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January
Japan PM Kishida to Pick New BOJ Chief While Monitoring Economy
Written by Nur Yasmin
Prime Minister Fumio Kishida will make a decision on the next Bank of Japan (BOJ) governor while watching future economic trends, he said on Wednesday.
Kishida will appoint the next BOJ chief based on the candidate's aptitude at the end of incumbent Haruhiko Kuroda's term, he said.
The prime minister said on Sunday he would nominate a new BOJ governor next month as Kuroda's second five-year term ends on April 8. (Reuters)
January
Natural Disasters Caused $313 bln Economic Loss in 2022 - Aon
Written by Nur Yasmin
Natural disasters, many driven by climate change, caused global economic losses of $313 billion in 2022, insurance broker Aon (AON.N) estimated on Wednesday, of which less than half was insured.
Losses from natural catastrophes covered by the insurance sector amounted to $132 billion, 57% above the 21st-century average, it added, leaving a global 'protection gap' of 58%.
Yet, while the number of catastrophic events such as floods and hurricanes rose - at least 421 individual events compared to an average of 396 since 2000 - Aon said the protection gap was one of the lowest on record.
"It was relatively low due to the fact that many of the costliest disasters occurred in countries with mature insurance markets such as U.S. or Europe, whereas losses in less-covered regions such as Asia were well below average," Michal Lörinc, head of catastrophe insight at Aon, told Reuters.
According to the report, 75% of the global insured losses occurred in the United States with Hurricane Ian, which hit Florida in September 2022, causing insured damages in a range between $50 and $55 billion from total economic losses of $95 billion.
Hurricane Ian is the second most expensive natural disaster the insurance sector has ever faced.
Aon estimated about 31,300 people died due to natural catastrophe events in 2022, of which about two thirds were linked to severe heatwaves in Europe between June and July.
In Australia, insured losses linked to floods hit a record high of $4 billion as a weather pattern associated with wet weather called La Niña extended its impacts into 2022 causing severe rainfall and flooding across the country.
Similarly, in Pakistan the monsoon season caused 175% above-average precipitation from July to September, said Aon citing the local Meteorological Department. (Reuters)
January
Sri Lanka hopeful of completing debt restructuring in six months, says cenbank chief
Written by Nur Yasmin
Sri Lanka is committed to meeting all its debt repayments and is hoping to complete debt restructuring negotiations in the next six months, the country's central bank chief P. Nandalal Weerasinghe said on Tuesday.
"There has been good progress this month with India already pledging financing assurances. We expect assurances from China and Japan soon," Weerasinghe said at an event titled "Economic Outlook 2023".
The island nation of 22 million people has grappled with challenges during the past year ranging from a shortage of foreign currency to runaway inflation and a steep recession - the worst such crisis since independence from Britain in 1948.
Sri Lanka is racing to secure a $2.9 billion bailout from the International Monetary Fund (IMF) but requires the backing of both China and India, its biggest bilateral creditors, to reach a final agreement with the global lender.
India last week told the IMF that it strongly supports Sri Lanka's debt restructuring plan.
"Once the IMF program is unlocked then we will start specific debt restructuring negotiations with both commercial and bilateral lenders," the head of the apex bank said.
"We hope to complete this process in six months. The biggest uncertainty is the timeframe for the debt restructuring. It is only after debt sustainability is assured can Sri Lanka return to a sustainable growth path," he added.
Weerasinghe added that good progress has been made in negotiations with the Paris Club creditor nations and other creditors.
On the domestic front, talks with local banks to reduce rates were ongoing but restructuring of domestic debt remains an uncertainty, he said.
On a separate note, Weerasinghe said Sri Lanka's inflation would reduce at a faster pace in 2023 and expects it to reach single digits by end of 2023.
The central bank is aiming to bring down interest rates in line with inflation expectations and the process would be fast-tracked once the IMF programme is unlocked, he added.
Sri Lanka's National Consumer Price Index (NCPI) (LKNCPI=ECI) eased year-on-year to 59.2% in December, after a 65% rise in November, data on Monday showed. (Reuters)
January
Thailand beats 2022 tourism target with 11.15 mln foreign arrivals
Written by Nur Yasmin
Thailand received 11.15 million foreign visitors in 2022, a surge from just about 428,000 the previous year when broad pandemic-related travel curbs were in place, tourism ministry data showed on Tuesday.
The figures, which beat the government's target, reflect a solid turnaround as Thailand tries to revive its vital tourism industry, which bore the brunt of its strict entry and quarantine policies during the pandemic.
In December, there were 2.24 million foreign tourists, compared with 230,497 in the same month a year earlier.
Pre-pandemic 2019 saw a record of nearly 40 million foreign tourists for the full year.
Malaysia, India and Singapore were Thailand's top three source markets last year, the ministry said.
In 2023, the government is expecting 25 million international visitors, including at least five million from China, Thailand's biggest source market before the pandemic.
The government on Tuesday approved a budget of 3.95 billion baht ($120.72 million) to boost domestic travel and international tourism in secondary cities.
