KUALA LUMPUR — The International Monetary Fund (IMF) believes Asia’s fast-growing economies will “come to a standstill” due to the coronavirus pandemic, faring worse than during the 2008-9 global financial crisis or the 1997-98 Asian crash. The region will experience zero growth for the first time since the 1960s, said Chang Yong Rhee, director of the IMF’s Asia and Pacific Department, who forecast that the economic impact of the pandemic will be “severe, across the board, and unprecedented.” Speaking during a press conference live-streamed from Washington, Rhee said Asia faces “a crisis like no other” due to the pandemic, which has killed over 136,000 people worldwide and prompted governments to impose lockdowns that have hampered commerce. “Containment measures are severely affecting economies,” Rhee said.
JAKARTA — Wages in Asia grew by an average of 3.5% last year, nearly ten times faster than the 0.4% increase seen among the wealthiest members of the Group of 20 countries, whose leaders will meet in Argentina later this week. Driven largely by Asian economies and China in particular, wages in the G-20’s emerging or developing economies — including Indonesia and India — have tripled overall in the two decades since the Asian financial crisis, according to a new report by the International Labour Organization. The disparity between developed countries such as Japan — where wages declined by 0.4% last year — and less-developed countries in Asia, is partly due to emerging economies growing much faster and enjoying lower inflation than other emerging or developing regions such as Africa, Latin America, Eastern Europe or the Middle East.
JAKARTA — In the 34th minute of the July 15 France vs. Croatia soccer World Cup final, with the game finely balanced at 1-1, referee Nestor Pitana jogged to the touchline in Moscow’s Luzhniki Stadium. With the roar of nearly 80,000 spectators ringing in his ears, the Argentine was en route to becoming the first official to use soccer’s new Video Assistant Referee system in the culminating match of the world’s biggest sporting event. Pitana spent almost a full minute — including turning back to the VAR monitor for second look — reviewing the incident, an alleged Croatian handball, before awarding France a penalty kick.
JAKARTA — According to legend, the world’s oldest beverage came about by accident more than 4,000 years ago, when a draft blew some tea leaves into a pot of boiling water being prepared for Shen Nung, the Chinese emperor known as “the divine farmer.” Divine intervention, maybe? Whatever the provenance of that fateful gust, it was not the first farce — or tragedy — to propel the tea industry forward and eventually globalize what was for thousands of years an Asian drink. As recently as the late 16th century, a handful of Japanese Christian pilgrims in Rome prompted much curiosity among their hosts by making tea: Locals assumed at first that the drink was just boiled water, according to “Tea: The Drink That Changed The World,” a 2007 book by John Griffiths. Kakuzo Okakura’s “The Book of Tea,” a 1906 paean to tea culture, suggested that the drink — by then almost as much of a staple in parts of Europe and North American as it had long been in Asia — could be a liquid bridge between East and West. Tea, wrote the Japanese scholar, who was also known as Tenshin Okakura, “has not the arrogance of wine, the self-consciousness of coffee, nor the simpering innocence of cocoa.”
JAKARTA — For the first time, three Asian universities are in the top 30 of the 2018 World University Rankings published by Times Higher Education. The rankings cover more than 1,000 universities worldwide and are arguably the best-known and most prestigious of such league tables. The new list for 2018 places the National University of Singapore as the highest ranked Asian school at 22nd, level with the University of Toronto. The other Asian schools in the top 30 are China’s Peking University at 27th — tied with New York University and the University of Edinburgh — and Tsinghua University, also in China, at 30th.
JAKARTA — After the most divisive election campaign in decades, tens of thousands of Americans have protested and rioted against the winner in cities across the country, prompting international concerns about an increasingly divided superpower. During his campaign, Trump called Mexicans “rapists,” appeared to mock a disabled reporter, threatened to ban Muslims from entering the U.S., and faced accusations of sexually assaulting women. Clinton was subject to an FBI investigation over her use of a private email account while working as secretary of state, while a foundation run with her husband, former President Bill Clinton, was suspected of soliciting cash from foreign governments in return for contacts in the U.S. government. China crowed over the debacle. “The innumerable scandals, rumors, conspiracy theories and obscenities make it impossible for a person to look away,” said state media outlet Xinhua News Agency. Alongside its unrivalled economic and military strength, the U.S. has relied on intangible “soft power” to influence other countries. Joseph Nye, the Harvard University scholar who coined the term, calls it “the ability to get what one wants through attraction rather than coercion or payments.” But Nye noted that American prestige in Asia has been undermined. “The lack of civility in the presidential debate and the nativist, xenophobic nature of a number of Trump’s statements have already had a negative effect on American soft power in Asia and elsewhere,” he told the Nikkei Asian Review.
JAKARTA — Asia is home to more than half the world’s most dynamic retail hubs, according to new research that reinforces images of the region’s mall-strewn megacities. The research, by professional services and investment management company JLL, says 12 of the fastest-growing retail cities are in Asia, with eight in China alone — another indication that global economic growth is increasingly driven by the Asia-Pacific region. JLL lists Dubai as the world’s fastest-growing retail destination, with Shanghai second and Beijing third. Places 9 to 13 are occupied by Bangkok, Chengdu, Kuala Lumpur, Jakarta and Manila, respectively. Only two European cities make the top 20 — Moscow and Istanbul — with none from Africa. Mexico City is the sole city from the western hemisphere, sitting at number 19.
KUALA LUMPUR — Obama held a separate press conference at a plush hotel away from the summit venue, where he repeated his view that the war in Syria — the seedbed for IS — was the fault of the Assad government, against which the U.S. has funded opposition militia groups. “It is not conceivable that Mr. Assad can regain legitimacy in a country in which a large majority of that country despises Assad, and will not stop fighting so long as he’s in power,” Obama said, at around the same time a terror threat forced the diversion to Canada of a Turkish Airlines flight from Istanbul to New York, while Belgian capital Brussels, the European Union headquarters, remained in lockdown due to “a serious and imminent threat,” according to Prime Minister Charles Michel.
KUALA LUMPUR — Pushing global terrorism into the background, the simmering South China Sea territorial dispute dominated discussions Sunday at the East Asia Summit that brought together world powers — including China, Japan and the U.S. — and the Association of Southeast Asian Nations. The 10th annual summit had been expected to focus on the threat of international terrorism following remarks made by President Barack Obama on Friday. However, many of the U.S. president’s counterparts turned out to be more concerned about the dispute with China. “The South China Sea was the central issue,” Japanese Prime Minister Shinzo Abe told reporters afterward.
KUALA LUMPUR — Earlier this week Southeast Asia’s foreign ministers “reaffirmed the importance of maintaining peace, stability, freedom of navigation in and overflight of the South China Sea,” according to an account given Friday by Malaysian Foreign Minister Anifah Aman. In comments possibly aimed at China, Anifah added that “the ministers remain seriously concerned over the ongoing developments and urged all parties to exercise self restraint.” He added that clearer rules over rights and responsibilities in the South China Sea are needed, including a long discussed but yet to be finalized code of conduct.