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September
Bangladesh will not face a situation like Sri Lanka, PM Hasina says
Written by Nur Yasmin
Bangladesh Prime Minister Sheikh Hasina has said her country will not face a situation like the economic crisis in Sri Lanka although her government has sought loans from global agencies amid a fall in its reserves and surging import costs.
In an interview with Reuters partner ANI, aired ahead of her visit to India on Monday, Hasina said that Bangladesh's economy remained strong despite the impact of COVID-19 and the Russia-Ukraine war.
Bangladesh's $416 billion economy has been one of the fastest-growing in the world for years but dwindling foreign exchange reserves due to inflated import bills have prompted the government to seek loans from global agencies, including the International Monetary Fund (IMF).
"Bangladesh has always timely (in paying) our debt; our debt rate is very low in the context of Sri Lanka," Hasina said. "Some people have raised this issue that Bangladesh will be Sri Lanka, but I can ensure that that will not happen."
Sri Lanka reached a preliminary agreement with the IMF on Thursday for a loan of about $2.9 billion, after the country plunged into a crisis due to economic mismanagement and the COVID-19 pandemic wiped out its key tourism industry.
During her four-day visit to India, Hasina will meet her Indian counterpart and other leaders. (Reuters)
September
Jailed Malaysian ex-PM Najib seeks royal pardon
Written by Nur Yasmin
Former Malaysian Prime Minister Najib Razak has applied for a royal pardon, the speaker of parliament said on Monday, less than two weeks after he was sent to jail for 12 years for corruption.
Malaysia's top court on Aug. 23 had rejected an appeal by Najib, 69, to set aside his conviction on graft and money laundering charges in a case linked to a multibillion-dollar scandal at state fund 1Malaysia Development Berhad (1MDB).
Najib, who has also been fined nearly $50 million, has consistently denied wrongdoing.
According to Malaysia's constitution, any lawmaker sentenced to more than a year in prison will automatically lose their seat in parliament, unless they apply for a pardon from the monarch within 14 days.
Parliament Speaker Azhar Azizan Harun said on Monday Najib will remain a legislator until his petition for a pardon, filed on Friday, was decided on.
Najib would lose his seat "only if the petition was rejected" Azhar said in a statement.
A lawyer for Najib confirmed the petition had been filed but declined to provide further details.
The petition is expected to be reviewed by a pardons board headed by the king, which could also consider advice from the the prime minister.
A son of Malay nobility, Najib is believed to be close to some of Malaysia's sultans - the country's traditional rulers who take turns to be the monarch in a unique rotational system.
A full pardon would allow him to return to active politics and even make a comeback as premier, as some of his supporters have called for.
Najib however still faces four other cases, all of which carry jail terms and heavy financial penalties.
Najib was hospitalised on Sunday but local media said he was back in court on Monday.
He was stable and undergoing routine medical checks, his aide told Reuters on Sunday, without elaborating on why he was admitted. (Reuters)
September
Taiwan to resume visa free entry for some countries in latest reopening step
Written by Nur Yasmin
Taiwan will resume visa free entry for visitors from countries including the United States and Canada from next week, the government said on Monday, as it continues to ease controls put in place to contain the spread of COVID-19.
Taiwan had kept its entry and quarantine rules in place as large parts of the rest of Asia have relaxed or lifted them completely, though in June it cut the number of days spent in isolation for arrivals to three from seven previously.
Taiwan has reported more than 5.3 million domestic cases since the beginning of the year, driven by the more infectious Omicron variant. But with more than 99% of those exhibiting no or mild symptoms, the government has relaxed rather than tightened restrictions in what it calls the "new Taiwan model".
Taiwan's Central Epidemic Command Centre said the resumption of visa free entry for visitors from the United States, Canada, New Zealand, Australia, Europe and diplomatic allies would start from next Monday.
The decision was made based on the fact that most countries around the world have already reopened their borders and resumed pre-pandemic border measures and the need to balance epidemic prevention, economic and social activities and international exchanges.
Command centre chief Victor Wang told reporters the three days of quarantine and need for a PCR test upon arrival would remain for the time being, as well as the current cap on 50,000 arrivals a week.
