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October
Japan PM Kishida's pledge to review quarterly disclosure may take years
Written by Nur Yasmin
Japanese Prime Minister Fumio Kishida wants to ease quarterly disclosure requirements for companies as part of his pledge to forge a "new capitalism", but implementation could take years, complicating the outlook for one of his key promises.
Just weeks into office and facing a tightrope election on Sunday, Kishida already had to water down a pledge to raise the capital gains tax, for fear of hurting stock prices.
Delays to disclosure requirements plans would cast more doubt on Kishida's ability to push through policies to redistribute wealth and close the wage gap.
"Stock prices may fall if Kishida pushes through (a review of disclosure rules). But it's part of his mandate of turning away from policies just seeking short-term return," said Daiju Aoki, chief Japan economist at UBS Sumi Trust Wealth Management.
"If he wants to forge a new capitalism that looks not just at shareholders' interest but social and environmental issues, this is something he must accomplish."
Japan made quarterly disclosure mandatory in 2008 as part of efforts to make its rules more aligned with that of the United States and increase market appeal to overseas investors.
But some ruling party lawmakers have called for relaxing the rule, arguing that quarterly disclosures force companies to focus too narrowly on short-term gains.
"Companies must do business from a long-term perspective and in a way that benefits not just shareholders, but employees and business partners," Kishida told parliament on Oct. 8.
"We must create an environment to encourage this, such as by reviewing quarterly disclosure rules and, in return, have firms ramp up disclosure of non-financial information," he said.
With an election looming, however, Kishida's administration has made little progress in kicking off the process.
Discussion at a panel overseen by the Financial Services Agency (FSA), which lays the groundwork for crafting necessary legislation, won't start until next year, government officials with knowledge of the matter say.
"It's an issue that will discussed through next year," one of the officials said.
The earliest the government can submit legislation to parliament will be 2023 and for new rules to be applied in 2024, the officials said on condition of anonymity because they were not authorised to speak publicly.
When asked for comment, the FSA said there has been no decision yet on when the topic will be discussed at the panel.
There are doubts on whether the FSA would willingly heed to Kishida's calls. The agency reviewed the feasibility of mandatory quarterly disclosures back in 2018 and concluded it was necessary for investors.
"We need quite solid justification to reverse what's now mandatory into voluntary rules," said an FSA official.
Private sector reaction remains mixed.
Yoshihiko Kawamura, chief financial officer of Hitachi (6501.T), welcomed Kishida's proposal given the heavy burden of preparing quarterly documents.
"There's talk within our company on how long we can continue doing quarterly disclosure," he said.
Akira Kiyota, CEO of Japan Exchange Group (8697.T), is cautious, saying information must be disclosed in a timely manner to ensure stocks accurately price in corporate value.
Yutaka Suzuki, an analyst at Daiwa Institute of Research, says it's unclear how a review of quarterly disclosure would help Kishida achieve wealth redistribution.
"If a lack of timely information disclosure raises uncertainty over corporate management, that could prompt risk-averse investors to pull money out of the stock market, making it difficult for companies to raise funds," he said.
"It could also send a wrong message to overseas investors, who may think Japan is passive about information disclosure."
October
S.Korea eases curbs in first step toward 'living with COVID-19'
Written by Nur Yasmin
South Korea said on Friday it will drop all operating-hour curbs on restaurants and cafes and implement its first vaccine passport for high-risk venues such as gyms, saunas and bars, as it tries to "live with COVID-19".
The first phase will go into effect on Monday and last for a month, officials said, with plans calling for all restrictions to be scrapped by February.
"Beginning November 1, our community will take the first step of resuming our normal life," Prime Minister Kim Boo-kyum said at a televised government meeting. "However, we must be aware that this doesn't mean the fight against coronavirus is over, but a new beginning."
The push comes as South Korea grapples with high daily case numbers, though they remain far below many of the worst hit countries, and serious infections and deaths are low.
