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January
Iron ore futures rebound as bargain hunting supports
Written by Nur Yasmin
Iron ore futures rose on Wednesday in a bargain-buying bounce from a slump in previous sessions after investors stayed on the sidelines following China's state planner's decision to clamp down on excessive market speculation.
The most-traded May iron ore on China's Dalian Commodity Exchange ended day-time trade 0.9% higher at 841.5 yuan ($124.27) a tonne.
On the Singapore Exchange, the benchmark February iron ore was up 0.7% at $121.40 a tonne, as of 0703 GMT.
China's state planner issued on Wednesday its third warning this month against excessive speculation in iron ore, adding that it will increase supervision of the country's spot and futures markets.
The outcome of Tuesday's meeting lacked any real teeth, so markets have assimilated it and moved on. In fact, some traders are using these events as a "buy the dip" opportunity, said Atilla Widnell, managing director of Navigate Commodities.
China's property sector fell 5.1% in 2022 from a year earlier, value-added data from the National Bureau of Statistics (NBS) showed on Wednesday, heaping more pressure on policymakers to revive the sluggish sector in 2023.
Brazil's CSN Mineracao SA (CMIN3.SA) said on Tuesday it has reached a deal for a long-term supply of iron ore to Swiss trader Glencore.
The most-active rebar contract on the Shanghai Futures Exchange climbed 1.5%, hot-rolled coil rose 1.5%, wire rod edged 0.9% higher, and stainless steel gained 0.4%.
During 2023, crude steel production will continue to be affected by the Chinese central government's determination to ensure that steel output remains flat or below the previous year's total, according to Mysteel consultancy.
Dalian coking coal and coke rose 2% and 1.4%, respectively.
Coronado Global Resources (CRN.AX), which has not typically sold Australian coking coal to China, has received enquiries for long-term supply as Beijing lifts its unofficial ban on coal imports from Australia, its chief executive said on Wednesday. (Reuters)
January
U.S., Taiwan officials pledge ambitious trade negotiating schedule
Written by Nur Yasmin
The United States and Taiwan concluded four days of trade negotiations on Monday and reached consensus on several areas related to trade facilitation, anti-corruption, small and medium-sized enterprises and regulatory practices, the U.S. Trade Representative's office said.
The first major negotiating round of the U.S.-Taiwan Initiative on 21st Century Trade saw the two sides exchange texts on those areas in Taipei, the office said in a statement.
"Officials also reached consensus in a number of areas and pledged to maintain an ambitious negotiating schedule in the months ahead to continue this momentum," the statement said.
Taiwan's top trade negotiator, John Deng, told reporters in Taipei he was "quite satisfied" with the outcome of the meetings.
"Both parties are willing to speed up the process," he said. "There is a high degree of ambition and I hope there will be considerable results this year."
The talks, which do not include tariff reductions or traditional market access enhancements, aim to reach agreements with "economically meaningful" outcomes and will include discussions on China's "economic coercion," Deng said last year.
Taiwan has also applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, and Deng said an agreement with the United States could help with that bid.
"If an agreement can be successfully signed with the United States, it will also be proof that Taiwan is capable and willing to accept high standards, which will be of considerable help to Taiwan's membership in the CPTPP," Deng said.
Taiwan last year was excluded from a broader U.S. trade initiative covering Indo-Pacific countries, the Indo Pacific Economic Framework, that also focuses on non-tariff issues.
The U.S. Trade Representative's office (USTR) said the trade texts exchanged during the Taipei negotiating round "follow through on the two sides' shared commitment to pursue a high-ambition trade initiative" that would "strengthen and deepen economic and trade ties."
The USTR statement did not include a date for the next round of negotiations, saying that this would be revealed.
Any agreements reached between the United States and Taiwan would not need approval from the U.S. Congress, but USTR said congressional staff attended the meetings and were briefed throughout the talks.
Despite the lack of formal diplomatic ties, the United States has been eager to bolster support for Taiwan, especially as it faces stepped-up political pressure from China to accept its sovereignty claims.
