Pacific coast

- 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

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A LAST week, CTOS Digital Bhd made a bold move to raise its stake in RAM Holdings Bhd (RAM), in which it already owns a 19.225% stake. This is the third acquisition that CTOS has undertaken within a year. CTOS, which bought into RAM shortly after it was listed in July last year, launched a general offer last week to buy out the remaining shares that it does not own in the credit rating agency (CRA) soon after it got the green light from the Securities Commission Malaysia (SC) to own more than 51%. CTOS has so far spent the bulk of the RM173.8 million raised from a private placement in March on mergers and acquisitions (M&A). RAM will be the first local CRA to have a controlling shareholder upon the completion of the takeover offer. Dollars and cents aside, the takeover bid has prompted some quarters to question whether the independence of RAM’s rating … [Read more...] about Making sense of CTOS’ venture into RAM

Charles Li, CEO of Hong Kong Exchanges and Clearing Limited, speaks at the Sandler O'Neill + Partners Global Exchange and Brokerage Conference in New York - A + A HONG KONG (June 27): In 1997, the world watched as Britain returned Hong Kong to Chinese rule, with some pessimistic or wary about the outlook for the city and its role in the global financial system. Twenty-five years later, Hong Kong has so far retained its status as a financial hub, and some of the city's top executives are banking on a bright future as the territory remains a crucial springboard for investment into mainland China. Charles Li, former chief executive of bourse operator Hong Kong Exchanges and Clearing (HKEX) and founder of microfinance platform Micro Connect, said that although he believes the next 25 years will be "very different", he's optimistic. "I'm convinced that the overall prosperity of Hong Kong will remain as strong as before because Hong Kong retains its value to both … [Read more...] about Hong Kong’s top finance executives bank on city to thrive as gateway to China

Kim Jong-jin The author is assistant director-general and regional representative of the Food and Agriculture Organization (FAO) of the United Nations. It wasn’t so long ago that internet connectivity faded the moment one left a populated area like a city or big town. “No service” was the take-away message back then. But thanks to 3G, 4G and now 5G mobile technology — and coupled with the widespread installation of cellular towers in rural areas across the country — the frustrating message shows up much less frequently. Most importantly, the rapid spread of internet connectivity and mobile telephony has resulted in countless opportunities to help address chronic problems such as poverty, malnutrition and inequality after the service reached into the most remote rural communities. From farmers to fishers to herders, digital technologies are increasingly relied upon to help transform and enhance livelihoods for hundreds of millions of people each day. From farmers with their … [Read more...] about Leaving no one behind in digitization

Share to Twitter Share to Linkedin When it comes to life expectancy, Okinawa prefecture and its semi-tropical islands off Japan’s south coast have long been referenced as the benchmark location for living a long life. According to the WHO , the global trend for how long we live increased by more than six years over the first 20 years of the 21st century, with the average global life expectancy increasing from 66.8 years in 2000 to 73.4 years in 2019. But in Okinawa that trend is in reverse. In 1980, it had the highest average life expectancy for both men and women, with men expected to live until at least 84 years and women averaging an amazing 90 years old. Yet in the 2020 census, it was discovered Okinawan men were living to an average age of 80.27 years and women 87.44 years. Gerontologists have long attributed those long lives to a combination of nutritious diet, regular exercise, a continued sense of purpose (known as the concept of ikigai in … [Read more...] about Live Long And Prosper: Five Countries Where People Live The Longest

Reuters Phnom Penh, Cambodia   ● Mon, June 27, 2022 2022-06-27 16:10 0 76b99ae81be4b2e052851b8c962e7dcc 2 Asia and Pacific Aung-San-Suu-Kyi,envoy,ASEAN,Myanmar,military-junta,detention,Indonesia Free A special Southeast Asian envoy for the crisis in Myanmar on Monday urged its military rulers not to hold deposed leader Aung San Suu Kyi in prison, appealing for leniency ahead of a visit later this week. Cambodian Foreign Minister Prak Sokhonn will make his second trip to Myanmar from Wednesday, a spokesperson for his ministry said, as part of the junta's peace commitment with the 10-member Association of Southeast Asian Nations (ASEAN). Suu Kyi, who has been on trial accused of at least 20 crimes since a coup against her elected government last year, has been moved to a prison in the capital Naypyidaw and kept in solitary confinement. She denies all charges. The 77-year-old had until last week been spared jail and was held in an undisclosed location, … [Read more...] about ASEAN envoy appeals to Myanmar junta to spare Suu Kyi jail

- A + A JOHOR BAHRU (June 27): Taiwan-based Wiwynn Corp will set up a printed circuit board assembly (PCBA) plant for cloud data centres with an investment value of RM300 million in Johor. State Investment, Trade and Consumer Affairs Committee chairman Lee Ting Han said the plant is expected to create about 1,100 jobs. “Johor is increasingly becoming a hotspot for data centre investment, and the reason is that the state is able to meet the needs of world-class high-tech companies, apart from adequate utilities and land. “Wiwynn’s investment and their presence in Johor will bring international exposure and attract more similar or related investments to the state,” he said in a statement on Monday (June 27). Earlier, Lee attended the groundbreaking ceremony for the facility at Senai Airport City in Kulai. He said the location of the facility in Kulai, which serves as Wiwynn’s regional hub in the Asia Pacific region, would place Johor on the global map as an … [Read more...] about Wiwynn invests RM300 mil to build PCBA manufacturing facility in Johor

- A + A COLOMBO (June 27): Sri Lanka will shut schools and only allow fuel supplies to services deemed essential like health, trains and buses for two weeks starting Tuesday, a minister said, in a desperate attempt to deal with a severe shortage. Sri Lanka is suffering its worst economic crisis, with foreign exchange reserves at a record low and the island of 22 million struggling to pay for essential imports of food, medicine and, most critically, fuel. Industries like garments, a big dollar earner in the Indian Ocean nation, are left with fuel for only about a week to 10 days. Current stocks of the country will exhaust in just under a week based on regular demand, Reuters calculations show. Sri Lanka will issue fuel only to trains and buses, medical services and vehicles that transport food starting Tuesday until July 10, Bandula Gunewardena, the spokesman for the government cabinet, told reporters. Schools in urban areas will be shut and everyone is urged to … [Read more...] about Sri Lanka stops fuel supply to non-essential services as crisis worsens

Share to Twitter Share to Linkedin While the past two years have put a damper on July 4 th fireworks shows, this year brings a new set of challenges with persistent drought, strong winds, and extreme heat across many regions of the country, potentially impacting millions of people. With thousands of fireworks shows happening across the country, weather conditions will influence many of these shows, and may impact safety protocols, fireworks quality and in some cases result in cancelling entire shows. Fireworks are big business. Pre-pandemic, the display fireworks industry hit an all-time high $375 million in 2019 and, this year, an estimated 16,000 fireworks displays are scheduled to take place to celebrate the July 4th holiday. Added to the consumer fireworks business, Americans spent nearly $2.5 billion on fireworks last year alone. For much of the country, the Fourth of July weekend weather will be dry for most, with the exceptions being parts of the … [Read more...] about Weather Plays Significant Factor On July 4th Fireworks Planning