Live Streaming
Program Highlight
Company Profile
International News (6893)
November
Japan's first Omicron case may help portray PM Kishida as decisive
Written by Nur Yasmin
Japan confirmed its first case of the Omicron variant of coronavirus on Tuesday, a day after closing its borders to all foreigners in one of the world's toughest precautionary measures.
But the case could show Prime Minister Fumio Kishida was right in making the swift closure decision, helping to avert the sort of criticism that spurred the resignation in September of predecessor Yoshihide Suga over his handling of the virus.
Chief Cabinet Secretary Hirokazu Matsuno said the discovery of the sufferer, a diplomat from Namibia in his thirties who arrived at the Japanese capital's airport of Narita, showed that border controls had worked.
"In order to avoid the worst-case situation with Omicron, we'll stay on top of the infection situation in each nation and respond flexibly and fast," he added.
Kishida had pledged to bolster Japan's response to the pandemic when he campaigned to replace Suga, whose handling of the crisis left many dissatisfied.
Border curbs were loosened slightly just weeks ago, and Kishida said he would take responsibility for all criticism of his decision to shut the country again in a move that analysts said aimed to send a strong message.
"He's saying that he's a leader who's strong in a crisis, that he can make such a decisive move," said Airo Hino, a professor of political science at Waseda University.
"The governments before him didn't restrict travel soon enough, and he's taking that into account. It's a truism of politics that how you deal with crisis can make or break a government," he added, citing a rise in support for U.S. President George W. Bush after the 9/11 attacks.
The measures, which will run at least a month from taking effect on Tuesday, were generally welcomed by the public and tolerated by business leaders.
"It's better this way for elderly citizens," said Tokiko Amemiya, an 80-year-old retiree, while one commenter on Twitter simply said, "Thanks".
Kengo Sakurada, head of the Japan Association of Corporate Executives, has called the border measures "regrettable" but said they could not be helped.
TOURISM FALL
Tourism has been a pillar of Japan's economy in recent years, but despite a fall to nearly zero in the number of inbound visitors since the pandemic began last year, the economy has limped along without them.
However, over the longer term the export-dependent economy could suffer if the new variant worsens overseas demand and snarls supply lines for Japanese companies, said Kazuma Kishikawa, an economist at Daiwa Institute of Research.
"Moreover, as seen earlier in carmakers' output cuts due to the COVID-19 spread in Asian parts factories, it could disrupt supply chains," he added.
Border controls should ease as Japan's pandemic situation subsides, business lobbies have said, adding that the curbs are out of step with global standards and keep out critical employees.
New cases in Tokyo have recently fallen into the single digits.
"The Japanese government is under pressure, but we believe the current safety protocols should be more than sufficient in continuing to keep the population safe," said Michael Mroczek, chairman of the European Business Council in Japan.
The Namibian diplomat confirmed to have the Omicron variant had been vaccinated against the coronavirus, though the type of vaccine wasn't yet known, Health Minister Shigeyuki Goto told reporters. All other people on the man's flight will be treated as close contacts and tested every two days, Goto said.
It remains to be seen whether Kishida's gamble will pay off, said Waseda's Hino, adding that the sudden decision could cause problems for sectors of the economy that depend on foreign trainees.
A crucial election to Parliament's upper house comes up next summer.
"I think chances are good it will help him out, though it may not appear in opinion polls right away," Hino said.(Reuters)
November
Philippine leader Duterte's preferred successor quits presidential race
Written by Nur Yasmin
Philippines leader Rodrigo Duterte's preferred successor, Senator Christopher "Bong" Go, announced on Tuesday he was dropping out of the presidential race, leaving the administration without a candidate in next year's polls.
Go, Duterte's long-time aide, had recently hinted he may pull out of the presidential contest and said the president respected his decision.
His withdrawal raises questions over who the popular Duterte will now support in the May 2022 election. The 76-year old leader is not eligible to seek re-election, but will be standing for a senator's seat.
"I and President Duterte are ready to support whoever will truly serve and can continue and protect Duterte's legacy towards a more comfortable and safe and prosperous life for our children," Go said in a speech streamed on Facebook.
Analysts have said Duterte wants to ensure an ally succeeds him so he can be insulated from potential legal action at home or by the International Criminal Court, which has launched a probe into the thousands of killings in his "war on drugs".