Last week, South Korea met its goal of vaccinating 70% of its 52 million people, paving the way for the planned return to normal. It has now fully vaccinated about 72% of the population, and has given at least one dose of a vaccine to more than 79.8%.
While never under lockdown, South Korea has been battling the fourth wave of infections since July when the government imposed tight gatherings and social distancing restrictions.
Outdoor sports events are allowed to take up to 50% of spectators and up to 100 people can attend musicals or concerts regardless of vaccination status. Inoculated people will be allowed to consume popcorn and soda inside movie theatres.
Visits to high-risk venues such as bars and night clubs, indoor gyms, saunas and karaoke bars will require proof of vaccination, or a negative COVID-19 test result from within 48 hours.
South Korea has launched its own vaccine app that it says protects user privacy through blockchain technology.
While private gatherings will be allowed with up to 10 people nationwide regardless of vaccination status, restaurants and cafes will keep a cap on up to four unvaccinated people per group.
Authorities have said they will focus on hospitalisation and mortality rates rather than daily mitigation and expand self-treatment for those with only mild COVID-19 symptoms.
The Korean Medical Association (KMA) and experts have warned that the timing of the switch to the new strategy, with a relatively high number of cases and as winter approaches, may fuel a rise in COVID-19 cases.
South Korea reported 2,124 new COVID-19 cases for Thursday, bringing its cumulative tally to 360,536 infections with 2,817 deaths.
October
Japan's ruling party is set for likely bruising in weekend election
Written by Nur Yasmin
Japan's Liberal Democratic Party (LDP) and prime minister Fumio Kishida are likely to take a bruising at the weekend's lower house election, though the coalition government should safely retain power, opinion polls on Friday showed.
The Sunday election is set to be a test for the LDP, whose image was battered by its perceived mishandling of the coronavirus pandemic, and hanging on to its single-party majority in the powerful lower house could be difficult, the polls suggested.
Kishida became prime minister earlier this month and governed for a bit over a week before dissolving the chamber, hoping to catch the opposition on the back foot with an earlier-than-expected poll and take advantage of the "honeymoon" period usually granted to new governments.
But some analysts believe the move may do nothing for Kishida himself, whose bland image has failed to inspire voters, and say he risks being replaced if there a substantial loss of seats for the LDP with an upper house election looming next year. A loss of 30 seats or more could leave Kishida in trouble.
"Recently elections have been about personalities, a certain 'face,' but right now neither the coalition nor the opposition really has that," said Atsuo Ito, a political commentator.
"Moreover, elections like this are usually a judgement on the government that's been in power, but Kishida's government had really only been in for around 10 days by the time parliament was dissolved, and you can't really vote on that," he added.
"I think a lot of voters are puzzled and turnout may fall."
Turnout is crucial, with high numbers tending to favour the opposition, but polls suggest turnout may be only slightly higher than the postwar record low of 52.66% in 2014.
The second lowest post-war turnout was in the 2017 lower house election, at 54%. Youth turnout was particularly low, with only three out of every 10 people in the 20-24 age bracket casting votes - something activists and others are trying to change.
SHRINKING MAJORITY
Kishida has set a coalition target for a majority 233 seats in the 465-seat lower chamber, well below the 276 seats held by the LDP alone before the lower house was dissolved.
Both the Nikkei and Yomiuri Shimbun dailies published polls on Friday showing the LDP may be hard pressed to hold 233 seats but its junior coalition partner, Komeito, should help the coalition maintain an overall majority.
The leading opposition Constitutional Democratic Party of Japan is likely to pick up some extra seats, the Nikkei said, estimating that around 40% of races in single seat districts were expected to be closely fought.
An alliance of opposition parties has made things harder for the LDP, and the question is not if they will lose seats, but how many, Ito and others say.
"In districts where the opposition is cooperating, the LDP is fighting pretty hard," said Airo Hino, a professor at Tokyo's Waseda University.
"They're neck-and-neck in a number of the single seat districts."
