Invasion

Share to Twitter Share to Linkedin Topline More than 150 cultural sites in Ukraine–including churches, museums and monuments–have been damaged or destroyed in warfare since Russia invaded the country earlier this year according to UNESCO, the United Nations’ cultural branch, as officials claim that Russian forces are deliberately targeting Ukrainian culture. Key Facts On Thursday, UNESCO said the agency has verified 152 cultural sites that have been partially or totally destroyed as a result of warfare, including 70 religious buildings, 30 historical buildings, 18 cultural centers, 15 monuments, 12 museums and seven libraries. Most of the damaged sites are located in those regions that have seen the heaviest warfare, including 45 in Donetsk, 40 in Kharkiv, and 26 in Kyiv, according to UNESCO. UNESCO noted that none of Ukraine’s seven World Heritage Sites—designations given by the organization to places with “outstanding universal value,” … [Read more...] about In Photos: 152 Ukrainian Cultural Sites Damaged In Russian Invasion, UNESCO Says

Share to Twitter Share to Linkedin Topline Sports apparel giant Nike is set to leave the Russian market for good, Reuters reported first on Thursday, becoming the latest multinational firm to abandon operations in the country since its invasion of Ukraine. Key Facts Nike’s decision to leave the Russian market comes three months after it paused its retail operations in the country. In an emailed statement shared with Forbes , Nike said it will “responsibly scale down” operations over the coming months while “fully supporting” its employees in the country. The move is likely to have very little impact on the company’s bottom line as income from Russia and Ukraine accounts for less than 1% of Nike’s overall revenue, the report adds. Key Background In March, Nike announced it was temporarily shutting down all retail stores it owned and operated in Russia, but authorized outlets owned by third-party franchisees remained open and … [Read more...] about Nike Is The Latest Global Brand To Exit Russia Completely

- A + A (June 22): Russian President Vladimir Putin said trade with India and China has strengthened amid Western oil sanctions in response to the invasion of Ukraine. “Russian oil supplies to China and India are growing noticeably,” Putin said in a video address to the BRICS Business Summit on Wednesday. Despite all the difficulties in the global economy due to “politically motivated sanctions,” total trade with Brazil, India, China and South Africa rose 38% in the first three months of the year to US$45 billion, he said. Russian oil producers have been sending more crude to Asian buyers, mostly to China and India, at steep discounts as European buyers reduce purchases. The country didn’t want to turn away from Europe’s energy market, but it has been pushed out and will find other customers, Deputy Prime Minister Alexander Novak said last week. At the start of 2022 some two-thirds of Russian crude was being exported to Europe, now about 50% of nation’s oil is … [Read more...] about Putin sees Russia oil flows to China, India ‘growing noticeably’

MANILA, Philippines — The Philippine peso has continued its slide against the dollar, closing at 54.47:$1 on Wednesday, according to the Bank Association of the Philippines’ ( BAP) foreign exchange summary. The local currency is at its lowest level in over 16 years or since Nov. 23, 2005, when the Philippine peso closed at 54.56. June 10 marked the day when the Philippine peso crossed the 53:$1 mark. A further weakness of the peso could make imports more expensive for the country amid a COVID-19 pandemic and as it grapples with the rising price of oil caused by Russia’s invasion of Ukraine, making it harder for the Philippines to recover. London-based think tank Capital Economics earlier predicted in an April 28 report that the Philippine peso will become one of the worst-performing Asian currencies from 2022 to 2024, depreciating to 54:$1 in 2022 and further to 55 against the American dollar by 2023 and 2024. READ: UK think tank: Peso to fall to 54 per dollar this … [Read more...] about PH peso at its weakest since 2005 at 54.47:$1

KUALA LUMPUR: The Malaysian property and casualty insurance market returned to growth with a solid 3% in 2021 after declining 0.6% in the previous year, said Allianz in its latest Global Insurance Report. In a statement, the insurer said the life segment continued to experience robust growth of 8% as it benefitted from the increased risk awareness in the wake of the Covid-19 crisis. On average, the total market expanded 6.5% in 2021. "For 2022, we expect growth to slightly accelerate to 8.3% (life: 9.1%, p&c: 6.3%). "Over the entire next decade, average growth should reach 6.7% per year (life: 6.9%, p&c: 6.1%). This would be above the pace of the previous decade (4.5%), reflecting the improved growth outlook," said Allianz. Meanwhile, global premiums rose 5.1% in 2021 (life:4.4%; p&c:6.3%), due to strong economic headwinds, rising risk awareness and record-high savings buoyed by booming markets Allianz added that total premium income reached EUR4.2 trillion with … [Read more...] about Malaysian property and casualty insurance segment returned to growth in 2021

