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February
S.Korea to join economic sanctions against Russia
Written by Nur YasminPresident Moon Jae-in said on Thursday that South Korea would join with other countries by imposing economic sanctions on Russia over its military operations in Ukraine.
Russian forces fired missiles at several cities in Ukraine and landed troops on its coast on Thursday, officials and media said, after President Vladimir Putin authorised what he called a special military operation in the east.
At a National Security Council meeting in Seoul, Moon said that Ukraine's sovereignty, territory, and independence must be respected, press secretary Park Soo-hyun told a briefing.
"The use of military force that causes damage of innocent lives cannot be justified in any case," Moon said.
South Korea will support the international community’s efforts to restrain armed aggression and seek a peaceful resolution, including by joining in economic sanctions, Moon added.
Park did not elaborate on what the sanctions may be. (Reuters)
February
India foreign minister says willing to make investments in Sri Lanka
Written by Nur Yasmin
India's foreign minister Subrahmanyam Jaishankar said on Wednesday the country is willing to make investments in Sri Lanka to help it ease a financial crisis.
Sri Lanka has been suffering a severe shortage of foreign exchange, leading to widespread power cuts in recent days after being left unable to pay for fuel shipments. (reuters)
February
U.N. Myanmar expert says junta using new Russian, Chinese arms against civilians
Written by Nur Yasmin
The United Nations human rights expert on Myanmar on Tuesday said Russia and China were providing the junta with fighter jets being used against civilians, and urged the U.N. Security Council to halt the flow of weapons enabling atrocities.
Thomas Andrews, a former U.S. congressman serving in the independent post, released a report that also named Serbia as one of three countries supplying arms to the Myanmar military since it seized power last year, with "full knowledge that they would be used to attack civilians".
"It should be incontrovertible that weapons used to kill civilians should no longer be transferred to Myanmar," Andrews said in a statement.
Chaos has gripped Myanmar since a coup ended a decade of tentative democracy, triggering protests that troops suppressed with lethal force.
At least 1,500 civilians have been killed, according to activists cited by the U.N., which also says more than 300,000 people have been displaced by rural conflict between the military and armed opponents.
The junta says it is fighting "terrorists" and objects to what it calls U.N. interference.
Myanmar's military and Russia's foreign ministry could not immediately be reached for comment on the report.
Asked about the report at a regular briefing, China's foreign ministry spokesperson, Wang Wenbin, said China "has always advocated that all parties and factions should proceed in the long-term interests of the country" and "resolve contradictions through political dialogue".
In a statement, Serbia's foreign ministry denied supplying arms and said since Myanmar's coup it had "examined the new situation very carefully and in March last year made a decision not to deliver weapons to this country either under previously concluded agreements or new export requests."
Human rights groups and the U.N. have accused the junta of using disproportionate force to fight militias and ethnic minority rebels, including artillery and air strikes in civilian areas.
The report said Russia had supplied drones, two types of fighter jets, and two kinds of armoured vehicles, one with air defence systems. China transferred fighter jets while Serbia had provided rockets and artillery shells, it said.
The U.N. General Assembly adopted a resolution last year calling on members to halt arms transfers to Myanmar's military, which Andrews said the security council should make binding.
Serbia voted in favour of the resolution, but Russia and China abstained.
While China has urged an end to hostilities in Myanmar, Russia has been the generals' closest diplomatic ally amid efforts by the West to isolate them.
Andrews also called for cutting the Myanmar military's access to oil and gas revenue and foreign exchange reserves, plus international bans on purchases of Myanmar timber, gemstones, and rare earths.
Myanmar's rulers were vulnerable and could be stopped with international resolve, he said in the report.
"If revenues necessary to maintain such a military are reduced, the junta's (Reuters)
February
China's solar power capacity set for record increase in 2022 - industry body
Written by Nur Yasmin
China is expected to add 75 to 90 gigawatts (GW) of solar power in 2022, its solar manufacturing association said on Wednesday, far higher than a record increase in capacity last year.
The world's biggest solar products maker and solar power generator brought 54.88 GW of new solar power into operation in 2021, taking the total installed capacity to 306 GW despite a supply disruption of raw materials.