The shortness of the campaign period also means less time for voters to critically examine, and ask questions, about the coalition's governance over the last few years, said Kensuke Takayasu, at the Seikei University Faculty of Law.
"This general election could have been a chance to review the government's responses not only to the pandemic but to foreign policy, gender policy, its fiscal and monetary policy, social policy, family policy .... for the last eight or nine years," he told a news conference.
"Yet unfortunately it seems we're going to miss this very significant opportunity."(Reuters)
October
Australia's COVID-19 vaccination drive reaches Antarctica's frozen shores
Written by Nur Yasmin
COVID-19 vaccines have arrived at Australia's Casey research station in Antarctica, authorities said on Friday, allowing expeditioners to be inoculated before they journey back home to a country reopening to the world.
Australia is gradually easing pandemic restrictions as it boosts vaccination levels after its southeast was rocked by a third wave of infections fuelled by the Delta variant.
Sydney and Melbourne, its largest cities, are readying to welcome fully vaccinated residents flying from overseas without quarantine from Nov. 1 - the first time in over 18 months. Outbound travel ban will also be lifted then.
Pfizer Inc (PFE.N) vaccines for 27 staff at Australia's Casey Station in Antarctica had arrived, Federal Environment Minister Sussan Ley said on Friday. Vaccines will also be delivered to its Davis and Mawson research stations.
Australia has managed to keep its stations on the frozen continent free of the coronavirus, despite its arrival there last December when it became the last of the world's continents to report an outbreak.
"As expeditioners prepare to head home, it is important that they can join the national surge in COVID-19 vaccinations," Ley said in a statement.
The relaxation in travel rules, however, is not uniform across Australia, as states and territories have differing vaccination rates and health policies.
Victoria state, home to Melbourne, will ease more curbs later on Friday despite reporting its deadliest day of the Delta outbreak a day earlier and daily infections lingering near record levels. The state recorded 10 new deaths, down from 25 on Thursday. Cases dipped to 1,656 from 1,923.
Neighbouring New South Wales reported 268 new cases, the lowest rise in nearly two weeks. Australian Capital Territory will report its daily caseload later on Friday. Australia's remaining six states and territories are COVID-free or have very few cases.
October
Printing coupons and eating swans: N.Korea innovates amid food, economic woes
Written by Nur Yasmin
From printing coupons as replacement cash to breeding ornamental black swans to eat, North Korea is being forced to innovate to handle economic woes and food shortages as anti-pandemic border lockdowns drag on, reports suggest.
With the harvest coming to an end, international observers say North Korea's food and economic situation is perilous, and there are signs that it is increasing trade and receiving large shipments of humanitarian aid via China.
South Korea’s intelligence agency told a closed-door parliamentary hearing on Thursday that North Korean leader Kim Jong Un had issued orders calling for every grain of rice to be secured and all-out efforts devoted to farming, according to lawmakers at the briefing.
Still, the spy agency assessed that this harvest may be better than last year's because of sunnier weather, and it said North Korea was taking steps to reopen its border with China and Russia in coming months, the lawmakers told reporters.
North Korea has long suffered from food insecurity, with observers saying that mismanagement of the economy is exacerbated by international sanctions over its nuclear weapons, natural disasters, and now the COVID-19 pandemic, which prompted unprecedented border lockdowns there.
Kim Jong Un has acknowledged a "tense" food situation and apologised for sacrifices citizens had to make to prevent a coronavirus outbreak.
But he also said the economy improved this year, and North Korea denied a report from U.N. investigators this month that said thousands of its most vulnerable people risked starvation.
North Korea has not officially reported a single coronavirus case. U.N. agencies said North Korea has recently begun to allow in shipments of aid, and numbers released by China show a slow increase in trade.
'DELICIOUS MEAT'
According to various media citing unidentified sources in North Korea, the central bank has been printing money coupons worth about $1 due to a shortage of North Korean won bills.