Taiwan, which has a well vaccinated population, has already ended the requirement for pre-departure negative PCR tests.
Throughout the pandemic Taiwanese citizens and foreign residents have never been prohibited from leaving and then re-entering, though have had to quarantine either at home or in hotels.
Before the pandemic, Taiwan was a popular tourist destination for mainly Asian visitors, with Japan, South Korea and Southeast Asia the most important markets. (Reuters)
September
Taiwan shooting down a drone near China was 'appropriate' - premier
Written by Nur Yasmin
The shooting down of a drone off the Chinese coast that buzzed a Taiwanese-controlled island was the most "appropriate" thing to do after repeated warnings, and China should exercise restraint, Taiwan Premier Su Tseng-chang said on Friday.
For the first time, Taiwan's military shot down an unidentified civilian drone that entered its airspace near an islet near China's Xiamen city on Thursday, after the government vowed tough measures against a rise in intrusions.
China responded that Taiwan was trying to "hype up tensions" over the incident, which follows the island's complaints of harassment regarding drones from China flying close to the Kinmen islands, as Beijing stages military drills around Taiwan.
Su told reporters that Taiwan had repeatedly issued warnings and asked China "not to encroach on our doorstep".
The drone was shot down after entering restricted air space near the tiny Lion islet, and crashed into the sea, according to Taiwan's military.
"They repeatedly ignored our warnings to leave and we had no choice but to exercise self-defence and shoot," Su said. "This is the most appropriate reaction after repeated restraint and warnings."
China should exercise restraint, Su said.
"We will never provoke, and we will do the most appropriate thing to protect our land and our people."
Chinese Foreign Ministry spokesperson Zhao Lijian said Taiwan's "attempt to hype up tensions does not mean anything".
Taiwan media cited China's Taiwan Affairs Office as describing the downing of the drone as "extremely ridiculous" and that Taiwan was trying to "hype up confrontation".
The Kinmen defence command said on Friday its forces detected two further drones which "quickly" flew back to Xiamen after troops fired flares to warn them away.
The defence ministry also released pictures on Friday of troops on Kinmen aiming the Taiwan-developed Skynet "interference gun," which can cut off drone control signals forcing them to land. It said troops are using high calibre rifles to shoot at drones too.
Chinese forces have been exercising near Taiwan since early August following the visit to Taipei of U.S. House Speaker Nancy Pelosi, which infuriated Beijing.
China views democratically-governed Taiwan as its own territory, despite the strong objections of the government in Taipei.
At least two videos of recent drone trips have circulated widely on Chinese social media, including one in which Taiwanese soldiers were seen throwing stones at the craft.
Su said these videos were made for China's "propaganda at home", adding to the anger of Taiwan's people.
Taiwan fired warning shots at a drone for the first time on Tuesday shortly after President Tsai Ing-wen said she had ordered the military to take "strong countermeasures" against what she termed Chinese provocations.
Tsai has championed the idea of "asymmetric warfare" to make its forces more mobile and hard to attack. Speaking via video link to a forum in Prague on Friday, Taiwan's Foreign Minister Joseph Wu said that remained a focus.
"To safeguard our security and sovereignty, Taiwan will continue to develop its asymmetric capacity to make the invasion across the Strait very difficult and costly," he said.
Taiwan has controlled Kinmen, which at its closest point is a few hundred metres (feet) from Chinese territory, since the defeated Republic of China government fled to Taipei after losing a civil war to Mao Zedong's communists in 1949.
At the height of the Cold War, China regularly shelled Kinmen and other Taiwanese-held islands along the Chinese coast, and while they retain a sizeable military presence they are now also tourist destinations. (Reuters)
September
Pakistan court extends Imran Khan's bail on terrorism charges
Written by Nur Yasmin
A Pakistani court on Thursday extended former Prime Minister Imran Khan's pre-arrest bail for two weeks on terrorism charges relating to a speech after Khan appeared in court amid tight security, his lawyer said.
"It is not at all a case of terrorism," Faisal Chaudhry, the lawyer told Reuters of the charges, which Khan and his aides have termed politically motivated.
