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August
Japan PM Suga's support slides to record low as Olympic Games close - survey
Written by Nur Yasmin
Support for Japanese Prime Minister Yoshihide Suga slid below 30% for the first time since he took office, a survey showed on Monday, a sign the Tokyo Olympic Games failed to boost his ratings amid a resurgence of coronavirus infections.
Roughly a third disapproved of holding the Games which closed on Sunday and 60% said they did not want Suga to stay on as premier, according to the poll conducted by Asahi newspaper, darkening his ruling party's prospects in general elections to be held later this year.
In the poll conducted over the weekend, Suga's support slid to 28%, the lowest since he became prime minister in September last year.
Of those polled, 56% of those who replied said it was good to hold the Tokyo Games, while 32% thought it was a bad idea.
Japan's slow vaccination rollouts have hurt Suga's popularity and a spike in new infections, caused by the rapid spread of the Delta variant, has overshadowed the Olympic Games with cases hitting a milestone of one million on Friday.
Suga and Olympics organisers have said there was no link between the Games and the spike in cases. (Reuters)
August
Anti-military protests in Myanmar on anniversary of 1988 uprising
Written by Nur Yasmin
Protests against Myanmar's military government broke out across the nation on Sunday, the anniversary of the bloody suppression of a 1988 uprising against a previous army junta.
At least six separate protests were documented on Facebook pages of opponents of the military, which seized power from the elected government six months ago and detained its leader, Nobel laureate Aung San Suu Kyi, and several other key officials.
The Feb. 1 coup ended a brief, decade-long experiment in democracy in the Southeast Asian nation of 53 million, shattering hopes that it would emerge from more than half a century of military rule.
The new government led by Min Aung Hlaing, the military's most senior general who assumed the post of interim prime minister a week ago, says it acted within the constitution to remove Suu Kyi's government after disputing the election her party won, though the election commission said the vote was fair.
Many of Sunday's protests made reference to the “8-8-88” democracy uprising on August, 8, 1988, which the then-military regime crushed. Opponents of the military say an estimated 3,000 people were killed during that crackdown.
"The old debt from 88, we must get it all in this 21," chanted protesters in Wundwin township in Mandalay region, recorded on Facebook videos.
Another anti-protest in Myaing township featured placards reading: "Let's struggle together toward the unfinished 8.8.88 people's liberation."
A military government spokesman could not be reached on Sunday for comment on the protests.
The 1988 uprising was at the time the biggest challenge to army rule that had last since 1962.
Min Aung Hlaing on Sunday released a statement praising another anniversary - the founding of the Association of Southeast Asian Nations (ASEAN) 54 years ago.
The statement did not mention the special ASEAN envoy ton Myanmar that the 10-member regional bloc appointed in recent days, who has been tasked with ending post-coup violence and fostering talks between the military and its opponents.
The new envoy, Brunei diplomat Erywan Yusof, said on Saturday he should be given full access to all parties when he visits Myanmar, a trip that has not yet been scheduled. (Reuters)
August
Global stocks tread water as gold slides and oil takes a spill
Written by Nur Yasmin
Global shares treaded water on Monday as sharp falls in gold and oil prices briefly spooked sentiment, while the dollar reached four-month highs on the euro after an upbeat U.S. jobs report lifted bond yields.
European shares were mixed in early trading, as a fall in commodity prices weighed on Britain's blue-chip index, while other regional indexes stayed near recent highs with earnings season winding down.
The FTSE Eurofirst 300 index was trading flat, Britain's FTSE 100 index dipped 0.3% and Germany's DAX 30 fell 0.3%.
MSCI's All Country World Index, which tracks shares across 49 countries was flat on the day.
Markets were shaken early by a sudden dive in gold as a break of $1,750 triggered stop loss sales to take it as low as $1,684 an ounce. It was last down 1% at $1,745.
Brent also sank 2% on concerns the spread of the Delta variant of the coronavirus would temper travel demand.
Holidays in Tokyo and Singapore made for thin trading conditions, adding to the volatility. Yet after an initial fall, MSCI's broadest index of Asia-Pacific shares outside Japan recovered to be up 0.1%.
