- A + A (June 29): The surge in the US dollar has set Asian currencies on course for their worst quarter since 1997 and created a dilemma for central bankers. Policy makers already grappling with the fastest inflation in decades now face stark choices: forcefully raise borrowing costs to defend currencies and risk hurting growth, spend reserves that took years to build to intervene in foreign exchange markets, or simply step away and let the market run its course. “Central banks are thrust into a difficult position to tighten, even as the recovery from the pandemic is not yet complete and with the spectre of a US recession ahead,” said Eugenia Victorino, head of Asia strategy at Skandinaviska Enskilda Banken AB in Singapore. “Complicating the picture is the strong greenback, which adds to the pressure to tighten as weak currencies exacerbate imported inflation.” Most emerging Asian currencies fell on Wednesday, led by the South Korean won as investors increasingly … [Read more...] about Biggest currency rout since 1997 puts Asia central banks in bind
Consumer sentiment
How the Pandemic Is Reshaping Food and Beverage Innovation
The Summer Fancy Food Show in New York City returned in June for its first in-person event since 2019, a return that spotlighted the changes in tastes and behaviors created by the pandemic. The food and beverage industry trade show, organized by the Specialty Food Association , featured more than 1,900 exhibitors across a spectrum of food categories --from cured meats and cheeses to olive oil and sweets and exotic items such as gourmet bananas Foster bonbons ... and sections dedicated to cuisines of countries like Greece and Japan. With continued pandemic perturbations and murmurs of a recession ahead, here are some of the trends that emerged: 1. Convenience still conquers all Consumers prioritized both convenience and comfort during the pandemic, and that sentiment continues to grow. Hybrid and remote work has made e-commerce, delivery, and curated assortments an even bigger part of the convenience trend, according to the SFA's most recent State of the Specialty … [Read more...] about How the Pandemic Is Reshaping Food and Beverage Innovation
Apple (AAPL) CEO Cook Backs Proposed Privacy Legislation
Apple Inc. ( AAPL ) Chief Executive Officer ( CEO ) Tim Cook has sent a letter to key members of Congress stating that "Apple continues to support efforts at the federal level to establish strong privacy protections for consumers, and we are encouraged by the draft proposals your offices have produced." Cook noted that "the areas of agreement appear to far outweigh the differences." Cook's letter was sent in reference to the recently completed draft of the proposed legislation called the American Data Privacy and Protection Act. It was addressed to Senator Maria Cantwell (D-Washington), the chair of the U.S. Senate Committee on Commerce, Science, and Transportation, and Representative Frank Pallone (D-New Jersey), the chair of the U.S. House Committee on Energy and Commerce. The bill has potentially large ramifications for the business models , and thus the profitability, of several leading U.S. high tech companies. Key Takeaways Apple (AAPL) CEO Tim Cook has … [Read more...] about Apple (AAPL) CEO Cook Backs Proposed Privacy Legislation
Swiss ready plans for gas shortages, could resort to rationing
- A + A ZURICH (June 29): The Swiss government outlined plans on Wednesday to address a possible shortage of natural gas this winter and said it could resort to rationing should other measures prove insufficient. The government in March decided to establish a gas reserve for the winter of 2022/23, and the gas industry and authorities have been preparing its implementation. Five regional gas utilities have so far secured nearly 3.8 terrawatt hours of physical gas reserves in neighbouring countries, around 60% of the target, and were working on securing additional options, the government said. Landlocked Switzerland gets its gas via trading hubs in neighbouring countries in the European Union, so disruptions there would also affect Switzerland. Switzerland has relatively low demand for gas, which covers around 15% of total energy consumption. Around 42% of gas is used to heat households, and the rest in industry and in the service and transport sectors, according … [Read more...] about Swiss ready plans for gas shortages, could resort to rationing
Record trade deficit weighs on US economy in first quarter
- A + A WASHINGTON (June 29): The US economy contracted in the first quarter amid a record trade deficit, the government confirmed on Wednesday, but that picture is misleading as domestic demand was strong. Gross domestic product fell at a 1.6% annualised rate last quarter, the government said in its third GDP estimate. That was revised down from the 1.5% pace of decline reported last month. The economy grew at a robust 6.9% pace in the fourth quarter. Economists polled by Reuters had forecast the pace of contraction would be unrevised at a 1.5% rate. The decline in GDP last quarter also reflected a slower pace of inventory accumulation by businesses relative to the fourth quarter's brisk rate due to supply-chain dislocations and worker shortages. Final sales to private domestic purchasers, which exclude trade, inventories and government spending, increased at a 3.0% rate last quarter. This measure of domestic demand was previously reported to have risen at a … [Read more...] about Record trade deficit weighs on US economy in first quarter