China has expressed strong opposition to the new Taiwan-U.S. trade initiative. (Reuters)
January
Pacific islands urge Japan to delay release of Fukushima waste over contamination fears
Written by Nur Yasmin
Pacific island nations are urging Japan to delay the release of water from the destroyed Fukushima nuclear power plant over fears fisheries will be contaminated, the Pacific Island Forum (PIF) said on Wednesday.
The Japanese government said last week that water from the destroyed Fukushima nuclear power plant could be released into the sea "around this spring or summer," raising concerns from island nations still grappling with the legacy of nuclear testing decades ago.
Japan had approved the future release of more than 1 million tonnes of water from the site into the ocean after treatment in April 2021.
The PIF, a regional bloc of 17 island nations, argues the release of the water could have a major impact on fishing grounds that island economies rely on, and where up to half of the world's tuna is sourced.
"Our region is steadfast that there be no discharge until all parties verify it is safe," PIF Secretary General Henry Puna said on Wednesday at a livestreamed public meeting in Suva, Fiji.
"We must prevent action that will lead or mislead us towards another major nuclear contamination disaster at the hands of others," he added, saying Pacific islanders continued to endure the long-term impacts of the nuclear testing legacy on a daily basis.
The United States conducted nuclear testing in the Pacific islands in the 1940s and 1950s and the Marshall Islands continues to campaign for more compensation from Washington over lasting health and environmental effects.
France conducted atomic testing between 1966 and 1996 at Mururoa Atoll in French Pacific territories.
Ken Buesseler, a scientist with the Woods Hole Oceanographic Institute, told the forum on Wednesday that a PIF scientific expert panel was urging Japan to reconsider the waste release because it was not supported by data and more information was needed.
Radioctivity moves across the ocean with currents and tides and risks contaminating fish, he said.
Japan's foreign ministry has previously said that regulators deemed it safe to release the water, which would be filtered to remove most isotopes but would still contain traces of tritium, an isotope of hydrogen hard to separate from water. (Reuters)
January
Marcos sees Philippine economy growing around 7% this year
Written by Nur Yasmin
Philippine President Ferdinand Marcos Jr expects the domestic economy to grow around 7% this year, saying strong fundamentals, prudent fiscal management and reforms in key sectors will cushion against risks from a potential global recession.
The Southeast Asian country, which will announce its 2022 economic performance on Jan. 26, also expects last year's gross domestic product growth to be faster than the 6.5%-7.5% target.
"Our strong macroeconomic fundamentals, fiscal discipline, structural reforms and liberalisation of key sectors instituted over the years have enabled us to withstand the negative shocks caused by the pandemic and succeeding economic downturns and map a route toward a strong recovery," Marcos was quoted as saying in a statement his office issued on Wednesday.
Marcos was in Davos, Switzerland this week for the World Economic Forum, accompanied by his economic team and several Philippine business executives. There he met with potential investors to seek support for his infrastructure development programme.
Pent-up domestic demand following the removal of pandemic restrictions propped up economic growth last year and will continue supporting consumer spending this year, Bangko Sentral ng Pilipinas Governor Felipe Medalla said on Jan. 10.
"Our actual projection is 6.5 (percent for 2023) but there are signs that we might be able to surpass that," Marcos said in Davos, where he also presented his proposed sovereign wealth fund to potential investors.
Critics have raised concerns over the transparency and governance of the wealth fund, which has been approved by the House of Representatives, and is pending deliberation in the Senate.
Under the bill, state lenders Development Bank of the Philippines and Land Bank of the Philippines would provide a total 75 billion pesos ($1.37 billion) for initial capital, while the central bank will contribute subsequently through dividends. (Reuters)
January
Australia to spend $2 billion on 40 U.S. Black Hawk choppers
Written by Nur Yasmin
Australia confirmed on Wednesday it would buy 40 Black Hawk military helicopters from the United States for an estimated A$2.8 billion ($1.96 billion), finalising a sale signed off by the U.S. State Department last August.
The Lockheed Martin Corp (LMT.N) UH-60M Black Hawks will replace the Army's fleet of MRH-90 Taipan choppers, which have been plagued for years by maintenance issues. Delivery of the new helicopters will begin this year.
"We've just not got the flying hours out of the Taipan that we would need," Defence Minister Richard Marles told ABC news on Wednesday. "We're confident that we can get that from the Black Hawks. It's a platform we're familiar with."