The bail was approved until Sept. 12, he said. The pre-arrest bail expired on Aug. 31.
The charges against Khan are related to what police said was a threat to Islamabad police chief and a female judge after Khan spoke about police torture of an aide who faces sedition charges for inciting mutiny in the military.
Political tensions in Pakistan remain high as Khan rallies support for elections that are not due until October next year.
Khan has denied he threatened the officials, saying his words were taken out of context.
In his speech, Khan said he "would not spare" the Islamabad police chief and a female judge who remanded his aide to custody, adding he would take legal action against them. (Reuters)
September
China securities regulator says will implement Sino-U.S. audit deal
Written by Nur Yasmin
China will implement an audit agreement with the United States announced last week and will strengthen communication with foreign investors, a senior Chinese securities regulatory official said on Friday.
Fang Xinghai, vice chairman of the China Securities Regulatory Commission (CSRC), also told a forum that China would expand mutual access between mainland and Hong Kong, and would support the city's role as a global listing venue.
The agreement between China and the United States, announced on Friday last week, will allow U.S. regulators to vet accounting firms in mainland China and Hong Kong, potentially ending a long-running dispute that threatened to banish more than 200 Chinese companies from U.S. exchanges.
Previously, China had been reluctant to grant such access, citing national security concerns.
"We will implement well the Sino-U.S. cooperative agreement on cross-border audit supervision, and will continue to strengthen communication with overseas institutional investors," Fang said.
Under U.S. law, Chinese companies not compliant with U.S. audit rules will be prohibited from trading on U.S. exchanges by 2024.
U.S. regulators have selected e-commerce majors Alibaba Group Holding Ltd (9988.HK) and JD.com Inc (9618.HK), among U.S.-listed Chinese companies, for audit inspection starting this month under the agreement, sources told Reuters.
Meanwhile, legal experts and China watchers warn the two sides could still clash over how the accord is interpreted and implemented.
"My instinct is that now that China indicated that they want to avoid a mass delisting, that things will work out in the end," said Drew Bernstein, co-chairman of Marcum Asia CPAs LLP.
"But expect some bumps in the road and barrels of midnight oil being burned before they get there."
MUTUAL ACCESS
Fang said the CSRC would work with Hong Kong financial regulators to expand the China-Hong Kong Stock Connect scheme, by including more eligible stocks.
"That will help Hong Kong attract more companies elsewhere to come to list in Hong Kong," Fang said.
Already, a growing number of U.S.-listed Chinese firms have conducted secondary or primary listings in Hong Kong, to mitigate the impact of possible delistings in the U.S.
Fang also said that China is studying to set up a yuan-denominated securities trading counter under the southbound leg of Stock Connect, which targets mainland investors.
In addition, China supported the issuance of Chinese government bond futures in Hong Kong, he said.
Hong Kong Chief Executive John Lee hailed the measures as "significant milestones", saying in a statement they would attract more listings in Hong Kong and provide risk-management tools for bond investors.
Hong Kong's Financial Secretary Paul Chan said in the same statement the measures would consolidate Hong Kong's status as an international financial centre and a global hub for offshore yuan. (Reuters)
September
China accuses Taiwan's ruling party of attempting to hype tensions after drone shooting
Written by Nur Yasmin
China's foreign ministry on Friday said Taiwan's ruling party was attempting to hype tensions, after the self-governed island shot down an unidentified civilian drone this week.
"The Democratic Progressive Party's attempt to hype-up tensions does not mean anything," spokesperson Zhao Lijian said at a regular briefing, in response to a question about the shooting of the drone.
Taiwan downed the drone when it buzzed a Taiwanese-controlled island off the Chinese coast on Thursday. Taiwan Premier Su Tseng-chang said the shooting was the most "appropriate" thing to do after repeated warnings, adding that China should exercise restraint.
Neither Taiwan nor China have explicitly said the drone came from China. (Reuters)
September
Sri Lanka court allows former finance minister Basil Rajapaksa to travel overseas
Written by Nur Yasmin
Sri Lanka's highest court has allowed former finance minister Basil Rajapaksa to travel overseas until Jan. 15, anti-corruption body Transparency International Sri Lanka said on Friday.
