Economy

MANILA: At its August meeting, the Philippines central bank is prepared to hike its policy interest rates by 50 basis points and follow up with further policy measures to manage inflation and fight currency depreciation, the country’s central bank governor said on Thursday. There are “strong depreciation pressures” on the peso spurred by a hawkish tone from the U.S. Federal …

ITALY: The trial of 59 defendants charged with manslaughter and undermining transportation safety in the case of the Genoa bridge collapse in 2018, which claimed the lives of 43 people, begins in Italy on Thursday (July 7). Four years ago, on August 14, the Morandi bridge, a vital artery linking Italy and France, collapsed under the weight of heavy rain, …

MALAYSIA: A 25-basis-point increase in interest rates was announced by Malaysia’s central bank on Wednesday (July 6). This is the second rate increase this year. Ceiling and floor rates were correspondingly hiked to 2.50 percent and 2.00 percent, respectively, in the overnight policy rate corridor (OPR). An announcement from Bank Negara Malaysia (BNM) claimed the increase was necessary due to …

MALAYSIA: Minister Tan Sri Annuar Musa said that the government’s Special Task Force on Jihad Against Inflation will work to keep Malaysia’s inflation rate low and manageable to protect the well-being of Malaysian families. Annuar, the chairman of the task team, said they will focus on all prices of goods and services that could contribute to a rise in the …

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 …