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Asian shares slid to their lowest levels since late 2011 on Monday (January 18) after weak U.S. economic data and massive falls in oil prices stoked further worries about a global economic downturn. Oil prices fell as much as four percent on Monday, with international benchmark Brent futures falling below $28 per barrel, touching their lowest level since 2003. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.0 percent in early trade, extending its […]
Kengo Kuma, the architect of the 2020 Tokyo Olympics stadium, on Friday (January 15) strongly rejected accusations that he copied the design by British-Iraqi architect Zaha Hadid. A futuristic design proposed by architect Hadid was originally chosen in an international contest to build the centrepiece stadium, but it was dropped last year due to ballooning costs. A design by Japanese architect Kengo Kuma with a price tag of 149 billion yen ($1.27 billion), as opposed […]
Chinese President Xi Jinping launched a new international development bank seen as a rival to the U.S.-led World Bank at a lavish ceremony on Saturday, as Beijing seeks to change the unwritten rules of global development finance. Despite opposition from Washington, U.S. allies including Australia, Britain, German, Italy, the Philippines and South Korea have agreed to join the Asian Infrastructure Investment Bank (AIIB) in recognition of China’s growing economic clout. “Asia’s financing needs for basic […]
Argentina’s economy will edge higher this year as the new government lifts interventionist controls, later fuelling growth of about 4.5 percent annually between 2017 and 2019, Finance Minister Alfonso Prat-Gay said on Thursday (January 14). “With our numbers we calculate an estimated (economic growth) of between 0.5 percent and 1 percent this year in 2016, but above all with much stronger growth in the second half of the year,” he said, during a news conference […]
Argentine Finance Minister Alfonso Prat-Gay said the South American country would hold tough debt negotiations with U.S. investment firms suing over unpaid debt, as preliminary talks got underway in New York on Wednesday (January 13). He did say it was imperative to resolve the country’s legal dispute because financing of the country’s fiscal deficit this year may depend on progress on the issue. Solving the more than decade-long debt battle would enable Argentina to return […]
Japan’s Nikkei share average tumbled 4 percent on Thursday (January 14) morning after Wall Street languished on worries about weak oil prices and a slowdown in the global economy, battering global cyclical stocks such as exporters. The Nikkei 225 stumbled 3.7 percent to 17,063.21 in mid-morning trade after hitting as low as 17,004.12, the lowest since late September of 2015. If the benchmark index falls below 16,901.49, an intraday low marked on September 29, 2015 […]
An economic forum, known as “Gaidar” opened on Thursday in Moscow to address Russia’s economic woes. With “Russia and the World: Looking into the future” as the theme, the 2016 Gaidar Forum has become one of the most influential platforms since it was opened in 2010. It is an annual event held in mid-January by the Russian Presidency. Addressing the forum, Russian Prime Minister Dmitry Medvedev said that the Russian government is anticipating the worst, […]
The International Monetary Fund (IMF) is looking forward to cooperating with the China-initiated Asian Infrastructure Investment Bank (AIIB), said an IMF official on Tuesday. Chikahisa Sumi, assistant director of the Asia and Pacific Department of the IMF, made the remarks at a forum attended by IMF officials and members of U.S. think tanks in Washington, D.C. “Infrastructure investment need is huge, is simply huge. And then infrastructure investment is very productive investment. And then, it […]
China said on Wednesday (January 13) its exports for 2015 dropped 1.8 percent while imports dropped 13.2 percent in yuan-denominated terms, both much less than economists had expected but still likely consigning the economy to its weakest annual growth in 25 years. “Exports decreased by 1.8 percent to 14.14 trillion yuan ($2.2 trillion). Imports dropped by 13.2 percent to 10.45 trillion yuan ($1.6 trillion). Trade surplus increased by 56.7 percent to 3.69 trillion yuan ($561 […]
By Caesar Vallejos Eagle News online correspondent […]
Asian stocks held near four-year lows and crude oil prices approached a 20 percent drop in less than two weeks as investors worried over the extent of China’s economic slowdown and its impact on emerging markets. MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.4 percent higher but still stood near a four-year low touched on Monday, and was still down more than 8 percent since the start of 2016. It fell 12 percent […]
Asian share markets swept lower Monday (January 11) after Wall Street suffered its worst starting week in history and doubts over Beijing’s economic competence sent investors into the arms of the safe-haven yen and sovereign bonds. The absence of Tokyo for a holiday only made liquidity even harder to come by, heightening volatility. South Korean shares fell, led by concerns about China and caution ahead of earnings later this month. The Korea Composite Stock Price […]
