DUBLIN — Wealthy city-state Singapore is no longer the world’s most competitive economy, according to the Institute for Management Development (IMD), which on Thursday put Switzerland top of its 2021 World Competitiveness Ranking. Singapore topped the list for the previous two years and was the sole Asian representative in the top five, which was rounded out by Sweden, Denmark and the Netherlands. Though most European countries were hit hard by the coronavirus pandemic, measured by lives lost and case numbers, the Lausanne-based IMD said the continent’s economies “weather[ed] the health crisis better than most other regions,” with Switzerland ranked highest after it “kept a disciplined financial strategy.” Singapore’s fall from first to fifth came despite being it being relatively lightly hit by the pandemic – and was down to “problems with job losses, lack of productivity and the economic impact of the pandemic,” the IMD said.
DUBLIN — Most East Asian countries “innovate less than would be expected given their per capita income levels” and could therefore struggle to sustain recent economic growth, according to the World Bank. Countries in the region are dogged by “insufficient staff skills and limited financing options,” the bank said in a report published late Tuesday, with firms often seeming wary of investing in innovation because “policies and institutions are often not aligned with firms’ capabilities and needs.” Lower-than-expected innovation could lead to questions about “whether the region’s past model of development can continue to deliver rapid growth and poverty reduction,” the bank said.
DUBLIN — The novel coronavirus pandemic has facilitated government-backed “economic opportunism” in the world’s rainforests, according to a report published on Thursday. Authorities in Brazil, Colombia, the Democratic Republic of the Congo, Indonesia and Peru “have set aside social and environmental safeguards in favour of destructive development projects that are harming indigenous communities,” said the Forest People’s Programme, a British-based organization that works with indigenous people’s representatives in dozens of countries.
DUBLIN — A bar in the west of Ireland is reopening on Thursday evening as the country’s “first Covid free pub,” with drinkers being tested for the novel coronavirus before entry.cAccording to Eileen’s Bar, a pub in the village of Aughamore, a two-and-a-half-hour drive from capital Dublin, customers must first wait at “a designated area” where they are “tested for Covid by a trained tester.” Announcing the reopening in a Tuesday Facebook post, pub owner Donal Byrne said only regular patrons will be permitted entry and then only after testing negative – but with the promise that they can “enjoy a drink in the testing area” while waiting for the result.
DUBLIN — Mention of a breathalyzer typically evokes images of a bedraggled five o’clock shadow peering bloodshot-eyed through a driver’s window after being pulled over by police. That could change if a new test for the novel coronavirus gets a second wind after successful first-round trials.. According to a Tuesday statement by the National University of Singapore (NUS), the device, which resembles a drink-driving breathalyzer, generates a result in around 60 seconds. The outcomes, which NUS reports as having proven 90 per cent accurate among the 180 people tested, “are generated in real-time” by analysis of “Volatile Organic Compounds” in a person’s breath. Jia Zhunan, doctor and chief executive officer of NUS spin-off company Breathonix, said the test is “is easy to administer,” needing neither trained staff nor laboratory processing.
DUBLIN — A lorry container became a “tomb” for 39 Vietnamese migrants who suffocated while being smuggled into Britain in 2019, a jury at the Central Criminal Court of England and Wales was told on Wednesday. “Obviously, any time you fill an airtight container with a large number of people, where they will be left for hours and hours … it is fraught with danger,” said prosecution lawyer Bill Emlyn Jones. British resident Gheorghe Nica and Irish lorry driver Eamonn Harrison face 39 counts of manslaughter and one count of conspiracy to assist illegal immigration. Valentin Calota, also listed as a British resident, and Christopher Kennedy, from Northern Ireland, face the latter charge, to which Nica pleaded guilty ahead of the trial. The 39 bodies were discovered in the container after it was parked in an industrial estate in Essex in October 2019. The container had been taken by road from Dunkirk in France to Zeebrugge in Belgium, from where it was put on a Britain-bound ferry.
KUALA LUMPUR — Singapore’s Prime Minister Lee Hsien Loong fears rising tensions between the US and China could undermine security and economic growth across Asia and called on both sides to pull back from confrontation. Lee flagged his concerns in an article titled “The Endangered Asian Century” published in the US journal Foreign Affairs, which has a history of running watershed essays by policymakers involved international relations.Fearing that smaller Asian countries could be forced to take sides if intransigence grows between the world’s two biggest economies, Lee called for cooperation between the US and China, even as tensions rise over the coronavirus pandemic, trade, the disputed South China Sea, Taiwan and Hong Kong. “The two powers must work out a modus vivendi that will be competitive in some areas without allowing rivalry to poison cooperation in others,” Lee implored.
KUALA LUMPUR — Malaysia’s exports dropped 23.8 per cent year-on-year in April, the biggest fall for South-East Asia’s third richest economy since the height of the global financial crisis more than 10 years ago. The government’s chief statistician Mohd Uzir Mahidin said on Thursday that April exports tallied “the largest decline since September 2009,” a slump he put down to Malaysia’s economy largely closing from March 18 to May 4 during a strictly-enforced lockdown aimed at stemming a rise in new coronavirus cases. Malaysia’s total trade for April fell 16.4 per cent, which the Ministry for Trade and Industry said was due to “major disruptions to global supply chain” caused by the pandemic. Key sectors such as oil and liquefied natural gas shrank by over 20 per cent each as global demand receded and prices fell. Also down by a fifth were electrical and electronics exports, hit hard by disruptions to global supply chains.
KUALA LUMPUR — Commerce in Singapore hit a new low in May due to the coronavirus pandemic and worldwide lockdowns, going by a widely-cited business yardstick published on Wednesday. The IHS Markit Purchasing Managers’ Index (PMI) – based on a survey of 400 businesses about new orders, output, employment, suppliers’ delivery times and stocks of purchases – dropped to 27.1 during May. Any reading below 50 suggests economic contraction. IHS Markit said that the decline was because “demand for goods and services plummeted at an unprecedented rate” due to the pandemic. The impact of a lockdown that ran from April 7 until Tuesday saw new orders collapse in May – when “firms remained firmly in retrenchment mode, reducing staff numbers and input purchasing.”
KUALA LUMPUR — Allegations of lavish contributions from Saudi Arabia re-emerged on Wednesday during one of former Malaysian prime minister Najib Razak’s ongoing trials over alleged theft of public money and related abuses of office. When lurid corruption claims were first levelled against Najib Razak in 2015, the then-prime minister said the largesse involved, said to be around 700 million dollars, was donated from the world’s biggest oil producer. In court in Kuala Lumpur on Wednesday, Najib’s defence team said that letters purportedly from Saudi royals meant Najib had no reasonable cause to question the source of money flowing into his bank account. The missives, the defence said, were shown to Malaysia’s central bank and anti-corruption commission before representatives of the latter travelled to Saudi Arabia to discuss the matter with several princes.”If the letters were not genuine, there would have been denial on the spot,” said defence lawyer Harvinderjit Singh, who added that he was not claiming the donations took place.