China could add an average of 83 to 99 GW of new capacity each year during 2022 to 2025, said Wang Bohua, honorary chairman of the China Photovoltaic Industry Association (CPIA), at a conference.
"Distributed solar power accounted for over 50% of total newly installed solar capacity for the first time in 2021. Looking ahead, we will see distributed solar power and centralised solar farms grow at the same pace," said Wang.
China plans to boost rooftop solar power in central and eastern parts of the country that are close to consumers and offer easier access to the grid.
Projects to build more large-scale solar stations in the Gobi and other desert regions in the west are also in the pipeline,with construction for about 100 GW of solar power capacity already under way in the area.
Wang also warned that the booming pace of solar manufacturing in the United States and certain European countries would challenge the industry in China.
U.S. President Joe Biden in early February extended Trump-era tariffs on imported solar energy equipment by four years. read more
Beijing's energy consumption curbs on industrial plants that use more than 50,000 tonnes of standard coal equivalent could also slow China's solar manufacturing development, Wang said.
Current policy only allows plants with a production of 4,600 tonnes polycrystalline silicon or 2.5 GW of monocrystalline silicon rod to avoid scrutiny.
"The CPIA is coordinating with government departments on the threshold of energy consumption restrictions," Wang said. (Reuters)
February
Pakistan PM flies to Moscow to advance pipeline project
Written by Nur Yasmin
Pakistani Prime Minister Imran Khan left for Moscow on Wednesday to push for the construction of a long-delayed, multi-billion-dollar gas pipeline to be built in collaboration with Russian companies, an official said.
Khan's trip to meet President Vladimir Putin and discuss issues including economic cooperation comes hours after a number of Western nations hit Russia with new sanctions for its military deployment into parts of eastern Ukraine. read more
"Both countries are eager to launch the project at the earliest," Pakistan's energy ministry spokesman told Reuters about the Pakistan Stream gas pipeline. He confirmed that Energy Minister Hammad Azhar is accompanying Khan on the visit.
The 1,100 km (683 mile)-long pipeline, also known as the North-South gas pipeline, was initially agreed to in 2015 and was to be financed by both Moscow and Islamabad, using a Russian company to construct it. read more .
In an interview ahead of his trip, Khan had expressed concern about the situation in Ukraine and the possibility of new sanctions and their effect on Islamabad's budding cooperation with Moscow.
It is unclear how the latest sanctions will affect the project, which would deliver imported Liquified Natural Gas (LNG) from Karachi on the Arabian Sea coast to power plants in the northeastern province of Punjab.
The project is important for Pakistan - particularly the power sector - as the country's dependence on imported LNG grows in the face of dwindling indigenous gas supplies.
The pipeline project has already suffered delays because of earlier sanctions.
"This North-South pipeline suffered, one of the reasons...was the companies we were negotiating with, turned out that U.S. had applied sanctions on them," Khan told Russia Today on Tuesday.
"So, the problem was to get a company that wasn’t sanctioned," he said of the project. (Reuters)
February
Taiwan casts wary eye at China amid Ukraine crisis, but no immediate alarm
Written by Nur Yasmin
Taiwan is nervous that Beijing may take advantage of a distracted West to ramp up pressure on the island amid the crisis in Ukraine, but there have been no unusual manoeuvres by Chinese forces in recent days, officials in Taipei say.
The government, always on alert to what they view as Chinese provocations, last month set up a Ukraine working group under the National Security Council. China views Taiwan as its own territory and has stepped up military activity near the self-governing island during the past two years.
President Tsai Ing-wen told a meeting of the working group on Wednesday that Taiwan must increase its surveillance and alertness on military activities in the region and tackle foreign misinformation, though she did not directly mention China. read more
Although Taiwan's government says the island's situation and that of Ukraine's are "fundamentally different", Tsai has expressed "empathy" for Ukraine's situation because of the military threat the island faces from China. read more
Taiwan Foreign Minister Joseph Wu warned in two foreign media interviews this month that they were watching very closely to see whether China would take advantage of the Ukraine crisis to attack.
"China may think about using military action against Taiwan at any moment, and we need to be prepared for that," he told Britain's ITV News.