China's reopening is expected to further boost Thailand's vital tourism sector, which before the pandemic accounted for about 12% of gross domestic product in Southeast Asia's second-largest economy. (Reuters)
January
New Zealand's Ardern bids emotional farewell on last day as prime minister
Written by Nur Yasmin
Jacinda Ardern on Tuesday bid an emotional farewell on her last day as prime minister, speaking of the kindness and empathy New Zealanders have shown her, but said she was ready to be a sister and a mother.
Days after stunning the world by announcing she had "no more in the tank" to lead the country and would step down, the 42-year-old arrived at a gathering of politicians and Maori elders in the small town of Ratana, north of the capital Wellington, and was instantly surrounded by supporters seeking photographs.
"Thank you from the bottom of my heart for the greatest privilege of my life," Ardern told the gathering in a speech.
She will resign on Wednesday and be replaced by the new Labour party leader, Chris Hipkins.
Ardern, along with Hipkins and opposition politicians, were making an annual visit to Ratana, where a weeklong celebration is held for the birth of Maori prophet Tahupotiki Wiremu Ratana.
Wearing a black dress with her shoulders covered in a traditional Maori cloak, called korowai, she led members of her party onto the community grounds as a brass band played. The speeches and accompanying songs and dances that followed saw elders speak with humour and warmth about Ardern.
"Thanks so much for teaching us to love quickly," one elder told Ardern.
Ardern responded, saying she that hadn't planned to speak but that those there refused to give her an out.
"My overall experience in this job of New Zealand and New Zealanders in this job has been one of love, empathy and kindness,” she said.
The left-leaning global icon gained attention for bringing her baby to a United Nations meeting and wearing a hijab after a massacre targeting Muslims. Although she became a target for hate and online abuse by right-wing extremists on social media, she said she was leaving the job with love in her heart.
"I want you to know I leave with a greater love and affection for Aotearoa New Zealand and its people than when I started."
Before heading onto the grounds, Ardern faced the media for possibly the last time as prime minister, smiling broadly as declining to answer political questions, saying they were now the responsibility of her successor.
"I am ready to be lots of things. I’m ready to be a back bench MP (member of parliament). I’m ready to be a sister and a mum,” she said.
Her daughter Neve is 4 years old and starts school in June.
Hipkins, the country's former COVID minister, was the only person nominated to take over as Labour Party leader. He was first elected to parliament in 2008. (Reuters)
January
India Commits to Help Sri Lanka on Debt in Prospective IMF Program
Written by Nur Yasmin
India has committed to help ease the debt burden of its crisis-stricken neighbor Sri Lanka as part of a possible International Monetary Fund-supported program, the IMF said on Monday.
The island nation of 22 million people has grappled with challenges during the past year ranging from a shortage of foreign currency to runaway inflation and a steep recession - the worst such crisis since independence from Britain in 1948.
Reuters reported last week that India had told the IMF it strongly supports Sri Lanka's debt restructuring plan as the island seeks a $2.9 billion loan from the global lender, according to a letter.
"Sri Lanka is engaged with other official bilateral creditors to obtain similar assurances," an IMF spokesperson said in a statement on Monday.
"As soon as adequate assurances are obtained and remaining requirements are met, including by the Sri Lankan authorities, a Fund-supported program for Sri Lanka can be presented to the IMF's Executive Board for approval that would unlock much needed financing."
Sri Lanka requires the backing of China and India - its biggest bilateral lenders - to reach a final agreement with the IMF that is essential to help the country emerge from its worst financial crisis in seven decades. (Reuters)
January
FBI says N. Korea-related hacker groups behind U.S. crypto firm heist
Written by Nur Yasmin
Two hacker groups associated with North Korea, the Lazarus Group and APT38, were responsible for the theft last June of $100 million from U.S. crypto firm Harmony's Horizon bridge, the Federal Bureau of Investigation said on Monday.
On Jan. 13, the groups used a privacy protocol called Railgun to launder over $60 million worth of ethereum stolen during the theft in June, the FBI said in a statement.
A portion of the stolen ethereum was subsequently sent to several virtual asset providers and converted to bitcoin, the FBI said.
The FBI said North Korea's theft and laundering of virtual currency is used to support its ballistic missile and Weapons of Mass Destruction programs.
In June last year, California-based Harmony said that a heist had hit its Horizon bridge, which was the underlying software used by digital tokens such as bitcoin and ether for transferring crypto between different blockchains.
Reuters in June reported that North Korean hackers were most likely behind the attack on Harmony, citing three digital investigative firms.
Harmony develops blockchains for decentralized finance - peer-to-peer sites that offer loans and other services without traditional gatekeepers such as banks - and non-fungible tokens. (Reuters)
January
Biden Nominates North Korea Human Rights Envoy, First Since 2017
Written by Nur Yasmin
The White House on Tuesday nominated a special envoy for human rights in North Korea, moving to fill a post that has been empty since 2017 amid debate over how rights issues fit with efforts to counter Pyongyang's nuclear weapons programme.
