How globalization affects the economy

PETALING JAYA: The Government is doing its best to tackle the uncertainties brought about by several issues affecting the world and will strive to reduce the economic burden on the people, says Datuk Seri Dr Wee Ka Siong (pic). "The world situation is not so stable now not only because of Covid-19, but also due to the Russia-Ukraine war and other major factors affecting the world. "The sharp rise in inflation is a major challenge facing the world, including Malaysia," said the Transport Minister. Malaysia, he said, was also facing the issue of inflation in food, which is influenced by the rising global food prices which are mostly the main input to local food products. "The Malaysian Family Government is doing its best to address this issue, including providing a subsidy of RM77.3bil for petrol, cooking oil, food and several critical sectors to lessen the burden of the people," he said. Dr Wee, who is also MCA president, delivered his speech at the Federation of Hakka … [Read more...] about Dr Wee: Government doing its best to tackle global uncertainties

When Martin Luther King reminded us of “the fierce urgency of now,” he also warned that “there is such a thing as being too late.” On fixing the climate crisis, we are almost at that point. With record heat waves now raging across North America, Europe, and Asia; drought, wildfires, crop failures, and famine in some regions; unprecedented floods elsewhere; and record-high global ocean temperatures the last six years in a row, the summer of 2022 seems like we are all walking through the gates of hell. Perhaps the “fierce urgency” of this summer’s climate chaos will move governments to finally act. Despite 30 years of United Nations climate change conferences, global greenhouse gas emissions continue to rise, and the climate crisis continues to worsen. This November, the 27th United Nations climate conference (COP27) will be held in Sharm El-Sheikh, Egypt, and the Group of 20 Summit will be held in Bali, Indonesia. These government summits may be our last best chance to fix the … [Read more...] about Bali G20: Last best chance to fix climate crisis

Ukrainian service members walk in the industrial area of the city of Sievierodonetsk, as Russia’s attack on Ukraine continues, Ukraine June 20, 2022. (REUTERS/Oleksandr Ratushniak/File Photo) KYIV/POKROVSK, Ukraine — Russian forces have fully occupied Sievierodonetsk, the mayor of the eastern Ukrainian city said on Saturday, confirming Kyiv’s biggest battlefield setback for more than a month, after weeks of some of the war’s bloodiest fighting. Ukraine called its retreat from the city a “tactical withdrawal” to fight from higher ground in Lysychansk on the opposite bank of the Siverskyi Donets river. Pro-Russian separatists said Moscow’s forces were now attacking Lysychansk. The fall of Sievierodonetsk — once home to more than 100,000 people, now a wasteland — was Russia’s biggest victory since capturing the port of Mariupol last month. It transforms the battlefield in the east after weeks in which Moscow’s huge advantage in firepower had yielded only slow gains. Russia will … [Read more...] about Ukrainian city falls to Russia in one of war’s bloodiest fights

A woman takes a picture of a globe at the COP21, the United Nations Climate Change Conference Monday, Dec. 7, 2015 in Le Bourget, north of Paris. The Paris conference is the 21st time world governments are meeting to seek a joint solution to climate change. The talks are focused on reducing emissions of carbon dioxide and other greenhouse gases, primarily by shifting from oil, coal and gas to cleaner sources of energy. AP LE BOURGET — Weary envoys from 195 nations battling to forge an accord to save mankind from disastrous global warming emerged Thursday from all-night talks facing an imminent deadline with deal-breaking rows still unresolved. More than two decades of bruising international diplomacy have failed to produce such a pact, which would require the world’s energy system to cut back on burning coal, oil and gas that releases planet-warming gases. The 195-nation UN talks in the French capital have been billed as the last chance to avert worst-case-scenario climate … [Read more...] about Crunch time after all-night climate talks in Paris

(Representative image: Shutterstock) We need to look at India’s presence in the forthcoming G7 summit on June 26-27 beyond the positive hypes and negative hopes set by domestic constituencies and global narrative peddlers. On its own, there is nothing exclusive about this invitation. Apart from India, the German presidency has invited Argentina, Indonesia, Senegal, and South Africa to the summit to be held at Schloss Elmau, Bavaria. Yet, if some folks take Western pressures seriously (we don’t), India is expected to be on the back foot because it did not toe the G7 line and stood its own on the Russia-Ukraine conflict. The dominant narrative today is that India needs to be punished. So far gone are these voices that global news agencies have forgotten basic journalism. They are mixing wishful thinking with facts, using the convenience of unnamed sources as cover. When they report that “ Germany is debating whether to invite Prime Minister Narendra Modi to the Group of … [Read more...] about India At G7 | Expectations from and support for India will rise rather than fall