Australia has been boosting its defense spending over the past few years as China looks to step up its presence in the Indo-Pacific region.
A 2021 decision to ditch French-made submarines for nuclear submarines to be built by the United States and Britain sparked a bitter diplomatic dispute with France.
Marles said he had spoken with his French counterpart several times and was confident the U.S. helicopter deal "won't interrupt" the renewed relationship with France. The Taipans are made by Airbus (AIR.PA), partly owned by France.
Australian industry will be involved in logistics, warehousing, engineering as well as the helicopter's global supply chain, said the Defence Department in a statement. (Reuters)
January
No hope of any survivors in Nepal's deadliest crash in 30 years, officials say
Written by Nur Yasmin
Officials in Nepal said on Wednesday there was no chance of finding any survivors of the country's deadliest plane crash in 30 years, but workers will continue to search for the remains of the last missing passenger.
Rescue teams used drones and rappelled down deep gorges on Tuesday to sift through the charred remains of the Yeti Airlines ATR 72 turboprop, which was carrying 72 people when it crashed near the tourist city of Pokhara on Sunday morning.
"There is no possibility of finding any survivor. We have collected 71 bodies so far. The search for the last one will continue," Tek Bahadur K.C., a top district official in Pokhara, said on Wednesday.
Identifying bodies and accounting for all 72 people has been difficult because of the state of the remains, said Ajay K.C, a police official at the rescue site.
"Until the hospital tests show all 72 bodies, we’ll continue to search for the last person," Ajay K.C said.
Search teams found 68 bodies on the day of the crash, and two more were recovered on Monday before the search was called off. One more body had been recovered as of late Tuesday afternoon, officials said.
Teams had diverted the flow of a nearby river to look for bodies, said Gurudutt Ghimire, another official who is part of search operations.
"There is nothing left there. But the search will continue," Ghimire said.
On Monday, searchers found the cockpit voice recorder and flight data recorder from the flight, both in good condition, a discovery that is likely to help investigators determine what caused the crash.
Because Nepal does not have facilities to read the so called black boxes, the devices will be sent wherever the manufacturer recommends. (Reuters)
January
Nobel Laureate Ressa Cleared in Philippine Tax Case, Cheers Win for Justice
Written by Nur Yasmin
Philippine Nobel laureate Maria Ressa and her news site Rappler were acquitted by a court of tax evasion charges on Wednesday, in a ruling that media watchdogs and human rights groups described as a win for press freedom and rule of law.
Ressa, who was awarded the Nobel Peace Prize alongside a Russian journalist in 2021, is head of Rappler, which earned a reputation for its in-depth reporting and tough scrutiny of former president Rodrigo Duterte and his deadly war on drugs.
"This acquittal is not just for Rappler it is for every Filipino who has ever been unjustly accused," Ressa said after the verdict, describing it as a win for justice and the truth.
"These charges... were politically motivated... A brazen abuse of power," she said, while fighting back tears.
The tax evasion case stemmed from accusations by the state revenue agency that Rappler had omitted from its tax returns the proceeds of a 2015 sale of depositary receipts to foreign investors, which later became the securities regulator's basis to revoke its licence.
The tax court said in its ruling it acquitted Ressa and Rappler because of the prosecution's failure to prove their guilt beyond reasonable doubt.
The Philippine's justice department said it respected the decision of the court.
Ressa, 59 is currently on bail as she appeals a six-year prison sentence handed down in 2020 for a libel conviction.
She has been fighting a string of government lawsuits since 2018 which she has described as part of a pattern of harassment.
Her plight has stoked international concern about media harassment in the Philippines, described as one of Asia's most dangerous places for journalists.
"Hope is what this provides," said Ressa when asked if she thought the tide was turning under the watch of President Ferdinand Marcos Jr, whose office has said the leader respects press freedom.
Media watchdogs and human rights groups lauded the court's decision, which they said was a win for journalists and the rule of law.
"It is a victory for press freedom in the Philippines," Carlos Conde, senior researcher at Human Rights Watch, said in a statement.
The challenge for the Marcos administration is "to take stock of this and ensure that journalists did their jobs without fear", Conde said.
In October, a radio journalist was shot dead, among scores killed in the past decade.