A senior Taiwan official familiar with the government's security planning told Reuters that the chances of a sudden uptick of military tension are "not high", but that Taipei has been watching closely for any unusual Chinese activities.
The person pointed to the People's Liberation Army's joint military drills in areas between Taiwan's northeast and near the Miyako Strait close to Japan's southern islands, which have become more frequent in the past month or so.
The drills included fighter jets, bombers and warships and were meant to increase pressure on Japan, the official said, who declined to be identified due to the sensitivity of the matter.
A Japanese Defence Agency spokesperson declined to comment.
Ma Xiaoguang, a spokesperson for China's Taiwan Affairs Office, said on Wednesday that Taiwan's government in concert with the West was using Ukraine to "maliciously hype up" military threats and whip up anti-China sentiment.
WESTERN CONCERN
British Prime Minister Boris Johnson said on Saturday that if Western nations failed to fulfil their promises to support Ukraine's independence, it would have damaging consequences worldwide, including for Taiwan. read more
Two Taiwan-based diplomatic sources told Reuters that President Xi Jinping's primary focus at the moment was preparing for a tricky once-every-half-decade congress of the ruling Communist Party this year, where he will cement a historic third term in office.
"Once that's done, he will be able to focus once more on Taiwan," said one of the sources, who spoke on condition of anonymity as neither was authorised to speak to the media.
Taiwan, which rejects Beijing's sovereignty claims, has lived under the threat of Chinese invasion since the defeated Republic of China government fled to the island in 1949 after losing a civil war to the Communists.
Su Chi, a former head of Taiwan's Mainland Affairs Council under the previous administration of President Ma Ying-jeou, said Taiwan, like Ukraine, was caught between two great powers.
Xi and Russian President Vladimir Putin deal with their respective territorial claims very differently, added Su, who runs the Taipei Forum think tank.
"So far Xi has been firm but gradual, not lightening fast like Putin."
One Western security official familiar with policy planning toward China said Beijing was most likely looking at how the Ukraine situation developed in terms of sanctions on Russia.
"It's probably seen as a laboratory by China, on what they might face in a Taiwan contingency," the official said, referring to how Western countries may react to a Chinese attack on the island.
The Taiwan official said there were some similarities between Putin's and Xi's military moves in recent years, pointing to Russia's "grey zone" tactics towards Crimea before annexing it in 2014. Taipei has called China's frequent air missions near the island a "grey zone" tactic.
"Rather than conjecturing whether Xi would restrain actions before the party congress, it is more realistic to analyse its daily military activities and make preparations accordingly," the official added. (Reuters)
February
S.Korea presidential frontrunner seeks to 'reset' China ties with extra THAAD missile system
Written by Nur Yasmin
Plans by South Korea's leading opposition presidential candidate to buy an additional THAAD U.S. missile system risks economic retaliation from China, his top foreign policy adviser said, but that would provide a chance to "reset" testy diplomatic ties.
Kim Sung-han, who advises Yoon Suk-yeol on foreign policy, also said North Korea is likely to resume weapons testing, but his team aims to devise a roadmap with significant and swift benefits for Pyongyang if it takes concrete actions to denuclearise. read more
Yoon is the conservative main opposition People Power Party's candidate to run in the March 9 election, and is leading a tight race against Lee Jae-myung from outgoing President Moon Jae-in's party. read more
Relations between South Korea and China have been frayed since the installation in South Korea of the U.S. Terminal High Altitude Area Defence (THAAD) system in 2017 to better counter North Korea's evolving missile threats.
China argued the equipment's powerful radar could penetrate into its territory, and restricted economic and tourist exchanges, dealing a major blow to South Korea as its biggest trading partner.
The opposition has criticised Moon's promises of the so-called three "No"s - no additional THAAD deployments, no participation in a U.S.-led global missile shield, and no creation of a trilateral military alliance involving Japan - made in late 2017 in a bid to appease China and normalise relations.
Yoon, a former prosecutor-general, seeks to not only scrap those promises, but also purchase a new THAAD interceptor battery to deploy nearer to Seoul, together with the existing six sets at the southeastern air base of Seongju, Kim said.