Rimjin-gang, a Japan-based website operated by North Korean defectors, reported the coupons had been circulating since at least August, in part because paper and ink for official currency were no longer coming in from China.
A shortage of won notes may also have been exacerbated by a government crackdown on the use of foreign currency, particularly U.S. dollars and Chinese renminbi that had been widely used before, said Seoul-based NK News, which said it had corroborated the reports.
Reuters was not able to independently confirm the use of the coupons.
This week North Korean state media promoted the consumption of black swan meat as a valuable food source, and said that newly developed industrial scale breeding would help improve people's lives.
"Black swan meat is delicious and has medicinal value," the ruling party newspaper Rodong Sinmun said on Monday.
Research into breeding the ornamental birds for food began in early 2019, and authorities have told schools, factories and businesses to grow food and raise fish and other animals to increase self-sufficiency, NK News reported.
"The solution is meant to address both the failure of large-scale farming to provide adequate food supplies to the whole country and more recent government COVID-19-related restrictions that have largely blocked food and other imports since early 2020," wrote Colin Zwirko, NK News senior analytic correspondent.(Reuters)
October
Pakistan Islamist group vows to march on capital, gov't negotiations deadlocked
Written by Nur Yasmin
A banned Islamist group prepared to march on Pakistan's capital Islamabad despite last minute negotiations with the government that the country's interior minister said on Thursday evening were deadlocked.
Thousands of members of the banned Tehrik-e-Labaik Pakistan (TLP) group had been gathered since last Friday on a highway, just outside the eastern city of Lahore, with a series of demands including the release of their imprisoned leader.
On Thursday they began marching north towards Pakistan's capital after a series of deadly clashes with police the previous evening.
"We have started marching towards Islamabad, police have barricaded the road, but we will remove them," a TLP spokesman told Reuters.
Pakistan's Interior Minister Sheikh Rasheed said on Thursday evening that the government was in talks with TLP and he had spoken to the group's imprisoned leader Saad Rizvi by phone but so far no deal had been reached.
"What we have agreed with the TLP, we stand by with it, but they are still not listening to us and are not stepping down," he said in an interview with local broadcaster Geo.
The government has said that it would agree to most of the group's demands, including freeing Rizvi, but would not agree to formally expelling the French ambassador.
"If they dont go back, there will be consequences," Rasheed said, adding he was prepared to continue talks in the coming days.
Clashes on Wednesday evening killed around four police officers and several TLP members, and wounded dozens. The country's information minister had said they would be treated with full force as a militant group and not allowed to enter the capital, where shipping containers had been set up to block roads.
Besides demanding the release of their leader and their removal from a list of banned organisations, the TLP activists have been calling for the expulsion of France's ambassador over the publication of a series of caricatures depicting the Prophet Mohammad by a French satirical magazine.
It is the group's third countrywide protest campaign since 2017 over caricatures that are considered deeply insulting by Muslims.(Reuters)
October
Washington committed to helping Taiwan defend itself - U.S. official
Written by Nur Yasmin
The top U.S. representative in Taiwan, Sandra Oudkirk, said on Friday that the United States is committed to helping Taiwan defend itself amid heightened tensions between Taipei and Beijing.
Speaking to reporters at her first news conference since assuming her post in July, she described U.S. relations with Taiwan as "rock-solid".
"The United States has a commitment to help Taiwan provide for its self-defence," said Oudkirk, who heads the American Institute in Taiwan, the de facto U.S. embassy in the absence of formal diplomatic ties.
Her remarks come as tension between Taiwan and China, which has not ruled out taking the democratically ruled island by force, has escalated in recent weeks.
In a statement to Reuters, the Chinese foreign ministry said it is opposed to Oudkirk's comments and urges the United States to be aware of the sensitive nature of the Taiwan issue.
"Don't play with fire, or it will severely impact China-U.S. relations and the peace and stability of the Taiwan Strait," the statement said.