"Court allowed Basil Rajapaksa to travel overseas upon a request made by his counsel seeking permission to go for medical check-ups. He is supposed to return by 15th January 2023," said Transparency International, which had sought a ban on his travels. (Reuters)
September
Indonesia says G20 meeting fails to agree communique on adopting cleaner energy
Written by Nur Yasmin
A meeting of the Group of 20 major economies failed on Friday to produce a formal communique after talks on energy transition, but chair Indonesia said members had backed a non-binding proposal to speed up adoption of cleaner energy.
Indonesia, one of the world's biggest carbon emitters, hadasked G20 countries to support measures to help deliver on commitments to reach net zero emissions, its energy minister told counterparts in Bali.
G20 climate talks earlier this week had also been unable to agree on a joint communique and Britain's climate delegate Alok Sharma told Reuters some of the world's leading economies were backsliding on emissions commitments.
The energy transition ministerial meeting on Friday had not agreed on a communique "because there were differences among countries", energy minister Arifin Tasrif told reporters.
He said, however, Indonesia's non-binding proposal called the Bali Compact was endorsed by G20 members and would be brought to the leaders' summit in November.
Indonesia, a major exporter and user of coal, has joined a global pledge to phase out coal use and wants nearly a quarter of its energy to come from renewable sources by 2025, up from about 12% currently.
"What is important now is that we work together to coordinate policies, to strengthen cooperation and make sure our energy transition agenda moves forward," Arifin said at the opening of the meeting in Bali.
Underlining challenges ahead, the International Energy Agency in a report on Friday said Indonesia needed to ensure policy reforms take place so it can make the shift to cleaner energy faster, noting the technology was already commercially available and cost-effective.
The Bali Compact, details of which were not immediately available, aimed to strengthen national energy planning and implementation, boost investment and financing and improve energy security, Arifin said.
Chair Indonesia also did not release a joint communique after G20 climate talks earlier this week, with efforts derailed by what sources said were objections over language used on climate targets and the war in Ukraine. (Reuters)
September
South Korea official: no soft response in case of North Korea nuclear test
Written by Nur Yasmin
South Korea's national security adviser has said he and his counterparts from the United States and Japan have agreed there will be no soft response if North Korea conducts a nuclear test, Yonhap news agency reported on Friday.
Kim Sung-han made the comment after trilateral talks with U.S. National Security Advisor Jake Sullivan and Akiba Takeo of Japan in Hawaii amid signs the North has completed preparations to conduct its first nuclear test since 2017.
"If North Korea conducts its seventh nuclear test, our three countries, together with the international community, will maximise cooperation in a way that (North Korea) realises it was a clearly wrong choice," Kim told reporters, according to Yonhap.
"We have agreed there should never be such a complacent thinking or response that North Korea has conducted just another nuclear test in addition to the six tests it did."
The isolated, nuclear-armed North has conducted missile tests at an unprecedented pace this year.
In mid-August, North Korea fired two cruise missiles from its west coast after South Korea and the United States resumed the largest field exercises in years.
Pyongyang has long denounced the exercises as a rehearsal for war.
South Korea's foreign minister has said Pyongyang will likely face stronger sanctions aimed at curbing its cyberattack capabilities, a key funding source, if it pushes ahead with another nuclear test.
During the latest talks, the three officials also agreed to cooperate on global supply chain issues, while Kim separately raised concerns over new U.S. rules on subsidies for electric vehicles, South Korea's presidential office said.
Kim said after a bilateral meeting with Sullivan the previous day that the United States has promised to review the impact of the new rules after Seoul raised concern they could hurt South Korean automakers.
Measures under the Inflation Reduction Act (IRA), signed into law by U.S. President Joe Biden last month, would include halting subsidies for EVs made outside North America, which could affect companies like Hyundai Motor Co (005380.KS) and its affiliate Kia Corp (000270.KS).
This week's meeting marked the three officials' first gathering since South Korean President Yoon Suk-yeol took office in May. (Reuters)