"The economic retaliation continues even now in some areas, but to us, it's a matter of life and death, and China does not seem to fully understand that," Kim said in his first interview with foreign media.
Another THAAD installation, which Kim estimated to cost up to 1.5 trillion won ($1.26 billion), may well bring a fresh bout of economic retaliation from China.
But that would be a key element in relations that must be "corrected," after Moon had turned a blind eye in order to improve inter-Korean ties with Beijing's help, he said.
"More candid efforts should have been made to promote mutual respect, not just be a nice neighbour," said Kim, a professor in international relations at Korea University who served as vice foreign minister from 2012-13.
"Unless China's misunderstandings about THAAD aren't resolved, the relationship would remain superficial and that limits solid cooperation."
A Yoon administration would ditch Moon strategic ambiguity between Washington and Beijing, which contributed to deepening those misunderstandings, while promoting more regular security dialogue to reassure the THAAD radar is not directed at China, Kim said.
To boost security capabilities, Yoon would want to expand alliance consultations over extended nuclear deterrence, bolster a trilateral partnership with the United States and Japan, and also join the "Quad" gathering of the United States, Australia, Japan and India, Kim said.
On North Korea, despite a lull after a record month with six missile tests in January, it would likely restart weapons testing soonand could include breaking a self-imposed moratorium on long-range and nuclear tests, he said. read more
Kim's team would work to devise a roadmap where North Korea can receive rewards in a speedy manner in exchange for denuclearisation measures.
"I don't think North Korea would return to the negotiating table for offers of COVID-19 vaccines or food handouts, as they move according to their own clear cost benefit analysis," he said.
"We would want to give a signal that there would be significant benefits, that they can quite quickly reach the stage where they can get those, whether it be sanctions relief or large-scale economic aid, and present that roadmap in his early days in office." (Reuters)
February
Singapore's daily COVID-19 cases hit record of more than 26,000
Written by Nur Yasmin
Singapore's health ministry reported a record 26,032 COVID-19 infections on Tuesday and said it may take a few weeks before the current transmission wave peaks and subsides.
"While the number of patients needing oxygen supplementation and intensive care unit (ICU) care is not high, there is a surge in demand for hospital beds, mostly for patients with underlying chronic illnesses to recover," the health ministry said in a statement on Tuesday evening.
It reiterated that people with mild or no symptoms who had tested positive should consider self-recovery at home to reduce the pressure on healthcare workers.
Of the nearly 294,000 cases over the last 28 days, 99.7% had mild or no symptoms.
About 91% of Singapore's 5.5 million population have been fully vaccinated, with a further 66% receiving a booster jab. (Reuters)
February
Japan imposes sanctions on Russia over actions in Ukraine
Written by Nur Yasmin
Japan is imposing sanctions on Russia over its actions in Ukraine, Prime Minister Fumio Kishida said on Wednesday, terming Moscow's moves an unacceptable violation of Ukrainian sovereignty and international law.
Western nations on Tuesday imposed new sanctions on Russian banks and elites after Moscow ordered troops into separatist regions of eastern Ukraine. read more
Japan's sanctions include prohibiting the issuance of Russian bonds in Japan and freezing the assets of certain Russian individuals as well as restricting travel to Japan, Kishida said.
"Russia's actions very clearly damage Ukraine's sovereignty and go against international law. We once again criticise these moves and strongly urge Russia to return to diplomatic discussions," he said.
"The situation remains quite tense and we will continue to monitor it closely."
Details of the sanctions will be worked out and announced over the coming days, he added.
Japan has sufficient reserves of oil and liquefied natural gas (LNG) so that there will not be a significant impact on energy supplies in the short term, Kishida said.
Should oil prices rise further, he said he would consider all possible measures to limit the impact on companies and households.
Kishida said Japan would remain in close contact with other G7 nations and the international community.
"Should the situation worsen, we'll move quickly to take further action," he added.
Japanese markets were closed on Wednesday for a national holiday.
Japan's toughening stance contrasts with the softer diplomatic approach to Moscow taken by Japanese governments in the past, attempts to secure the return of islands occupied by Russian forces at the end of World War Two.