While the United States, like most countries, has no formal ties with the Chinese-claimed island, it is its most important international backer and main arms supplier. President Joe Biden's administration has moved to restate that support, to the anger of Beijing.
Washington is required by law to provide Taiwan with the means to defend itself but it has long followed a policy of "strategic ambiguity" on whether it would intervene militarily to protect Taiwan in the event of a Chinese attack.
When asked if the United States would come to Taiwan's defence if China attacked, Oudkirk said the policy towards Taiwan has been clear and remains unchanged, citing several U.S. laws governing its relations with Taiwan.
A recent increase in Chinese military exercises in Taiwan's air defence identification zone are part of what Taipei views as stepped up military harassment by Beijing.
Taiwan Defence Minister Chiu Kuo-cheng said earlier this month that military tensions with China are at their worst in more than 40 years.
In an interview with CNN that aired Thursday, Taiwan President Tsai Ing-wen confirmed that a small number of U.S. forces are in Taiwan to train Taiwanese soldiers.
When asked for more details on the presence of U.S. forces on the island, Oudkirk declined to comment on specific operations or training.
"We engage with our partners in Taiwan on a routine basis to assess vulnerabilities, to assess ways we can support Taiwan in mounting its own self-defence," she said.
The U.S. Secretary of State Antony Blinken on Tuesday urged all United Nations member states to support Taiwan's "robust" participation in the U.N. system.
October
'Just give us our money': Taliban push to unlock Afghan billions abroad
Written by Nur Yasmin
Afghanistan's Taliban government is pressing for the release of billions of dollars of central bank reserves as the drought-stricken nation faces a cash crunch, mass starvation and a new migration crisis.
Afghanistan parked billions of dollars in assets overseas with the U.S. Federal Reserve and other central banks in Europe, but that money has been frozen since the Islamist Taliban ousted the Western-backed government in August.
A spokesman for the finance ministry said the government would respect human rights, including the education of women, as he sought fresh funds on top of humanitarian aid that he said offered only "small relief".
Under Taliban rule from 1996-2001, women were largely shut out of paid employment and education and normally had to cover their faces and be accompanied by a male relative when they left home.
"The money belongs to the Afghan nation. Just give us our own money," ministry spokesman Ahmad Wali Haqmal told Reuters. "Freezing this money is unethical and is against all international laws and values."
One top central bank official called on European countries including Germany to release their share of the reserves to avoid an economic collapse that could trigger mass migration towards Europe.
"The situation is desperate and the amount of cash is dwindling," Shah Mehrabi, a board member of the Afghan Central Bank, told Reuters. "There is enough right now ... to keep Afghanistan going until the end of the year.
"Europe is going to be affected most severely, if Afghanistan does not get access to this money," said Mehrabi.
"You will have a double whammy of not being able to find bread and not being able to afford it. People will be desperate. They are going to go to Europe," he said.
The call for assistance comes as Afghanistan faces a collapse of its fragile economy. The departure of U.S.-led forces and many international donors left the country without grants that financed three quarters of public spending.
The finance ministry said it had a daily tax take of roughly 400 million Afghanis ($4.4 million).
Although Western powers want to avert a humanitarian disaster in Afghanistan, they have refused to officially recognise the Taliban government.
Haqmal said Afghanistan would allow women an education, although not in the same classrooms as men.
Human rights, he said, would be respected but within the framework of Islamic law, which would not include gay rights.
"LGBT... That's against our Sharia law," he said.
Mehrabi hopes that while the United States has recently said it will not release its lion's share of roughly $9 billion of funds, European countries might.
He said Germany held half a billion dollars of Afghan money and that it and other European countries should release those funds.
Mehrabi said that Afghanistan needed $150 million each month to "prevent imminent crisis", keeping the local currency and prices stable, adding that any transfer could be monitored by an auditor.
"If reserves remain frozen, Afghan importers will not be able to pay for their shipments, banks will start to collapse, food will be become scarce, grocery stores will be empty," Mehrabi said.