The Philippines ranked 147 out of 180 countries in the 2022 World Press Freedom Index, and the Committee to Protect Journalists ranks the Philippines seventh in the world in its 2021 impunity index, which tracks deaths of media members whose killers go free. (Reuters)
January
New Zealand business confidence at lowest since 1974
Written by Nur Yasmin
New Zealand's business confidence in the fourth quarter of last year hit its lowest level since 1974 as companies grapple with higher interest rates, cost pressures and soft demand, a private think tank said on Tuesday.
A net 70% of firms surveyed expected general business conditions to deteriorate compared with 42% pessimism in the previous quarter, the New Zealand Institute of Economic Research's (NZIER) quarterly survey of business opinion (QSBO) showed.
It added that business confidence is now at its lowest level since 1974, while on a seasonally adjusted basis it is the weakest since the survey started in 1970.
On a seasonally adjusted basis, 73% expected business conditions to worsen, versus 43% pessimism recorded in the previous period. The survey's measure of capacity utilisation fell to 93.7%, from the previous quarter's 94.5%.
NZIER said the survey was undertaken following the more hawkish than expected central bank meeting in November and this was weighing on sentiment.
The builders and retailers were the most downbeat in the December quarter. Firms have become much more cautious and are now looking to reduce staff and investment plans, NZIER said in its report.
A net 81% reported increased costs in the December quarter, it said. (Reuters)
January
Aid groups resume some Afghan operations with female healthworkers
Written by Nur Yasmin
Several aid organisations have restored some operations in Afghanistan after they received assurances from Taliban-run authorities that women could work in areas such as health, in spite of restrictions last month barring female NGO workers.
The International Rescue Committee (IRC), Save the Children and CARE said this week they were again operating some programmes, mostly in health and nutrition.
The Taliban administration last month ordered local and foreign aid organisations to stop letting female staff work until further notice. It said the move, condemned globally, was justified because some women had not adhered to the Taliban's interpretation of Islamic dress code.
Many NGOs suspended operations in response, saying they needed female workers to reach women in the conservative country.
"Last week, the Ministry of Public Health offered assurances that female health staff, and those working in office support roles, can resume working. Based on this clarity, IRC has restarted health and nutrition services through our static and mobile health teams in four provinces," Nancy Dent, a spokesperson for IRC, said.
A spokesperson the Afghan Ministry of Public Health told Reuters that they had not stopped any health-related activities.
"Due to a misunderstanding they stopped their health services and now they have restarted their health services," he told Reuters.
Save the Children said it had restarted a small number of its operations in health, nutrition and some of its education programs where it had received clear guidance from authorities that female workers could safely operate, but cautioned they were limited.
"The activities we're working to restart will provide vital assistance, but these activities are only the tip of the iceberg of what's required," said Samantha Halyk, a spokesperson for Save the Children. (Reuters)
January
Russia to make 'major changes' to armed forces from 2023 to 2026
Written by Nur Yasmin
Russia said on Tuesday that it would make "major changes" to its armed forces from 2023 to 2026, promising to shake up its military structure after months of setbacks on the battlefield in Ukraine.
In addition to administrative reforms, the Defence Ministry said it would strengthen the combat capabilities of its naval, aerospace and strategic missile forces.
"Only by strengthening the key structural components of the Armed Forces is it possible to guarantee the military security of the state and protect new entities and critical facilities of the Russian Federation," Defence Minister Sergei Shoigu said.
Kremlin spokesman Dmitry Peskov said the changes had been made necessary by the "proxy war" being conducted in Ukraine by the West, which has been sending increasingly heavy weaponry to Ukraine to help it resist Russian forces.
The defence ministry, which has faced sharp domestic criticism for the ineffectiveness of its drive to take control of large tracts of Ukraine, vowed in December to boost its military personnel to 1.5 million.
Kremlin spokesman Dmitry Peskov said the changes had been made necessary by the "proxy war" being conducted in Ukraine by the West, which has been sending increasingly heavy weaponry to Ukraine to help it resist Russian forces.
The defence ministry, which has faced sharp domestic criticism for the ineffectiveness of its drive to take control of large tracts of Ukraine, vowed in December to boost its military personnel to 1.5 million. (Reuters)