Netflix has been rolling out a steady pipeline of animated series and children’s content. Over the last quarter, the streamer released Sea of Love , its first Thai original for pre-schoolers. This came alongside Mighty Little Bheem: I Love Taj Mahal , the latest installment in the popular Indian animation franchise. In the last week of May, Korean children’s film Larva Pendant landed in Netflix’s Top 10 chart for non-English films globally within a week of its release, receiving 3.09 million viewing hours. The streamer shared that 60% of households which have Netflix watch children and family content every month. “Asia has an extremely large youth audience, both on a relative and absolute basis, so creating shows that are engaging and resonant with kids and families in the region is quite important,” says John Derderian, head of animation series at Netflix. NFLX Japanese anime Rilakkuma’s Theme Park … [Read more...] about How Netflix Is Developing Kids’ Content And Animation From Asia

Barangay Ginebra forward Japeth Aguilar dunks against San Miguel Beer in the 2022 PBA PhilippineCup at Mall of Asia Arena. PBA IMAGES MANILA, Philippines—Slowly but surely, Japeth Aguilar is rediscovering his old, fiery form and Barangay Ginebra is quick to reap the fruits as it shares the top spot in the PBA Philippine Cup. With the 6-foot-9 veteran finally recovered from a left calf injury, the Gin Kings notched two big wins last week for a similar 4-1 record as San Miguel Beer. Aguilar imposed his will in Ginebra’s comeback win against NLEX (83-75), and then played a key role in helping the Kings pull off a gritty 75-72 triumph over the Beermen. Aguilar averaged a double-double of 17.5 points and 10.5 rebounds in those games. He also shot 54 percent from the field and normed 2.5 blocks per outing to clinch the Cignal Play-PBA Press Corps Player of the Week for the period June 22-26. Aguilar hit 20 points on a stellar 9-of-13 shooting, grabbed seven rebounds, and had … [Read more...] about PBA Player of the Week Japeth Aguilar regaining old form for Ginebra

Russian President Vladimir Putin (File Photo) Vladimir Putin will visit two small former Soviet states in central Asia this week, Russian state television reported on Sunday, in what would be the Russian leader's first known trip abroad since ordering the invasion of Ukraine. Russia's Feb. 24 invasion has killed thousands of people, displaced millions more and led to severe financial sanctions from the West, which Putin says are a reason to build stronger trade ties with other powers such as China, India and Iran. Pavel Zarubin, the Kremlin correspondent of the Rossiya 1 state television station, said Putin would visit Tajikistan and Turkmenistan and then meet Indonesian President Joko Widodo for talks in Moscow. In Dushanbe, Putin will meet Tajik President Imomali Rakhmon, a close Russian ally and the longest-serving ruler of a former Soviet state. In Ashgabat, he will attend a summit of Caspian nations including the leaders of Azerbaijan, Kazakhstan, Iran and … [Read more...] about Russia’s Vladimir Putin to make first foreign trips since launching Ukraine war

BEIJING (China Daily/Asia News Network): China's latest commitment to expanding high-level opening-up is expected to reassure foreign investors of the nation's promise to relentlessly open its door wider and share development dividends with the rest of the world despite the rising tide of protectionism in some countries. In a virtual keynote speech to the opening ceremony of the BRICS Business Forum held on Wednesday, President Xi Jinping said that China will continue to pursue opening-up of higher standards, develop new systems for a higher-standard open economy, foster a business environment that is based on market principles, governed by law and up to international standards. Xi encouraged businesses to invest and develop in China, enhance trade and economic cooperation, and share development opportunities. In an article published on Wednesday in People's Daily, He Lifeng, head of the National Development and Reform Commission, wrote that Xi Jinping Thought on Socialist … [Read more...] about China vows to open its door wider to world

- A + A BANGKOK (June 27): A tightening of Thai monetary policy will be conducted so it does not disrupt the recovery of Southeast Asia's second-largest economy, central bank officials said on Monday, reinforcing market expectations of interest rate hikes later this year. Thailand's economy will continue growing this year and next, driven by domestic demand and tourism, and could beat forecasts despite a risk that inflation will be higher than expected, Bank of Thailand (BOT) officials told an analysts' meeting. The BOT will try to prevent the economy from overheating, which would cause demand-driven inflation, by gradually shifting from the current very accommodative policy, assistant governor Piti Disyatat told the meeting. The BOT's task was to help the economy take off smoothly, he said. "It's a challenge for monetary policy to release the accelerator pedal appropriately and timely so that the recovery has good momentum," Piti said, referring to the current … [Read more...] about Thai central bank says policy tightening will not disrupt economy recovery

- A + A SHANGHAI (June 27): China's yuan edged up against the dollar on Monday (June 27) after Shanghai declared victory against Covid-19 over the weekend, but gains were limited ahead of more convincing signs of a recovery. Shanghai, the country's commercial hub, will gradually resume dining-in at restaurants from June 29 after the city's Communist Party chief declared victory in the battle against the latest wave of Covid-19 shocks that put the city under lockdown for two months. Shanghai lifted a two month citywide lockdown on June 1, but many establishments have remained unable to offer indoor dining since mid-March. Traders said the news lifted market sentiment, but investors remained cautious and looked to data to gauge the pace of the economic recovery before placing huge bets on the currency. June economic indicators, including official factory activity data, are due later this week. Prior to market opening, the People's Bank of China (PBOC) set the … [Read more...] about Yuan edges up as Shanghai declares Covid-19 victory; outlook remains cautious

- A + A KUALA LUMPUR (June 27): Financially troubled Sapura Energy Bhd returned to the black in the first quarter ended April 30, 2022 (1QFY23) with a net profit of RM91.93 million, on the back of foreign exchange gains arising from the appreciation of the US dollar against the ringgit. In the preceding quarter, it had posted its biggest ever net loss of RM6.78 billion. In the same period last year, Sapura Enery had posted a net loss of RM97.08 million. In a Bursa Malaysia filing on Monday (June 27), the oil and gas service provider said its quarterly revenue, however, declined by 39.75% to RM886.08 million against RM1.47 billion in the year-ago corresponding period, due to lower project activities from its engineering and procurement (E&C) segment. Earnings per share for the quarter amounted to 0.58 sen, from losses per share of 0.61 sen. On a quarterly basis, revenue more than doubled from RM426.60 million in 4QFY22. Sapura Energy said that it continues … [Read more...] about Sapura Energy returns to black in 1Q with net profit of RM91.93 mil on forex gains