Any assessment of a government's performance invariably ends up at the economic door. At the start of Narendra Modi's ninth year as prime minister (PM), it is then pertinent to ask: how has the Indian economy fared so far? Making any straight comparisons between now and May 2014 would be unfair given the impact of the coronavirus pandemic. And even before the pandemic's end, Russia’s invasion of Ukraine upended all calculations again. "No one country today can plan for its recovery...because of these kinds of disturbances. Our recovery, not just of India, but for countries everywhere, will be severely hampered," Finance Minister Nirmala Sitharaman had noted in late February a day after Russia attacked Ukraine. But it must not be forgotten that India has attempted to kick-start its economic recovery multiple times in the last eight years. The first of these was soon after Modi took charge as PM in May 2014. Working in tandem with Raghuram Rajan at the Reserve Bank of … [Read more...] about Modi govt @ 8 | Pandemic hides economy’s past troubles as restart button hit again

Share to Twitter Share to Linkedin Topline Federal Reserve Chairman Jerome Powell pledged in testimony before Congress on Wednesday that the central bank is “moving expeditiously” to raise interest rates and remains “strongly committed” to doing so until there is “compelling evidence” that inflation is normalizing. Key Facts In his semiannual testimony on monetary policy to Congress, Powell faced questions from lawmakers about how the central bank will proceed as it looks to combat surging inflation, which remains at 41-year highs. The Fed raised rates by 75 basis points last week—its largest increase since 1994, with Powell also signaling that a similarly large rate hike is likely at the next policy meeting in July. Speaking to Congress on Wednesday, Powell pledged that the Fed wouldn’t hesitate to keep raising rates at a fast clip—and further than projected—if higher inflation continues to persist. “It is essential that we bring … [Read more...] about Powell Says Fed Will Continue Hiking Rates Until There Is ‘Compelling Evidence’ That Inflation Is Slowing

Share to Twitter Share to Linkedin Memories of the Federal Reserve’s 1994 tightening cycle still tend to trigger financial PTSD here in Asia. Under the direction of then-Chairman Alan Greenspan, the Fed doubled short-term interest rates in just 12 months. The ferocity of the moves racked up some serious collateral damage: Mexico’s economic meltdown; the bankruptcy of Orange County, California; the death of 129-year-old bond dealer Kidder, Peabody & Co.; and developing Asia. It took a few years, but the dollar’s powerful rally in response to higher U.S. rates made currency pegs in Bangkok, Jakarta and Seoul impossible to maintain. The resulting devaluations in 1997 set the region back decades in terms of living standards and economic confidence. Now, the Jerome Powell-led Fed seems set to outdo the worst of the Greenspan era. Not because of the magnitude of the rate hikes Team Powell might engineer, but because of how far it’s fallen behind the … [Read more...] about Federal Reserve Is Losing Asia Faster Than In 1994

Share to Twitter Share to Linkedin Unpredictability in China at a time when much of the world is moving beyond the Covid pandemic is “poisonous” for companies doing business in the country, according to a new report today by the European Union Chamber of Commerce in China “The only thing predictable about China today is its unpredictability, and that is poisonous for the business environment,” said Bettina Schoen-Behanzin, vice president of the European Union Chamber of Commerce in China. “Increasing numbers of European businesses are putting China investments on hold and re-evaluating their positions in the market as they wait to see how long this uncertainty will continue, and many are looking towards other destinations for future projects,” Schoen-Behanzin said. While most European companies in China posted positive revenues and were profitable in 2021, doing business became more difficult for the majority, according to the newly released … [Read more...] about China’s Unpredictability Is “Poisonous” For Its Business Environment, EU Chamber Says

Share to Twitter Share to Linkedin The coronavirus pandemic, war in Ukraine, runaway inflation and climate change are fueling a global food security crisis. The numbers tell an alarming story. The Food and Agriculture Organization of the United Nations and World Food Programme estimate that 49 million people are facing starvation. The Consumer Price Index is recording the greatest increase in U.S. food prices since 1979; the cost of sunflower and palm oil has doubled ; and wheat and maize cost twice as much as they did a few months ago. Against this backdrop, the World Bank projects that global supplies of wheat will decline in 2022-23, and in the United States, winter wheat production is down by 8 percent . And to top it off, over 20 million tons of grain are trapped in Ukraine’s silos. “If you think we’ve got hell on earth now, you just get ready,” the executive director of the World Food Programme David Beasley warned recently. … [Read more...] about Covid, Conflict And Climate Are Fueling A Global Food Crisis – Leaders Must Act Fast