DUBLIN — Two decades after coining the acronym BRICs – grouping the economies of Brazil, Russia, India and China – economist Jim O’Neill believes only China is “fully achieving its potential.” In an article published on Wednesday by the International Monetary Fund (IMF), O’Neill said that, while the quartet’s economies fared relatively well before the 2008 global financial crisis, India has since “notably disappointed,” while Brazil and Russia have posted “very disappointing” performances. China’s annual gross domestic product (GDP) growth exceeded that of the other three BRICS for all but three years between 2001-19, according to World Bank data, leaving it with an economy twice the size of the other three put together.
DUBLIN — Video-sharing app TikTok will invest 420 million euros (500 million dollars) in a European data storage centre in Ireland, the company announced on Thursday. The proposed hub will house European user data, according to Roland Cloutier, TikTok’s global chief information security officer, who said the move will strengthen “safeguarding and protection of TikTok user data” in a “state of the art physical and network security defence system.” Cloutier said “hundreds” of jobs will be created – an announcement welcomed by IDA Ireland, the state investment promotion agency, as “good news.” IDA Ireland Chief Executive Officer Martin Shanahan said IikTok’s statement “postions Ireland as an important location in the company’s global operations.” Banned in China, US online giants Facebook, Google and Twitter have substantial operations in low-tax Ireland.
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 — A “fast lane” for business and “essential” travel between Singapore and China will open next week, allowing some flights to resume between the two countries after a four-month hiatus due to the coronavirus pandemic, according to officials. A Singapore Foreign Ministry statement released late Friday said that travel will initially be allowed between Singapore and six Chinese cities and regions, including Shanghai and Guangdong. Though the two countries have reported the most coronavirus cases in East Asia, Singapore believes “the prevention and control of Covid-19 and the economic and social recovery” in both to have “entered a new phase.” While the majority of China’s 84,160 reported coronavirus cases were diagnosed early in the year – after the virus first emerged in the Chinese city of Wuhan before spreading around the world – Singapore’s caseload has increased 33-fold since April 1, with thousands of foreign workers infected.
KUALA LUMPUR — Trade ministers representing 21 Asia-Pacific countries said on Tuesday that they “will work to facilitate the flow of essential goods and services” needed to fight the new coronavirus pandemic. The statement, released by the Singapore-based secretariat of the Asia-Pacific Economic Cooperation (APEC) body, listed “medicines, medical supplies and equipment, agriculture and food products” among those essential goods. APEC includes China, Japan and the US, the world’s three biggest economies. Other APEC members include Australia, Canada, Indonesia and South Korea, all of which have gross domestic products exceeding 1 trillion dollars. Tuesday’s statement marks a rare apparent consensus between China and the US, which have been embroiled in a trade war since shortly after Donald Trump became president in early 2017.
KUALA LUMPUR — Singapore announced its 2020 budget on Tuesday, pledging 5.6 billion Singapore dollars (4.02 billion US dollars) to assist businesses and households affected financially by the coronavirus outbreak. Finance Minister Heng Swee Keat announced the measures in Singapore’s parliament, where he said another 800 million Singapore dollars will be allocated to support “frontline agencies” that are fighting coronavirus in the city-state, where 77 cases have been confirmed. Heng warned that “the outbreak will certainly impact our economy” and said that inbound tourism and air traffic had already dropped as Chinese outbound tourism plummets. Singapore Airlines announced on Tuesday that it was temporarily reducing flights “due to weak demand as a result of the Covid-19 outbreak.”
KUALA LUMPUR — Malaysia’s hopes of exporting 500 million ringgit (120 million dollars) worth of durian a year to China could be stalled by the deadly coronavirus outbreak that has killed more than a thousand people. With much of central China under lockdown and commerce slow to revive after the Chinese New Year, Malaysian growers are noticing falling demand and prices. “People are not working in parts of China, people are not going out, not spending – demand is down,” said Jimmy Loke, owner of Jimmy’s Durian Orchard in the region of Pahang, east of Kuala Lumpur. Prices in the region have dropped by “around a quarter” since the outbreak, Loke said.
KUALA LUMPUR — Singapore’s minister of law and home affairs on Friday accused a Muslim religious teacher of making “racist” and “xenophobic” anti-Chinese comments about the deadly coronavirus outbreak that has killed 636 people and infected over 30,000. In a Facebook post, K Shanmugan said his ministry will investigate Abdul Halim Abdul Karim over comments suggesting that coronavirus is divine retribution for China’s policies in its western Xinjiang region, where human rights groups allege that around 1 million Muslim Uighurs have been detained in camps. The minister described as “thoroughly racist” Karim’s suggestion that coronavirus has spread because of Chinese personal hygiene habits, adding that “society has to take a clear stand against such comments.”
KUALA LUMPUR — Malaysia’s trade with the US grew by 5.6 per cent to 164.45 billion ringgit (40 billion dollars) in 2019, government statistics released Tuesday show. The surge came despite an overall trade decline of 2.5 per cent during what Deputy Trade and Industry Minister Ong Kian Ming described as “a very challenging 2019”. Malaysia’s increased trade with the US was “to a large extent” a result of commerce being diverted from China because of trade tensions between Washington and Beijing, Ong told dpa during a press conference announcing the 2019 trade data. “E and E exports to the US increased significantly,” Ong added, referring to electrical and electronic goods, of which Malaysia is the world’s seventh-largest manufacturer.
KUALA LUMPUR — Indonesia has sent an armada of warships and fishermen to waters around its northern Natuna Islands in response to recent incursions by dozens of Chinese fishing boats and coastguard ships. China’s sweeping claim to most of the South China Sea overlaps with Indonesian waters around the Natunas, with the latest flare-up prompting the usually soft-spoken Indonesian President Joko Widodo to bluntly assert that “Natuna is Indonesia” during a visit to the contested region last week. Beijing’s claim to the South China Sea, through which between US$3-5 billion worth of trade passes most years, extends 2000 kilometers from the Chinese mainland and has angered neighbouring countries, particularly Vietnam and the Philippines, whose own smaller claims around the sea overlap with Beijing’s.