Duterte's daughter, Davao Mayor Sara Duterte-Carpio, is running for the largely ceremonial deputy post alongside the son of late Philippine dictator and namesake, Ferdinand Marcos Jr., who has emerged as an early frontrunner.
Political observers say Go's withdrawal from the race would likely benefit the Marcos/Duterte-Carpio ticket as it would consolidate the Dutertes' voter base behind the 43-year-old mayor and that support could extend to Marcos.
"There is no more confusion in terms of administration support," said Aries Arugay, visiting fellow at the ISEAS Yusof-Ishak Institute and political science professor at the University of the Philippines.
Marcos is up against other presidential aspirants, including former boxing champion Manny Pacquiao, vice president Leni Robredo, Manila mayor Francisco Domagoso, and senator Panfilo Lacson. He is facing several disqualification cases grounded on a nearly three-decade old conviction for tax evasion.(Reuters)
November
Omicron vaccine warning triggers fresh global selloff
Written by Nur Yasmin
There was a fall in world share markets and scramble to safer currencies and bonds on Tuesday after the CEO of drugmaker Moderna (MRNA.O) warned that COVID-19 vaccines are unlikely to be as effective against the new Omicron variant.
Europe's main bourses jolted 1.4% lower early on, oil shed 3%, Australia's currency which is highly sensitive to global economic confidence hit a year low while Japan's safe-haven yen, German government bonds and gold all rose. /FRX
"There is no world, I think, where (the effectiveness) is the same level," Moderna's chief Stéphane Bancel told the Financial Times in an interview.
"I think it's going to be a material drop. I just don't know how much because we need to wait for the data. But all the scientists I've talked to . . . are like 'this is not going to be good'," Bancel said.
The early tumbles meant Europe's equity markets scratched off Monday's rebound and were below the levels hit on Friday when traders wiped roughly $2 trillion off global stocks in the initial Omicron rout.
Bancel had earlier said on CNBC that there should be more clarity on the efficacy of COVID-19 vaccines against Omicron in about two weeks, but that it could take months to begin shipping a reworked vaccine designed for the new variant.
"It's not good news, and it's coming from someone who should know," said Commonwealth Bank of Australia currency strategist Joe Capurso. "Markets have reacted in exactly the way you'd expect them to"
MSCI's broadest global equities index which tracks 50 countries (.MIWD00000PUS) was 0.2% lower and heading for only its third red month of the year. It has risen nearly 14% in 2021 whereas emerging market stocks (.MSCIEF) have lost nearly 6%.
Risk aversion also hit the currency markets with the U.S. dollar weakening 0.3% versus its main rivals. The Aussie dollar's slide of 0.65% left it at its 12-month low of $0.7093 whereas the Japanese yen - traditionally viewed as safe harbour due to its role as a funding currency - was nearing its highest level of the month at 112.95 yen. /FRX
ECONOMIC HIT
There was plenty of data to digest too.
Activity in China's services sector grew at a slightly slower pace in November, official data showed on Tuesday, as the sector took a hit from fresh lockdown measures as authorities raced to contain the latest outbreak.
China's blue chip CSI 300 index (.CSI300) closed 0.4% lower while Hong Kong's Hang Seng Index (.HSI) shed over 1.5% exacerbated by breach of a strong technical support level of 24,000 points, according to analysts.
In the commodity markets, Brent crude futures fell $2.32, or 3.2%, to $71.12 a barrel after slipping to the lowest level since Sept. 1.
A bounce in the euro continued though as strong consumer spending boosted Italian GDP data, a day after Germany's inflation rate hit its highest in decades at 6% year-on-year.
Euro zone-wide figures are due shortly. The single currency was last at $1.1350 well up from a near 17-month trough of $1.11864 last week when ECB policymakers signalled they still expected inflation to cool.
Omicron worries though meant the yield on 10-year German Bunds -- regarded as one of the safest assets in the world -- dipped to its lowest in just over a week at -0.345% and was last down about 2 basis points on the day.
Most other benchmark 10-year yields in the euro zone fell by a similar amount, while U.S. 10-year Treasury yields tumbled 7.5 bps to around 1.45%.
"We maintain our view that the ECB’s Governing Council will reinforce its patience on the policy rate at the December meeting to look through the inflation surge," analysts at Goldman Sachs said in a note.