President Joe Biden nominated Julie Turner, a long-time diplomat and current director of the Office of East Asia and the Pacific in the Bureau of Democracy, Human Rights and Labor at the Department of State, the White House said in a statement.
She speaks Korean and has previously worked on North Korean human rights as a special assistant in the envoy's office, the statement said.
The special envoy position - and a similar one in South Korea - had become controversial as preceding administrations tried to bring North Korea to the negotiating table. Some activists said human rights had been shunted aside in favour of national security priorities.
Biden vowed repeatedly after taking office in 2021 that human rights would be at the centre of his foreign policy, but the position had remained vacant.
South Korea's ambassador on North Korean human rights expressed disappointment last year that Biden's administration had yet to appoint an envoy for the issue at the time.
North Korea has repeatedly rejected accusations of human rights abuses and blames sanctions for a dire humanitarian situation. It accuses Washington and Seoul of using the issue as a political tool to smear Pyongyang's reputation.
A landmark 2014 U.N. report on North Korean human rights concluded that North Korean security chiefs - and possibly leader Kim Jong Un himself - should face justice for overseeing a state-controlled system of Nazi-style atrocities.
Since then, North Korea's coronavirus curbs have aggravated human rights violations, United Nations investigators have said, citing extra restrictions on access to information, tighter border security and heightened digital surveillance. (Reuters)
January
U.N. aid chief raises women's rights concerns with Taliban in Afghan capital
Written by Nur Yasmin
The United Nations' aid chief visited Kabul on Monday and raised concerns over women's education and work with the Taliban administration's acting minister of foreign affairs, an Afghan ministry statement said.
The Taliban-run administration last month ordered NGOs not to allow most female employees to work, prompting many aid agencies to partially suspend operations in the midst of a humanitarian crisis unfolding during a bitterly cold winter.
U.N. Under-Secretary-General for Humanitarian Affairs Martin Griffiths raised the issue of women's education and work and how this affected the U.N.'s operations, according to a ministry of foreign affairs statement.
Speaking generally about Griffiths's visit to Afghanistan, U.N. spokesman Stephane Dujarric said Griffiths would engage the Taliban administration "with the same message that we've been delivering since the beginning on the need to to rollback the policies that were put in place" on women.
He said Griffiths would "underscore the message that humanitarian aid cannot be delivered without women."
Griffiths's travel follows a visit to Afghanistan last week by U.N. Deputy Secretary-General Amina Mohammed, who expressed alarm to Taliban officials in Kabul and the southern city of Kandahar over the administration's orders restricting women from work and education.
Acting Afghan Minister of Foreign Affairs Amir Khan Muttaqi said he asked Griffiths to share with the international community the Taliban administration's "achievements and opportunities" like a general amnesty for former opponents, "instead of complaints and shortcomings."
The foreign ministry statement said Griffiths had acknowledged security had improved in the country, which had seen decades of fighting before the Taliban took over as foreign troops withdrew in 2021.
No foreign government has formally recognised the Taliban administration since it seized power, with some diplomats saying it must change course on women's rights. Many countries have expressed major concerns over most girls and women over the age of 12 being stopped from attending school or university.
Enforcement of sanctions and a cut in development aid have contributed to the country falling into an economic crisis which has left more than half the population dependent on humanitarian aid, aimed at meeting urgent needs. (reuters)
January
Pakistan says power restored after second major breakdown in months
Written by Nur Yasmin
Pakistan's energy minister on Tuesday blamed the worst power outage in months on a lack of investment in the network, saying the aid-dependant nation had "learned lessons" from the breakdown that left millions of people without electricity.
Like much of the national infrastructure, the power network desperately needs an upgrade, but funding has been patchy as Pakistan lurched from one International Monetary Fund bailout to the next. The outage, which began on Monday morning, was the second major breakdown since October.
"We learned lessons from yesterday that we need to invest in the distribution system," Energy Minister Khurram Dastgir told reporters as he announced that power had been fully restored to the nation of nearly 220 million people.
"There hasn't been any investment in improving these systems from the previous government," he added.
The International Monetary Fund has bailed out Pakistan five times in the last two decades. Its latest bailout tranche, however, is stuck due to differences with the government over a programme review that should have been completed in November.
Pakistan has enough installed power capacity to meet demand, but the sector is so heavily in debt that it cannot afford to invest in infrastructure and power lines. Analysts say transmission and distribution are the weakest links.
China has invested in its power sector as part of a $60 billion infrastructure scheme that feeds into its "Belt and Road" initiative, but details of this investment are unclear.
Dastgir said the cause of the outage was not yet known, but the ministry was conducting a safety audit of the entire network. "The government plans to add more power distribution lines within the next 36 months," he added.
Millions of Pakistanis suffer partial blackouts almost daily, including scheduled "load shedding" power outs aimed at conserving electricity.
Many take these disruptions in their stride, investing in generators and solar panels to generate their own power, but the frail infrastructure also takes its toll. "Without electricity, we can't do anything," said Sara Khan, the principal of a school for girls in Jacobabad, a southern city which regularly goes up to 18 hours a day without power. "The people are facing too many difficulties because of the power cuts." (reuters)