Regional economic report

KYIV Russia said it will cut gas supplies to Europe from Wednesday in a blow to countries that have backed Ukraine, while missile attacks in Black Sea coastal regions raised doubts about whether Russia stick to a deal to let Ukraine export grain. The first ships from Ukraine may set sail in days under a deal agreed on Friday, the United Nations said, despite a Russian missile attack on the Ukrainian port of Odesa over the weekend, and a spokesman for the military administration in the saying another missile had hit the Odesa region on Tuesday morning. Soaring energy costs and the threat of hunger faced by millions in poorer nations show how the biggest conflict in Europe since World War Two, now in its sixth month, is having an impact far beyond Ukraine. European Union countries are set to approve on Tuesday a weakened emergency proposal to curb their gas demand as they try to wean themselves off Russian energy and prepare for a possible total cut-off. The Ukrainian … [Read more...] about Russian gas cut to Europe hits economic hopes, Ukraine reports attacks on coastal regions

Finance Secretary TV Somanathan. There is said to be a perceptible difference regarding the relationship between Prime Minister Narendra Modi and his top bureaucrats now compared to his first term in office. If various reports are to be believed, he has pulled up officials on multiple occasions in the past year. The latest dressing down apparently was regarding the system’s readiness in the face of a crushing ‘second wave’ of COVID-19 cases. Even in this backdrop, new Finance Secretary TV Somanathan remains one of the Prime Minister’s most trusted advisors and implementers when it comes to economic policymaking. Somanathan, the Expenditure Secretary, was designated as the Finance Secretary on April 29. As per the norm , the seniormost of the five Finance Ministry secretaries heading Expenditure, Revenue, Economic Affairs, DIPAM and Financial Services is designated as the Finance Secretary. Somanathan, Economic Affairs Secretary Ajay Seth, DFS Secretary Debashish … [Read more...] about New Finance Secretary TV Somanathan: An articulate economic voice trusted by the top leadership

Share to Twitter Share to Linkedin It’s long been believed that young people tend to suffer most from any recession as the impact is felt hardest by those who are at the start of their careers. For instance, previous research has found that the unemployment rate for 21 to 25-year-olds is double that of 25 to 54-year-olds during a recession. Redundancies during this early stage in our careers are especially damaging because it’s the time when we see the biggest growth in our income. This has been particularly so during the Covid pandemic that has imposed particular challenges on the mental wellbeing of young people. "We noticed post-pandemic a real need to support young people with their mental health and wellbeing," Andy Burnham, Mayor of Greater Manchester, told me at the recent National Youth Summit. "There's a really great issue in terms of the growing complexity of the world that has made it harder than ever to be young, and young people are really … [Read more...] about Why A Missing Link For Economic Mobility Could Be Young People’s Optimism

Reuters Wellington, Australia   ● Tue, August 9, 2022 2022-08-09 11:04 0 c9040729547ca602062682df164fdccc 2 Economy US,investment,Pacific Free The world's future will be written in the Pacific, US Deputy Secretary of State Wendy Sherman said in New Zealand on Tuesday, as she wrapped up a whistle-stop tour of Pacific nations intended to demonstrate Washington's commitment to the Pacific region. Sherman said in a news conference in Wellington it was important for the United States to engage in the Pacific and that senior US leaders believe "the future will be written here in the Pacific" without elaborating on what the future could hold. The United States is concerned about China's ambitions to extend its military presence in the Pacific after it struck a security pact with the Solomon Islands this year. "We are doubling down on our investment here in the Pacific," Sherman said. She added that the United States was doing everything possible to engage … [Read more...] about US sees lucrative future in Pacific, doubles down on investment in the region

Share to Twitter Share to Linkedin Mike DePrisco is Interim President & CEO and COO of Project Management Institute (PMI) , a global association for project professionals. You won’t find it on any corporate balance sheet. It’s not tracked in any government database. It’s not even measurable by any standard economic formula or equation. I’m talking about resilience—the ability of organizations to absorb significant internal or external disruptions, recover equilibrium and continue operating effectively in an altered business environment. For something so seemingly ill-defined, resilience has been occupying the minds of corporate leaders and boards of directors lately. It's clear that operating in a dynamic and unpredictable environment is the new reality for business leaders moving forward. For this reason, it’s unsurprising that resiliency has become a key metric by which organizations should be judged for their success. In fact, my … [Read more...] about How To Build Your Resiliency Muscle