"Additional targeted and regional restrictions, rather than blanket lockdowns," will see "a cumulative economic hit over Q4 and Q1 of about 0.4% of GDP in the euro area, and 0.2% of GDP in the UK," they added. Blanket lockdowns though could cause twice as much damage.(Reuters)
November
New Zealand opposition picks former airline boss to take on Ardern
Written by Nur Yasmin
New Zealand's main opposition National Party selected on Tuesday a former chief executive of the national carrier as its new leader to face Labour Prime Minister Jacinda Ardern in the next election expected in 2023.
Christopher Luxon, who helmed Air New Zealand for seven years until September 2019, was elevated to the top job just a year after entering parliament following a leadership crisis at the National Party that has seen four leaders replaced in as many years.
He comes in after Judith Collins, who headed the National's campaign in its worst election defeat in 2020, was dumped last week.
"Today we are drawing a line under the events of the last four years, and we are putting them behind us," Luxon said in his speech after he was appointed leader.
Luxon's elevation will put pressure on Ardern, whose popularity has taken a hit in recent weeks due to a perceived failure in quickly vaccinating the population and growing anger over her government's tough pandemic curbs and border closures.
Ardern has enjoyed enormous personal support but a recent 1News Colmar Brunton poll showed her rating as preferred prime minister had fallen 5 points from September to 39%.
National has been in turmoil since losing power to Ardern in 2017, besieged by infighting, leadership changes and scandals.
Luxon, 51, held senior roles at global consumer goods firm Unilever before moving to Air New Zealand and leading the airline between 2012 and 2019, during which time it produced consistent profits.
He was elected to Parliament for the Botany electorate only in the 2020 election.
"I have built a career out of reversing the fortunes of under-performing companies and I’ll bring that real-world experience to this role," he said.
A protege of former Prime Minister John Key, Luxon defended his Christian faith in his maiden press conference saying his faith had been "misrepresented and portrayed very negatively".
"I want to be very clear, we have separation between politics and faith,” he told reporters.
Luxon has said he does not support euthanasia in a referendum or abortion reform.(Reuters)
November
Singapore boosts testing, holds off on further reopening over Omicron variant
Written by Nur Yasmin
Singapore will hold off on more reopening measures while it evaluates the Omicron COVID-19 variant and will increase testing of travelers and frontline workers to reduce the risk of local transmission, authorities said on Tuesday.
A quarantine-free entry policy for vaccinated arrivals in the Asian financial and travel hub will not be extended to more countries for now, while current social distancing measures will remain in place, Health Minister Ong Ye Kung said.
"This is a prudent thing to do for now, when we are faced with a major uncertainty," Ong told a media briefing, adding the variant had not yet been detected locally.
Singapore will be prioritising use of COVID-19 Polymerase chain reaction (PCR) tests produced by Thermo Fisher (TMO.N) on travelers. Thermo Fisher said it is able to detect the Omicron variant.
Any Omicron cases found in Singapore will be placed in government healthcare facilities rather than the home isolation so far used for mild COVID-19 cases.
Ong said Singapore's high vaccination rate should offer some protection against the variant.
The city-state had earlier restricted arrivals from South African countries, and deferred the expansion of the quarantine-free entry programme for vaccinated travelers from several Middle East countries, given "their proximity as transport nodes to the affected countries".(Reuters)
November
Myanmar court defers first verdicts in Aung San Suu Kyi trial
Written by Nur Yasmin
A court in military-ruled Myanmar deferred on Tuesday the first verdicts in the trial of ousted leader Aung San Suu Kyi to Dec. 6, a source familiar with the proceedings said.
The Nobel Peace laureate, who led an elected civilian government that was ousted in a Feb. 1 military coup, has been held incommunicado and on trial since June, with court hearings behind closed doors.
On Tuesday, the court had been due to rule on charges of incitement and violations of COVID-19 protocols under a natural disasters law, among nearly a dozen cases against Suu Kyi, 76, who has rejected all the charges.
The source, who spoke on condition of anonymity, did not give a reason for the deferral.
The court in the capital, Naypyitaw, could not immediately be reached and a spokesperson for the ruling military council did not answer telephone calls early on Tuesday.
Suu Kyi's supporters say the cases against her are politically motivated.
Neither the junta nor state media have provided information on the proceedings and a gag order has been imposed on the defendants' lawyers. Suu Kyi is also charged with corruption and breaches of an official secrets act.
