Business

MUMBAI: Trading volumes have plunged by as much as 90 percent since India implemented a new cryptocurrency tax earlier this month, adding to the country’s wider financial sector troubles. Since the beginning of this month, there has been an additional 1% tax on cryptocurrency trades in India, discouraging investors in a sector where the regulatory load and 30% digital income …

INDONESIA: As a council member in a plantation area warned farmers faced an “emergency” owing to falling prices, Indonesia upped the palm oil export quota on Tuesday (Jul 5), hoping to curb soaring inventories of the edible oil. After a three-week export embargo that ended on May 23 resulted in a significant buildup of domestic stockpiles and outraged farmers by …

THAILAND: Government ministers urged Thailand’s hotels, businesses, and private clinics to desist from slashing prices in order to attract tourists and instead focus on enhancing the country’s reputation as a premium tourism destination (Jul 4). In the first six months of this year, Thailand welcomed roughly 2 million foreign visitors, a steady recovery from the pandemic and more than 18 …

MALAYSIA: He has failed in his attempt to halt the trial of Ahmad Zahid Hamidi for corruption and money laundering. As of Monday, Ahmad Zahid’s bid to halt the proceedings in the Malaysian Anti-Corruption Commission (MACC) case had been rejected by High Court judge Collin Lawrence Sequerah (MACC). Media in Malaysia claimed that Ahmad Zahid, UMNO president and chairman of …

INDONESIA: Almost a decade ago, Indonesia was dubbed one of the “Fragile Five” developing markets, a group of countries whose economies are particularly sensitive to capital flight and a depreciation of their currencies in response to an increase in global interest rates. The greatest economy in Southeast Asia and its capital markets have shown extraordinary resilience during a new wave …

SINGAPORE: Only after 15 months on the job did Daniel (not his real name) realize that he had no future in architecture after seven years of study at polytechnic and university. Daniel cited low salary, a lack of advancement, long hours, and a difficult job as some of the reasons for his resignation. “Architecture” conjures up images of grandiose constructions, …

INDIA: Experts predict that India’s ban on many single-use plastics on Friday (Jul 1) will encounter tremendous challenges from unprepared firms and consumers who are unwilling to pay more for products. A third of the country’s four million tons of plastic waste is thrown away and ends up in waterways and landfills, which frequently catch fire and contribute to air …

MALAYSIA: Malaysian Communications and Multimedia Minister Annuar Musa said on Thursday that the government expects to unveil a plan to sell a 70% ownership in the state-run 5G agency to six companies by the end of next week. By the end of June, Malaysia’s government had hoped to complete the sale of Digital Nasional Berhad’s stake. One of Malaysia’s most …

THAILAND: On Thursday, the Bank of Ayudhya Pcl (BAY) of Thailand stated that it has agreed to pay $155.3 million for Nomrua’s Thai securities subsidiary. Bank of Ayudhya, Thailand’s fifth-largest bank by assets, is 76.7 percent owned by Mitsubishi UFJ Financial Group in Japan. The Thai central bank must approve the deal, according to BAY. Krungsri Bank, Thailand’s fifth-largest bank …

MALAYSIA: Some Malaysian palm oil mills have temporarily halted production due to a drop in prices, according to a miller’s organization representative (Jun 27). Malaysian crude palm oil (CPO) prices tumbled by 22% on Monday, wiping out most of this year’s gains from a peak of 6,632 ringgit (US$1,506.25) per tonne. For the most part, Malaysian millers buy palm fruit …