Economy

MALAYSIA: Earlier this month, Malaysian Prime Minister Ismail Sabri Yaakob was quoted as saying that the government was interested in bringing back the Goods and Services Tax (GST). While he acknowledged that the GST was unpopular, he also argued that the government’s alternatives were restricted because it had lost approximately RM20 billion (US$4.57 billion) in revenue as a result of …

THAILAND: On Tuesday, Thailand‘s finance minister predicted that the country’s GDP will increase by around 3.5 percent this year, mostly due to a rise in tourism and exports. Arkhom Termpittayapaisith, the minister of tourism, told reporters that the ministry now expects 9.5 million international visitors this year. According to the official, the government plans to take other steps to help …

TAIPEI: The economy ministry announced on Monday that Taiwan will hike power costs by an average of 8.4% on July 1 (Friday), in response to rising global energy prices, including a 15% rise for major industrial customers. However, following a review of power pricing, the ministry stated that costs will not rise for 97 percent of homes. The government has …

COLOMBO: The government of Sri Lanka declared on Sunday (Jun 26) that it was sending ministers to Russia and Qatar to look for low-cost oil, a day after declaring that the country had run out of petroleum. As a precautionary measure, the administration has prolonged the two-week shutdown of non-essential public institutions until further notice in order to conserve fuel. …

YAMAGATA: Increasing the amount of rice in his cattle feed is a way for Japanese farmer Kiyoharu Hirao to save money as the cost of imported maize used in animal feed continues to rise. Concerns over the quality of his prized wagyu beef and anger at the ruling Liberal Democratic Party (LDP), which once maintained an almost unbreakable grip on …

TOKYO: Asian stocks rose on Monday, after Wall Street’s strong bounce at the close of last week, as oil prices fell, easing concerns about inflation and the Federal Reserve’s fast tightening. With interest rates expected to rise and a possible recession looming, investors kept a close eye on the yields on Treasuries and the dollar, which stayed at its lowest …

SINGAPORE: Prime Minister Lee Hsien Loong said on Saturday that Singapore must do more to diversify its food sources since countries across the world are likely to continue prioritizing local supply in the face of rising prices (Jun 25). After attending the Commonwealth Heads of Government Meeting in Kigali, where he advised countries not to turn protectionist in the face …

MALAYSIA: There will not be a float in chicken prices in Malaysia starting on July 1, the country’s administration has decided. According to Prime Minister Ismail Sabri Yaakob, the Agriculture and Food Industries Ministry (MAFI) will soon declare a new price ceiling (Jun 24). According to the Prime Minister, the government’s move shows its care for Malaysian families, who face …

COLOMBO: Officials said Thursday (Jun 23) that parliament in Sri Lanka had canceled the remainder of its week’s sessions to preserve fuel, as the island nation’s already low supply of gasoline is fast decreasing due to a severe economic crisis. People living in Sri Lanka’s 22 million-plus population are suffering because of the country’s severe shortage of foreign cash as …

COLOMBO: Thursday (June 23), India’s top diplomat met with Sri Lanka’s president and prime minister to express India’s preparedness to give more financial assistance to its cash-strapped neighbor beyond the $4 billion in loans, swaps, and help previously granted. In the greatest economic crisis in seven decades, Sri Lanka is unable to import basics like food, gasoline, and medication because …