They were helped by China's blue chips index which added 1.3%. Japan's Nikkei was shut but futures were trading a modest 20 points below Friday's close.
Nasdaq futures slipped 0.1% and S&P 500 futures 0.2%.
Chinese trade data out over the weekend undershot forecasts, while figures out Monday showed inflation slowed to 1% in July offering no barrier to more policy stimulus.
The U.S. Senate came closer to passing a $1 trillion infrastructure package, though it still has to go through the House.
Investors were still assessing whether Friday's strong U.S. payrolls report would take the Federal Reserve a step nearer to winding back its stimulus.
"What we're seeing is a little bit of early profit-taking on the back of fear that tapering will come in earlier in September. But as you can see, it has little impact because the effect of a better economy far outweighs the substitution effect of higher interest rates," said Sebastien Galy, senior macro strategist at Nordea Asset Management.
However, the pace of tapering was still up in the air and would decide when an actual rate increase came, he said. The Fed is buying $120 billion of assets a month, so a $20 billion taper would end the programme in six months whilst a $10 billion tapering approach would take a year.
The spread of the Delta variant could argue for a longer taper with U.S. cases back to levels seen in last winter's surge with more than 66,000 people hospitalised.
Figures for July CPI due this week are also expected to confirm inflation has peaked, with prices for second-hand vehicles finally easing back after huge gains.
There are four Fed officials speaking this week who will no doubt offer enough grist for markets looking for clues on the timing of tapering.
In the meantime, stocks have been mostly underpinned by a robust U.S. earnings season. BofA analysts noted S&P 500 companies were tracking a 15% beat on second quarter earnings with 90% having reported.
"However, companies with earnings beats have seen muted reactions on their stock price the day following earnings releases, and misses have been penalized," they wrote in a note.
"Guidance is stronger than average but consensus estimates for two-year growth suggest a slowdown amid macro concerns."
Financials firmed on Friday as a steeper yield curve is seen benefiting bank earnings, while also penalising the tech sector where valuations are sky high.
Yields on U.S. 10-year notes were up at 1.29% in the wake of the jobs report, having hit their lowest since February last week at 1.177%.
That jump gave the dollar a broad lift and knocked the euro back to $1.1760, and briefly to its lowest since April at $1.1740. The dollar likewise climbed to 110.22 yen and away from last week's trough of 108.71.
That took the U.S. currency index up to 92.882 and nearer to the July peak of 93.194.
Oil prices eased further after suffering their largest weekly drop in four months amid worries coronavirus travel restrictions would threaten bullish expectations for demand.
Brent fell $1.29 to $69.41 a barrel, while U.S. crude lost $1.34 to $66.94. (Reuters)
August
Britain and Italy records COVID-19 cases -
Britain recorded 28,612 new coronavirus infections on Saturday, down from 31,808 a day earlier, and 103 deaths, higher than the 92 reported on Friday, official data showed.
The data also showed that 46,997,495 people have had a first dose of a vaccine and 39,210,356 have had two doses.
Italy reported 22 coronavirus-related deaths on Saturday (Aug 7), compared with 24 the day before, while the daily tally of new infections rose to 6,902 from 6,599.
Italy has registered a total of 128,209 deaths linked to COVID-19 since its outbreak emerged in February last year, the second-highest toll in Europe after Britain and the eighth-highest in the world//CNA
August
Global supply snags could mean fewer toys under the Christmas tree
Written by nuke
Global supply snags could mean fewer toys under the Christmas tree -
It's always "better to shop a little early" for the holidays, but this year, says Judy Ishayik, co-owner of a New York toy store, "We are telling people to shop for Christmas in September."
Global shipping snags are causing shortages, delivery delays and price increases - all headaches for toy stores and manufacturers.
Ishayik's store, Mary Arnold Toys, has been selling toys for 90 years in the upscale Upper East Side section of Manhattan.
At first glance, the shelves appear well-stocked. But at the back of the store and in the basement where the inventory is stored, there is a lot of empty space.