He said that about $431 million of central bank reserves were held with German lender Commerzbank, as well as a further roughly $94 million with Germany's central bank, the Bundesbank.
The Bank for International Settlements, an umbrella group for global central banks in Switzerland, holds a further approximately $660 million. All three declined to comment.
The Taliban took back power in Afghanistan in August after the United States pulled out its troops, almost 20 years after the Islamists were ousted by U.S.-led forces following the Sept. 11, 2001, attacks on the United States.(Reuters)October
Media briefing on COP26, Jakarta - VOI-NK -
The 26th Conference of Parties (COP) of the United Nations Framework Convention on Climate Change (UNFCCC) in Glasgow is a major international conference for taking action on climate change. Last year Asia experienced its hottest year on record, 1.4 degrees above the average temperature for the previous three decades, causing billions of dollars in economic losses from extreme weather and climate change impacts. When asked by Voice of Indonesia, whether COP26 can be a solution to climate change, in a Media briefing Thursday (28/10/21) In Jakarta, the British Ambassador to Indonesia and Timor Leste, Owen Jenkins explained that COP26 must be a solution to climate change problem that is experienced worldwide.
“And I think the answer it has to be. We don’t have another moment, we need to this together, we need to do this in a context of United Nation so every come together to sholve what is bigger chalange we faced. And we think that Glasgow COP26 is our last best chance to address the chalange on a climate change. And we can, the progress has been made, the impresive ambition has shown been by Indonesia and other countries show the world is committed to make this change” Ambassador Owen said.
On the same occasion, First Secretary for climate change and low carbon policy at the British Embassy for Indonesia and Timor Leste, Helen Faulkner said that article 6 of the Paris rulebook on negotiations to form the basis of a carbon market mechanism that has not yet been finalized will be an important discussion at COP26 .
“We are very much practice on issue an introduction of the outcome. Article 6 probably the most chalanging issue to come. And we have seen some progress and changing over these years. And we are seeting it there yet. And I think thats why COP26 President has task two ministers and try to take this forward. And try move forward the process to become each agreement on article 6” Helen said.
The content of these rules is as important as the country's key climate targets, because the key figures are only as good as our ability to ensure countries are clearly reducing emissions and accounting for those reductions consistently //VOI-NK
October
Australia eases COVID-19 travel advisory ahead of border reopening
Written by Nur Yasmin
Australia on Thursday eased its COVID-related travel advice for several countries including the United States, Britain and Canada as it prepares to reopen its borders next week for the first time in over 18 months.
Australia will lift its outbound travel ban for fully vaccinated residents from Nov. 1 following a strong uptake of COVID-19 vaccines, as Sydney and Melbourne, its biggest cities, look to welcome overseas travellers without quarantine.
"The changes announced today are a vital next step in re-uniting Australian families and safely re-opening Australia to the world," Foreign Affairs Minister Marise Payne said in a statement on Thursday.
The updated country-specific travel advice will also help Australians to access travel insurance more readily, Payne said.
As Australia begins to ease COVID-19 travel curbs, Victoria on Thursday recorded its deadliest day of the Delta outbreak with 25 deaths and 1,923 cases, the biggest rise in infections in four days. Neighbouring New South Wales, home to Sydney, logged 293 new cases, down from 304 on Wednesday.
Despite the Delta wave, national coronavirus numbers are still relatively low by global standards, with about 166,000 cases and 1,694 deaths.
Australia has been gradually easing tough restrictions in Sydney and Melbourne, helped by higher vaccination levels after a third wave of infections fuelled by the highly infectious Delta variant spread rapidly across its southeast.
The relaxation in travel rules, however, is not uniform across Australia, as the country's states and territories have differing vaccination rates and health policies.
Under the updated travel advice framework, the 'do not travel' advisory, put in place for all destinations in March 2020, has been removed. But no destination will be set lower than 'level 2 - exercise a high degree of caution'.(Reuters)