The Philippines’ summer capital, known for its cool air and pine trees, has been the favorite refuge of Filipinos wanting to escape the scorching heat in Metro Manila and other parts of the country. But while Baguio City remains the coolest place in the country, it has been feeling the heat of climate change, registering an unusually higher heat index of 27 degrees Celsius last month, exacerbated by the steady loss of its tree cover. Just as well that its city council has recently proposed a five-year moratorium on tree-cutting activities to protect its trees. The battle to preserve the beloved city’s trees has been ongoing for at least two decades now as locals saw more of these trees being felled to give way to progress and development—malls, subdivisions, and other infrastructure projects. In 2019, the Supreme Court stopped a mall giant from cutting more than a hundred trees for an expansion plan, but the temporary restraining order came only after about 60 trees have already been … [Read more...] about Stop cutting trees

WEARINGTWO HATS Incoming CEO of the land, Ferdinand “Bongbong” Marcos Jr., has decided to concurrently manage the Department of Agriculture. —REUTERS Incoming President Ferdinand “Bongbong” Marcos Jr., who will be inaugurated as the 17th president of the Philippines on June 30, made the unorthodox decision to concurrently take on the role of secretary of agriculture. At a press conference, he said, “ .. As to agriculture, I think that the problem is severe enough that I have decided to take on the portfolio of the secretary of agriculture at least for now. We will rebuild the value chain of agriculture.” With this statement, one wonders, how severe is the problem? While rebuilding the value chain (the integrated range of goods and services necessary for an agricultural product to move from the producer to the final consumer) is important, there is in fact something more urgent: a hunger crisis. In March of 2021, the New York Times already reported that “a global food crisis … [Read more...] about What awaits President/Agri chief Bongbong Marcos?

Unprecedented forest fires in the drought-stricken western United States . Tropical storms and rising seas threatening the Gulf and Atlantic coasts. Sizzling heat across large swaths of the country. As climate change unfolds before our eyes, what can the U.S. do to sharply and rapidly reduce its share of the greenhouse gas emissions that are causing it? advertisement advertisement The Biden administration has committed to reducing those emissions 50% by 2030 to below 2005 levels. That’s a critical first step of a global energy transition that must achieve net-zero emissions by midcentury to limit warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) and thereby avert the worst impacts of climate change. Twenty years ago, I would have regarded the U.S. 2030 pledge as crazy talk. But a new study in the journal Science that I coauthored, compares results from six independent analyses conducted by academic, industry, and nongovernmental … [Read more...] about How we can meet Biden’s 2030 climate goals with today’s technology

DREAMGATEWAY Exterior design of SMC’s P740-billion New Manila International Airport in Bulakan, Bulacan, the single most expensive infrastructure project in Philippine history. —CONTRIBUTED PHOTOS Ramon S. Ang is never out of new ideas, especially when it comes to expanding the business and economic footprint of one of the country’s largest conglomerates, which he heads. When we sat down for an interview recently, however, the president and CEO of San Miguel Corp. (SMC) seemed more focused than usual on one particular project—one mega project which, by his own admission, will only start making money two decades after its completion. At a total projected cost of P740 billion ($13.5 billion)—to be financed solely by the company without a single centavo of funding from the government—the new Manila International Airport in Bulakan, Bulacan, is the most expensive infrastructure undertaking in the country’s history whether by a public or private entity. “This is a legacy project … [Read more...] about World-class ‘aerocity’ rising

Wall Street's main indexes rose over 1% on Friday as signs of slowing economic growth and falling commodity prices tempered expectations over how high the Federal Reserve will raise interest rates to rein in inflation. Global financial markets have been roiled this month on worries that rapid rate hikes by major central banks could cause a recession, with the benchmark S&P 500 (.SPX) confirming a bear market last week as it recorded a 20% drop from its January closing peak. The three main indexes on Friday looked set to notch their first weekly gain in four, boosted by megacap growth stocks and defensive sectors such as healthcare and utilities seen as safer bets during times of economic uncertainty. "Conversations about the U.S. economy likely slowing which could lessen the hawkishness of the Fed, combined with lower commodity prices and bond yields - these are reasons investors are mentioning to justify why we could experience a near-term bounce," said Sam Stovall, … [Read more...] about Wall Street rallies as traders dial back rate-hike bets