Japan's relations with Moscow have also been shaped by its reliance on Russia for energy needs. In 2021, Russia provided more than 12% of Japan's thermal coal, and almost a tenth of its LNG. (Reuters)
February
World stocks bounce as investors eye Putin's next steps in Ukraine
Written by Nur Yasmin
Global stocks broke a four-day slide on Wednesday and demand for safe-haven assets waned, with investors waiting to see Russian President Vladimir Putin's next move after he sent troops into separatist regions of Ukraine.
The initial push to send soldiers to Donetsk and Luhansk this week triggered coordinated, yet modest sanctions from Western countries, albeit with the prospect of more to come if Moscow seeks to push further into the country. read more
After chalking up a 3.6% fall since last Friday, the MSCI World Index (.MIWD00000PUS), a leading gauge of equity markets globally, edged off its highs to trade up 0.2%, helped by broad gains across Europe's major bourses.
The FTSE 100 (.FTSE)was up 0.3% and the pan-European STOXX Europe 600 index (.STOXX)rose 0.6%, bolstered by strong company earnings, including from automaker Stellantis (STLA.MI). Earlier, MSCI's index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)rose 0.4%.
S&P 500 (.ESC1) stock futures pointed to a 0.6% higher open, rebounding after officially entering correction territory in the prior session.
"In the end what investors want to know is: does this impact earnings or not? If not, the temptation to buy the dip is high," said Dirk Willer, global head of macro and asset allocation at Citi.
"Markets tend to see geopolitical events as opportunities," he said, adding past years had shown this was the correct policy to adopt.
Niklas Ekvall, chief executive of Swedish pension fund AP4, said the scheme had an allocation to equities of around 60% and planned to keep it there for now, eyeing a better risk-return than for fixed income, which accounts for 25% of its assets.
"In general, the geopolitical situation (in Ukraine), as long as it doesn't escalate further, will have quite a limited impact on financial markets," Ekvall said.
"Then of course, if it escalates to a full blown war in Ukraine, with further tensions into NATO, that's a different situation."
Commodity prices remained elevated, with traders nervous that supplies could be curtailed if the situation on Europe's eastern edge escalates.
Europe's benchmark gas price extended its morning gains to trade up 5.8%, adding to a hefty gain a day earlier after Germany halted Russia's Nord Stream 2 gas pipeline. read more
Brent crude , which hit seven-year highs this week, reversed course as European trade bedded in and was last down 0.6% at $96.30 a barrel, while West Texas Intermediate was down 0.6%.
After their biggest jump in three-and-a-half years on Tuesday, wheat futures pared early losses to trade down 0.2%. Corn futures also pulled back from an eight-month high and held steady, down 0.5%.
Gold pulled off its lows and was last down 0.2% at $1,894 an ounce.
CENTRAL BANKS TOO
The crisis in Ukraine and the potential for surging energy prices come on top of nerves about whether the global economy can handle rising interest rates.
Citi's Willer said he did not expect events in Ukraine to deter central banks from tightening policy, with the investment bank sticking to a forecast for a 50 basis point hike from the U.S. Federal Reserve in March.
"I doubt the geopolitics will mean any major change as the Fed are seen by many as so far behind the curve," Willer said.
"Usually the mantra is that high oil prices are a tax but that's gone out of the window as inflation pressures have been so strong and so underestimated by central banks."
A fresh reminder of that came on Wednesday, with January euro zone inflation data showing a 5.1% rise year-on-year. Meanwhile Bank of England Governor Andrew Bailey warned there was a clear risk high levels of inflation could prove sticky.
Among European bond markets, euro zone yields gave back early gains, with the German 10-year yield at around 0.24%. U.S. Treasuries were last at 1.97%.
The Reserve Bank of New Zealand announced its third consecutive rate hike on Wednesday, lifting its benchmark cash rate by 25 basis points to 1%, as expected, but surprising investors with a hawkish tone. read more
The New Zealand dollar rose 0.8% on the news and is on its longest streak of daily gains in almost two years.
Other currencies were fairly muted, though hopes that war in Ukraine can be avoided took some of the bid from safe havens and helped the euro rise 0.1% against the dollar (Reuters)