-- (The Jakarta Post) Jakarta   ● Wed, January 6, 2021 2021-01-06 20:24 580 559f5bc8c5224ad06a25184c0a061d4a 1 National COVID-19,pandemic,vaccine,vaccination,economic-recovery,budget-deficit Free A successful COVID-19 vaccination drive could help the government reach its target of reducing the budget deficit to under 3 percent in three years, a state official has said. "The government target could be reached by controlling and reducing coronavirus cases," Regional Representatives Council (DPD) speaker La Nyalla Mattalitti said in a written statement on Wednesday. "If the government is successful in controlling COVID-19 cases through vaccination, it would have a huge effect on national economic recovery." La Nyala said curbing the spread of COVID-19 must be a priority for the government to reach the target. Otherwise, he added, if it cannot control the pandemic, it would be difficult to reduce case numbers and reduce the budget deficit. The DPD … [Read more...] about Successful vaccination could reduce budget deficit to 3%: DPD speaker

- A + A SINGAPORE (Aug 3): China's announcement of military drills around Taiwan as US House Speaker Nancy Pelosi visits the island is creating ripple effects across global supply chains, prompting detours and delaying energy shipments. Gas suppliers are rerouting or reducing speed on some liquefied natural gas (LNG) vessels currently en route to North Asia, according to people familiar with the matter. Shipments to Taiwan and Japan this weekend will be affected, said the people, who requested anonymity as the information is not public. Shipping companies are assessing their options after China's response to the visit of the highest-ranking US official to the island in 25 years. The actions threaten to disrupt one of the world's busiest waterways. China, which regards Taiwan as part of its territory, condemned Pelosi's visit and said its military exercises would include "long-range live firing" near Taiwan starting as soon as Tuesday evening, as well as more drills … [Read more...] about Taiwan turmoil prompts detours, delays for global shipping

Share to Twitter Share to Linkedin Since former U.S. President Donald J. Trump signed the 2018 Farm Bill that legalized hemp at the federal level, the hemp industry seems to have flourished all over the country. The United States Department of Agriculture (USDA) estimated that the total value of hemp production is worth $824 million in 2021. The demand for CBD-based products has driven the industry's production and sales, despite the U.S. Food and Drug Administration (FDA) has not yet allowed CBD in foods, beverages, or dietary supplements . Furthermore, the 2018 Farm Bill also triggered the production and sales of minor cannabinoids with intoxicatingly psychoactive effects, such as delta-8 THC and THC-O-acetate . These products created a grey market as they are used as an alternative to recreational cannabis, especially by consumers who live in those U.S. states that have yet to churn out adult-use cannabis legislation. But last … [Read more...] about How The 2023 Farm Bill May Reshape The Hemp Industry

Philippine Air Force C-130 lands on Pag-asa Island, West Philippine Sea on May 28, 2020. LYN RILLON MANILA, Philippines—China’s plan to establish an air defense identification zone (ADIZ) in the disputed South China Sea could lead to mishaps and miscalculations at sea and in the air, Defense Secretary Delfin Lorenzana said on Thursday (June 25). “It is my fervent hope that China would not proceed with this planned action for the continued peace and stability in the entire South China Sea,” he said in a statement. China is laying claim to the entire South China Sea on the basis of its nine-dash line theory. Parts of what China is claiming lie tens of thousands of nautical miles away from the Chinese mainland. The mythical nine-dash line had been rejected as illegal and without basis in 2016 by the Permanent Arbitration Court in a case filed by the Philippines. Vietnam, Malaysia and Brunei also have claims in the area. China’s self-declared ADIZ, which is part of its assertion … [Read more...] about China plan to control South China Sea airspace dangerous, says Lorenzana

Successful attacks on ammunition depots by Ukrainian forces meant "Lugansk region still stands", its governor said on Telegram. "The number of attacks and shelling has decreased, without their artillery the invaders are almost helpless," Sergiy Gaiday said. (Image: AFP) Russian missiles struck a Ukrainian city far behind the frontlines in an attack Kyiv officials said killed at least 23 people and constituted another war crime against civilians. Ukraine said Thursday's strike on Vinnytsia, a city of 370,000 people about 200 km (125 miles) southwest of the capital Kyiv, had been carried out with Kalibr cruise missiles launched from a Russian submarine in the Black Sea. President Volodymyr Zelenskiy called Russia a "terrorist" state, urged more sanctions against the Kremlin and said that the death toll in Vinnytsia could rise. "Unfortunately, this is not the final number. Debris clearance continues. Dozens of people are reported missing. There are seriously injured (people) … [Read more...] about Ukraine denounces deadly missile strike as war overshadows G20 meeting