Myanmar has been in chaos since her overthrow, with the junta struggling to consolidate power amid protests, strikes and armed resistance by militias allied with a shadow government in retaliation for the military's use of deadly force.(Reuters)
November
EXCLUSIVE World Bank works to redirect frozen funds to Afghanistan for humanitarian aid only -sources
Written by Nur Yasmin
The World Bank is finalizing a proposal to deliver up to $500 million from a frozen Afghanistan aid fund to humanitarian agencies, people familiar with the plans told Reuters, but it leaves out tens of thousands of public sector workers and remains complicated by U.S. sanctions.
Board members will meet informally on Tuesday to discuss the proposal, hammered out in recent weeks with U.S. and U.N. officials, to redirect the funds from the Afghanistan Reconstruction Trust Fund (ARTF), which has a total of $1.5 billion.
Afghanistan's 39 million people face a cratering economy, a winter of food shortages and growing poverty three months after the Taliban seized power as the last U.S. troops withdrew from 20 years of war.
Afghan experts said the aid will help, but big gaps remain, including how to get the funds into Afghanistan without exposing the financial institutions involved to U.S. sanctions, and the lack of focus on state workers, the sources said.
The money will go mainly to addressing urgent health care needs in Afghanistan, where less than 7% of the population has been vaccinated against the coronavirus, they said.
For now, it will not cover salaries for teachers and other government workers, a policy that the experts say could hasten the collapse of Afghanistan's public education, healthcare and social services systems. They warn that hundreds of thousands of workers, who have been unpaid for months, could stop showing up for their jobs and join a massive exodus from the country.
The World Bank will have no oversight of the funds once transferred into Afghanistan, said one of the sources familiar with the plans. A U.S. official stressed that UNICEF and other recipient agencies would have "their own controls and policies in place."
"The proposal calls for the World Bank to transfer the money to the U.N. and other humanitarian agencies, without any oversight or reporting, but it says nothing about the financial sector, or how the money will get into the country," the source said, calling U.S. sanctions a major constraint.
'NOT A SILVER BULLET'
While the U.S. Treasury has provided "comfort letters" assuring banks that they can process humanitarian transactions, concern about sanctions continues to prevent passage of even basic supplies, including food and medicine, the source added.
"It's a scorched earth approach. We're driving the country into the dust," said the source. Crippling sanctions and failure to take care of public sector workers will "create more refugees, more desperation and more extremism."
Any decision to redirect ARTF money requires the approval of all its donors, of which the United States has been the largest.
A State Department spokesperson confirmed that Washington is working with the World Bank and other donors on how to use the funds, including potentially paying those who work in "critical positions such as healthcare workers and teachers."
The spokesperson said the U.S. government remains committed to meeting the critical needs of the Afghan people, "especially across health, nutrition, education, and food security sectors ... but international aid is not a silver bullet."
BYPASSING TALIBAN
Established in 2002 and administered by the World Bank, the ARTF was the largest financing source for Afghanistan's civilian budget, which was more than 70% funded by foreign aid.
The World Bank suspended disbursements after the Taliban takeover. At the same time, Washington stopping supplying U.S. dollars to the country and joined in freezing some $9 billion in Afghan central bank assets and halting financial assistance.
A World Bank spokesperson confirmed that staff and executive board members are exploring redirecting ARTF funds to U.N. agencies "to support humanitarian efforts," but gave no further details. The United Nations declined to comment.
Initial work has also been done on a potential swap of U.S. dollars for Afghanis to deliver the funds into the country, but those plans are "basically just a few PowerPoint slides at this point," one of the sources said. That approach would deposit ARTF funds in the international accounts of Afghan private institutions, who would disburse Afghanis from their Afghan bank accounts to humanitarian groups in Afghanistan, two sources said.
This would bypass the Taliban, thereby avoiding entanglement with the U.S. and U.N. sanctions, but the plan is complex and untested, and could take time to implement.
One major problem is the lack of a mechanism to monitor disbursements of funds in Afghanistan to ensure Taliban leaders and fighters do not access them, a third source said.
Two former U.S. officials familiar with internal administration deliberations said that some U.S. officials contend that U.S. and U.N. sanctions on Taliban leaders bar financial aid to anyone affiliated with their government.(Reuters)
November
China says Winter Olympics will proceed as planned despite Omicron challenge
Written by Nur Yasmin
China expects to hold the 2022 Winter Olympics "smoothly" and on schedule, despite challenges posed by the emergence of the new Omicron coronavirus variant, foreign ministry spokesman Zhao Lijian told a regular daily briefing on Tuesday.