Like many other sectors of the US economy working to get back to normal following the upheaval caused by the COVID-19 pandemic, toymakers and speciality stores have been trying to adapt, while struggling to replenish their supplies.
Some factories were forced to shut down during coronavirus outbreaks, impacting manufacturing.
And shippers have been overwhelmed by demand from online sales, exacerbated by a shortage of shipping containers, while in some ports, boats wait several days to unload their goods.
In the United States, trucking firms are struggling to recruit drivers.
A feeling of panic was brewing ahead of the holiday season last year, with some retailers concerned that overwhelmed delivery firms like UPS or FedEx would not be able to get packages to customers on time.
But those fears proved to be exaggerated.
In the end, families shopping for dolls, board games and building blocks for children stuck at home helped US toy sales jump by 16 per cent in 2020, according to market research firm NPD.
But with supply chains disrupted for over a year now, delays have piled up, said Jennifer Blackhurst, a supply chain specialist at the University of Iowa.
"It's not impacting just one industry or just one product type. It's affecting companies across the board and they are all competing to get the shipping capacity," she told AFP.
She warns the situation is unlikely to return to normal before next year.
Hasbro, maker of Transformers figures and the iconic Monopoly board game, is keenly aware of the problem and "working to ensure product availability during the holiday season", chief financial officer Deborah Thomas said recently.
The company placed holiday orders earlier, and diversified its sources, ports and carriers.
But that comes at a cost: Sea freight rates have quadrupled compared to the start of the year, Thomas said, which means Hasbro will have to increase its prices in the third quarter//CNA
August
Australia's east coast continues to struggle with Delta outbreaks
Written by nuke
A woman wearing a protective face mask walks along a deserted city bridge during morning commute hours on the first day of a lockdown as the state of Victoria looks to curb the spread of a coronavirus disease (COVID-19) outbreak in Melbourne, Australia, July 16, 2021. REUTERS/Sandra Sanders -
Australia's three most populous states of New South Wales, Victoria and Queensland reported a total of 282 COVID-19 new locally acquired infections on Sunday (Aug 8), with authorities struggling to quell outbreaks of the Delta variant.
NSW reported 262 fresh cases, down from the pandemic high of 319 seen on Saturday, with more than 5 million people in Sydney regions along the coastline under a lockdown for six weeks already.
"I urge everybody to please stick to the rules, the health advice, and only leave home if you absolutely have to," NSW Premier Gladys Berejiklian said.
One woman in her 80s died overnight, bringing the total number of deaths in the current outbreak to 28.
There are 362 people in hospital in NSW, with 58 in intensive care. Of the people in intensive care, 54 were unvaccinated.
Neighbouring Victoria reported 11 new locally acquired coronavirus cases, as the state remains under a seven-day strict lockdown imposed earlier this week.
Queensland recorded nine new local cases, with parts of the state to come out of a lockdown on Sunday, but a fresh three-day lockdown was imposed on the city of Cairns after a report of a case with unknown origin.
With the highly transmissible Delta variant plaguing Australia's east coast, states have applied the "go hard, go early" snap lockdown approach, suggested by the federal government last week until at least 70 per cent of the population gets vaccinated.
Only about a fifth of people aged over 16 have been fully vaccinated so far, mainly due to scarce supply of Pfizer shots and public unease about the AstraZeneca vaccine.
Health Minister Greg Hunt said on Sunday the first million doses of the Moderna vaccine is expected in September//CNA
August
Saudi Arabia opens Umrah pilgrimage to COVID-19 vaccinated worshipers from abroad: State media
Written by nuke
Muslims, keeping a safe social distance, pray as they perform Umrah at the Grand Mosque after Saudi authorities ease the coronavirus disease (COVID-19) restrictions, in the holy city of Mecca, Saudi Arabia, Nov 1, 2020. (Photo: Saudi Press Agency/Handout via REUTERS) -
Saudi Arabia will gradually begin receiving Umrah pilgrimage requests from abroad for vaccinated pilgrims starting Aug 9 after about a year and a half of not receiving overseas worshippers due to the COVID-19 pandemic, the state news agency (SPA) reported early on Sunday (Aug 8).
