DUBLIN — Ahead of the U.K. exit from the European Union in March 2019, several Asian financial institutions have already set up hubs in other cities within the bloc to ensure continued access to the continent. Ireland is among the countries hoping to benefit from Asian unease prompted by the Brexit vote, with Dublin regularly touted alongside Amsterdam, Frankfurt, Luxembourg and Paris as possible destinations for banks trying to reposition due to Brexit. So far, Nomura International and Daiwa Securities have set up hubs in Frankfurt, base of the European Central Bank, to serve their European businesses while still keeping their London presence; Mitsubishi UFJ Financial Group has chosen Amsterdam for its new European base; and Bank of China has opened a new subsidiary in Dublin.
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.
PHNOM PENH — The skyline of Phnom Penh is changing as fast as that of any Asian city. Yellow cranes gleam in the sun after late-afternoon squalls, towering alongside green-netted scaffolding wrapped around dozens of new high-rise apartment blocks going up across the city. These are, literally, the green shoots of a building boom that made up a sixth of Cambodia’s economic growth last year. They are a sign of a transformation underway in the capital as Cambodia tries to catch up with its more prosperous neighbors. But the rapid changes also highlight a challenge that has faced many cities across Asia in recent decades: with 200 million people having moved from countryside to city in East and Southeast Asia since 2010, how can cities manage large-scale urban growth in a way that facilitates economic growth without increasing pollution and traffic jams. In BKK1, an upmarket part of the city, “the roads are too narrow, the area is not ready for so much construction, many small builders don’t talk to the municipality, there is no coordination,” said Sebastian Uy, co-owner of real estate agency Le Grand Mekong Property.
KUALA LUMPUR — For environmentalists, coal is a bad word. But for some of Asia’s biggest economies, the same fuel that was the bedrock of the Industrial Revolution in Great Britain in the 19th century is key to economic development plans two centuries later. While China, the world’s biggest coal producer and consumer, is slowly cutting back on its use of coal for fuel, both Japan, a coal importer, and Indonesia, the world’s biggest coal exporter by weight, plan to expand their coal-fired supplies in the coming years. Other developing economies are turning to coal as they expand their electricity grids. Vietnam is likely to double coal consumption in the coming years, as will India — which recently overtook Japan as the world’s third-biggest oil importer and where roughly 250-300 million people do not have electricity. “China’s expected energy mix points to decreased use of coal, with the share of coal-fired power generation expected to fall to 61% by 2020 from the current 72%,” said Deepak Kannan, S&P Global Platts editor for thermal coal in Asia.