"I believe it will definitely pose some challenge to our efforts to prevent and control the virus, but as China has experience in preventing and controlling the coronavirus, I fully believe that China will be able to host the Winter Olympics as scheduled, smoothly and successfully," Zhao said.
Beijing is set to stage the Games from Feb. 4 to Feb. 20, without foreign spectators and with all athletes and related personnel contained in a "closed-loop" and subject to daily testing for COVID-19.
Under its "zero-COVID" policy, China has had what are among the world's strictest COVID-19 prevention measures.(Reuters)
November
Japan's crown prince criticises media coverage of daughter's engagement
Written by Nur Yasmin
Japan's crown prince criticised the media on Tuesday for falsities and "terrible things" in its coverage of the engagement of his daughter, former princess Mako, who relinquished her royal status to marry a non-royal last month.
Mako, 30, postponed her marriage to Kei Komuro, 30, for roughly three years over opposition stemming from a scandal involving his mother. Mako was diagnosed with post-traumatic stress disorder during that period.
In accordance with Japanese law, Mako relinquished her royal status when the two married by submitting paperwork at a local office and left to live in New York this month.
Crown Prince Akishino, the emperor's brother, made the remarks, unusually candid for a Japanese royal, at a news conference to mark his 56th birthday.
"If you read the tabloids, well - I'm not sure how to say this exactly - but there's a lot of things in there that are fabricated, although there are also some opinions we should listen to," Akishino said when asked about the connection between media coverage and his daughter's diagnosis.
Though Japan was captivated when Mako and Komuro, who works in a law office in New York, announced their engagement in 2017, revelations of the scandal touched off intense media scrutiny and criticism.
"As for articles on the internet, there are also lots of comments ... and some of them say really terrible things," Akishino added. "There are people who are deeply hurt by this slander."
Some royal watchers said the furore over Mako's marriage, which even sparked protests against the wedding, might have been toned down with more adept handling by the Imperial Household Agency (IHA), which runs the family's lives, pointing to how similar incidents are handled by royals overseas.
Akishino said the IHA does sometimes correct "mistaken" information on its website but implied more might be needed.
"If you are going to argue against an article, you have to set proper standards and then protest when those are exceeded," he said. "Negative coverage may continue, so I think it is necessary to consider setting such standards in consultation with the IHA."
Akishino also said that the decision to forego all ceremonies for the marriage had been his, as he felt the scandal - about money loaned to the Komuro family by Komuro's mother's former fiance - had not been adequately explained.
But, he added, "I think it would have been appropriate if they could have been carried out as usual."(Reuters)
November
Prince Charles travels to Barbados to celebrate the creation of a republic
Written by Nur Yasmin
Britain's Prince Charles flew to Barbados as the Caribbean nation prepared for a celebration on Monday marking the founding of a republic and the removal of the queen as sovereign, cutting imperial ties some 400 years after English ships first arrived.
Barbados won independence from Britain in 1966 but has retained Queen Elizabeth as its official sovereign. She will be replaced with a Barbadian president in an inauguration ceremony to be held when the country celebrates independence on Tuesday.
Shedding the final vestiges of a colonial system that once spanned the globe will not have a direct impact on Barbados' economy or trade relations.
Prince Charles will deliver a speech just after midnight on Tuesday, saying that much of the relationship between the two nations will remain the same, including "the myriad connections between the people of our countries – through which flow admiration and affection, co-operation and opportunity."
Buckingham Palace says the issue is a matter for the people of Barbados to decide.
It will mark the first time in three decades that the queen is removed as head of state. Mauritius, an island in the Indian Ocean, proclaimed itself a republic in 1992.
The celebration will begin late on Monday and extend into Tuesday, when Sandra Mason will be inaugurated as the country's first president to serve as a largely symbolic figure behind Prime Minister Mia Mottley.
Mason currently holds the position of Governor-General, the queen's representative in Barbados.
The shift may spur discussion of similar proposals in other former British colonies that have Queen Elizabeth as their sovereign, which include Jamaica, Australia and Canada.
Mottley in a speech on Saturday said foundation of the republic marks a step forward for Barbados, but added that citizens must confront challenges such as inequality and climate change with the same fervor with which they sought independence in the 20th century.
"As we move to become a parliamentary republic after 396 years of British monarchical rule ... I ask us to recognize that the challenges may have changed, but they are as daunting as they ever were," said Mottley at the inauguration of a park that honors Barbadian independence activists. (reuters)