Global Muslim population spent US$2 tril in 2021
Reuters filepix for illustration purpose only - A + A KUALA LUMPUR (June 29): The global Muslim population spending amounted to US$2 trillion in 2021 and this is projected to grow to US$2.8 trillion in 2024, Malaysia External Trade Development Corporation (MATRADE) said, quoting the 2022 State of the Global Islamic Economy Report. In a statement Wednesday (June 29), MATRADE Frankfurt trade commissioner Zuhaila Sedek said Malaysia and Germany can collaborate to explore the potential of this industry via innovation and in supply chain management. “In Germany, (the) halal (industry) is seen as a value proposition that has a lot of similarities with organic and vegan products, and can serve the demand of between 5.3 and 5.6 million Muslims living in the country," she said at a webinar “Halal as a Catalyst of Innovation and Sustainability for Manufacturers” on June 17. She said the halal industry is a multi-billion and dynamic one with a pool of consumers with … [Read more...] about Global Muslim population spent US$2 tril in 2021
Declaration of POIC Lahad Datu port to boost Sabah’s economy, says Joachim
- A + A KOTA KINABALU (June 29): The declaration of the Lahad Datu Palm Oil Industrial Cluster (POIC Lahad Datu) Port’s full operation as a public port can further boost Sabah’s industrial and economic development. Deputy chief minister Datuk Dr Joachim Gunsalam said the declaration of POIC Lahad Datu Port, in accordance with Section 3 Sabah Ports Authority Enactment 1981, is expected to attract more investors and have a significant impact on the industrial development of the east coast of the state. He said the declaration of POIC Lahad Datu Port as a public port would also further strengthen its capability to play an important role as a logistics hub in Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA). “The POIC Lahad Datu Port was built in 2013 but can’t operate as a real port as no declaration has been made in accordance with the law,” he told reporters after the port’s official declaration ceremony here on Wednesday (June … [Read more...] about Declaration of POIC Lahad Datu port to boost Sabah’s economy, says Joachim
RON97, RON95 and diesel prices unchanged from June 30 to July 6
- A + A KUALA LUMPUR (June 29): The retail prices of RON97 and RON95 petrol and diesel will remain unchanged for the week from Thursday (June 30) until July 6, the Finance Ministry said on Wednesday (June 29). In a statement, it said based on the Automatic Pricing Mechanism formula, RON97 and RON95 will remain at RM4.84 per litre and RM2.05 per litre respectively, while diesel at RM2.15 per litre. "To protect consumers from the effects of the actual rise in oil prices on the global market, the government has maintained the retail prices of RON95 petrol and diesel, although the real market prices for these two products have exceeded the set ceiling prices,” the statement said. It said the government would continue to monitor the effects of changes in world crude oil prices and take the necessary measures to continue to protect the welfare and well-being of the people. … [Read more...] about RON97, RON95 and diesel prices unchanged from June 30 to July 6
KL Bar also opposes Najib’s QC bid, says no indication Najib lost confidence in Shafee to argue SRC case
- A + A KUALA LUMPUR (June 29): The Kuala Lumpur Bar Committee (KL Bar), which represents about 10,000 lawyers in the capital, has also objected to Datuk Seri Najib Razak's bid to hire Jonathan Laidlaw, a lawyer from the United Kingdom, for his final appeal in the SRC International Sdn Bhd graft case. The KL Bar echoed the sentiment of the case's prosecution and the Malaysian bar that local lawyers, including Najib's own lead counsel Tan Sri Muhammad Shafee Abdullah, are more than qualified to handle the case. There is also nothing to suggest that the former prime minister has lost confidence in Shafee to lead the final appeal of the graft case, in which Najib was convicted by the High Court in July 2020 of misappropriating RM42 million worth of funds from SRC, formerly a subsidiary of 1Malaysia Development Bhd. "There is nothing to suggest that [Shafee] has lost confidence to argue the appeal; nor that [Najib] has lost confidence in [Shafee]'s competence to … [Read more...] about KL Bar also opposes Najib’s QC bid, says no indication Najib lost confidence in Shafee to argue SRC case
Ringgit ends lower against US dollar on June 29 on technical correction
- A + A KUALA LUMPUR (June 29): The ringgit ended lower versus the US dollar on Wednesday (June 29) as the local note experienced a technical correction due to profit-taking activities, dealers said. At 6pm, the local currency was marginally lower against the greenback at 4.3980/4010, from Tuesday's close of 4.3960/3975. A dealer said market sentiment was also weighed by the stronger greenback amid a lack of domestic catalyst to lift the local currency. “However, the higher commodity prices might help improve the value of the ringgit going forward,” he said. At the time of writing, global benchmark Brent crude oil was traded at US$118.2 per barrel, up by 0.20%. Meanwhile, the local currency traded higher against a basket of major currencies. The ringgit rose against the British pound to 5.3480/3516 from Tuesday's close of 5.3899/3918, and climbed versus the Japanese yen to 3.2217/2242 from 3.2333/2346 previously. It gained against the Singapore dollar to … [Read more...] about Ringgit ends lower against US dollar on June 29 on technical correction