With a capacity that would rise to 2 million pilgrims from 60,000 pilgrims per month, Mecca and Medina will start welcoming visitors from abroad to their mosques while maintaining COVID-19 precautionary measures.
An official in the Haj and Umrah Ministry said domestic and overseas pilgrims will have to include authorized COVID-19 vaccination certificates along with their Umrah request.
Vaccinated pilgrims from countries that Saudi Arabia includes on its entry-ban list will have to be institutionally quarantined upon arrival, the report added.
Umrah, a pilgrimage to Islam's two holiest sites that is undertaken at any time of the year, was reopened in October for domestic worshippers after it was totally upon the outbreak of the pandemic.
Islam's holiest sites' home for the second year in a row had hosted a limited-numbered, domestic Haj pilgrimage in July//CNA
August
A fire-damaged street sign marks Main Street in a decimated downtown Greenville, California during the Dixie fire on Aug 5, 2021. (Photo: AFP/Josh Edelson) -
US authorities said on Saturday (Aug 7) they were searching for eight people missing as a huge wildfire raged in northern California, leaving two towns in little more than cinders.
The Dixie Fire, the largest active wildfire in the United States, recently became the third-largest in California history.
As of Saturday it had blackened 446,723 acres in four counties, up from the previous day's 434,813 and surpassing the vast Bootleg Fire in southern Oregon. Dixie is now 21 per cent contained, the CalFire website reported.
While the fire continued to grow, officials said Saturday that cooler, calmer weather was giving firefighters a much-needed break.
Those conditions are expected to continue into Sunday.
"We expect the same fire behavior as yesterday, which was fairly moderate," Jake Cagle, a firefighter sections chief, said in a briefing Saturday.
Earlier, the Dixie Fire left the Gold Rush town of Greenville charred and in ruins, while also burning through the small town of Canyondam.
The Plumas County sheriff's office said it had received the descriptions of eight people considered missing in Greenville and was searching for them.
As authorities urge thousands of locals to evacuate, they have been met at times by armed residents refusing to budge, the Los Angeles Times reported Saturday.
Law enforcement officers are asking any residents who stay for the names of next-of-kin - to be notified if the fire claims their lives.
The Dixie Fire's movement northeastward has been slowed in part because it has reached the "scar" of an earlier blaze, the 2007 Moonlight Fire, reducing available fuel, CalFire said.
More than 5,000 personnel are now battling the Dixie blaze, which is sending enormous clouds of smoke into the air that are easily visible from space.
A preliminary investigation has suggested the fire was started when a tree fell on a power cable owned by regional utility Pacific Gas & Company (PG&E), a private operator that was earlier blamed for the huge Camp Fire in 2018, which killed 86 people.
By late July, the number of acres burned in California was up more than 250 percent from 2020 - itself the worst year of wildfires in the state's modern history.
A long-term drought that scientists say is driven by climate change has left much of the western United States parched - and vulnerable to explosive and highly destructive fires//CNA
August
Hundreds of families homeless as Greek fires rage, Turkey saved by the rain
Written by nuke
A Sikorsky S-64 Skycrane helicopter drops water over Thrakomakedones, near Mount Parnitha, north of Athens, on Aug 7, 2021. (Photo: AFP/Louisa Gouliamaki) -
Hundreds of firefighters fought fires that have devoured record numbers of woodlands in Greece on Saturday (Aug 7) and left hundreds of families homeless, but heavy rains brought some respite to hard-hit Turkey.
More than 1,450 Greek firefighters backed by at least 15 aircraft were battling the wildfires and flare-ups, with reinforcements arriving from other countries, the fire service said.
"We are sending a team of experienced firefighters to support Greek firefighters currently battling the huge blazes," UK Home Secretary Priti Patel tweeted Saturday.
Egypt is also expected to send two helicopters and Spain one Canadair firefighting plane.
With strong winds and temperatures of up to 38 degrees Celsius forecast in some regions on Saturday, the blazes in Greece are expected to continue for some time yet. And this year's fires have already been far more destructive than in previous years.
In the last 10 days, 56,655 hectares have been burnt in Greece, according to the European Forest Fire Information System. The average number of hectares burnt over the same period between 2008 and 2020 was 1,700 hectares.
"When this nightmarish summer ends we will reverse the damage as soon as possible," Prime Minister Kyriakos Mitsotakis pledged on Saturday.
Greece and Turkey have been fighting devastating fires for more than a week as the region suffers its worst heatwave in decades. Officials and experts have linked such intense weather events to climate change.
So far, they have killed two people in Greece and eight in Turkey, with dozens more hospitalised there during 10 days of the blazes.
A UN draft report seen by AFP labelled the Mediterranean region a "climate change hotspot", warning that heatwaves, droughts and fires would become more fierce in the future, supercharged by rising temperatures.
But the weather gave Turkey some relief on Saturday.
Officials in the Turkish coastal city of Antalya said the blazes were under control in the southwestern province after rainfall there.
And heavy rainfall was expected to continue until the afternoon in areas including Manavgat, one of the most affected by the fires.
The situation remained serious however around the tourist hotspot of Mugla, where at least three neighbourhoods have been ordered to evacuate.
There have been over 200 fires in 47 of Turkey's 81 provinces, Agriculture and Forestry Minister Bekir Pakdemirli tweeted early on Saturday. Thirteen of those fires in five provinces are still burning.
Central Greece regional governor Fanis Spanos told the Athens News Agency (ANA) that more than 300 families whose homes had been burned down were being sheltered in hotels.
And the situation remained dire in Mani, in the Peloponnese, where 5,000 people were evacuated Friday//CNA
August
Huge US infrastructure Bill backed by Biden passes key hurdle
Written by nuke
A aerial view Manhattan Bridge is seen in New York City on Aug 5, 2021. (Photo: Kena Betancur/AFP) -
A huge infrastructure Bill deemed historic by President Joe Biden passed a key procedural hurdle on Saturday (Aug 7), with enough Republican senators joining Democrats to make its final passage in the upper chamber appear nearly certain.
The US$1.2 trillion Bill, designed to fund much-needed upgrades to US roads, highways, bridges and high-speed internet, drew the support of 18 Republican senators and 49 Democrats - a rare instance of bipartisanship in deeply divided Washington.
That Republican support - with the party's Senate leader Mitch McConnell among the 18 in favour - will end floor debate on the Bill, a procedural step that required 60 votes.
With only 51 votes required for final Senate passage, the vote on Saturday greatly improves the Bill's chances, although fierce wrangling over amendments is continuing.
The final vote is expected by early next week.
The legislation - months in the making - calls for US$550 billion in new federal spending on the nation's ageing infrastructure, including spending to slow the effects of climate change.
The total US$1.2 trillion price tag - equal to the 2020 GDP of Spain - includes some funds previously approved but not yet spent.
Biden, a 36-year veteran of Senate manoeuvring, has followed the Bill's progress closely, and White House officials said he would not hesitate to phone wavering senators if needed.
Making a last-minute plea for passage, Biden tweeted on Saturday that the Bill represented a "historic, once-in-a-generation investment in our nation's infrastructure".
"We can't afford not to do it," he added.
Biden also dispatched Vice President Kamala Harris, another former senator, to Capitol Hill Saturday to shore up support for the legislation.
If the Senate approves the plan, it will move to the House of Representatives, where passage is not guaranteed. Democrats hold a narrow majority there, and the party's centrist and liberal wings have butted heads over the content of the Bill.
Final passage by both houses would represent a major victory for the Democratic president, who has been betting his political legacy on economic recovery and the fight against the ravages of COVID-19.
Biden's Republican predecessor, Donald Trump, issued a statement Saturday calling the Bill "a disgrace".
Trump, who was unable to bring an infrastructure Bill to passage during his four-year term, added that it would be "very hard" for him to "endorse anyone foolish enough to vote in favour of this deal."
His position could make a final vote more problematic for Republicans looking ahead to the 2022 midterm elections.
But Republicans also know that the spending in the Bill is very popular among voters, according to polls//CNA