This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
CEO Campbell Wilson says journey to restoring Air India's reputation is 'well under way'.
-
Japanese car giant says net profit reached 4.94 trillion yen ($31.9bn) in the year to March.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
Tesla CEO last month made an unannounced visit to Beijing for talks with Chinese Premier Li Qiang.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
Move comes after launch of AI-enabled laptop drew fire from Republican lawmakers.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
As India enters the second half of its giant election, wealth distribution has emerged as a central campaign faultline.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
Announcement comes after rival Microsoft last week unveiled major investments in Malaysia, Thailand and Indonesia.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
Cancellation of inaugural crewed space mission comes as Boeing is under fire over safety record at its aviation arm.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
Federal Aviation Administration says Boeing voluntarily informed officials that inspections may not have been completed.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
Competition watchdog says national carrier's advertising of cancelled flights was 'egregious and unacceptable'.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
Chinese President Xi Jinping set to hold talks with Ursula von der Leyen and French President Emmanuel Macron in Paris.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
This content originally appeared on Laura Flanders & Friends and was authored by Laura Flanders & Friends.This post was originally published on Radio Free.
-
Company-wide memo says the newspaper is shifting its 'center of gravity in the region' to Southeast Asian hub.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
Franchise operator cites 'challenging economic conditions' amid local reports linking closures to boycotts of Israel.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
Sales of the iPhone fall 10 percent amid growing competition from Chinese rivals such as Huawei.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
US experiencing the biggest strike wave in 50 years.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
The ruling Chinese Communist Party has announced it will hold a top-level plenary session on the economy several months later than usual, suggesting it is struggling to come up with a workable plan to stimulate growth and boost investor confidence in its handling of the economy, analysts said in recent interviews with Radio Free Asia.
The ruling party’s Central Committee announced this week it will hold its delayed third plenary session of the 20th party congress in July, an unusual time of year for such a meeting. Third plenums — full sessions of the 205-member, 171-alternate member committee — have traditionally focused on economic matters.
But while state media have reported that the plenum will decide on reforms amid “challenges at home and complexities abroad,” analysts said the long delay suggests that the party leadership has struggled to reach consensus on what that might mean on the ground.
“If they had held it last year, or at the start of this year, they wouldn’t have known what economic direction to take,” U.S.-based commentator Cai Shenkun told RFA Mandarin, adding that nobody really understood the latest economic slogan to come down from the top, “new productive forces.”
“They started pushing the idea of new productive forces, but everyone thought it was a joke,” Cai said. “Now they may have found some practical ways to boost the economy.”
The new focus will be breathing new life into the Yangtze River Delta region, using another buzzword — “new development philosophy” — state news agency Xinhua reported on May 2.
“Economic recovery is beset by multiple challenges, including insufficient demand, high operation pressures in enterprises, various hidden risks in key sectors, unsmooth domestic economic flow, as well as an external environment that is grimmer, more complicated and less certain,” Xinhua quoted an April 30 Politburo meeting as saying.
One practical measure under the “new development philosophy” appears to be a recent attempt to boost flagging domestic demand through grassroots political campaigns to get people to buy more consumer goods, and to trade in their old domestic appliances for newer models, according to the article.
Another will be “new mechanisms for cooperation between the government and private capital,” according to Xinhua.
Residential buildings under construction by Chinese real estate developer Vanke in Hangzhou, in eastern China’s Zhejiang province, March 31, 2024. (AFP) That could be where another new economic buzzword — “patient capital” — comes in.
According to financial commentator Zheng Xuguang, that means encouraging investors to seek long-term returns rather than a quick buck, while serving the national interest.
But he said the government doesn’t offer a stable regulatory environment in return, further damaging confidence.
“If they need long-term investment, then they can’t have short-term policies that can just change overnight,” Zheng said. “The two things go together.”
He said the deep-seated problems with confidence in China, which have manifested in the “run” movement of people moving overseas in the wake of the lifting of COVID-19 restrictions in late 2022, are likely behind the delay in the Third Plenum.
That hasn’t been helped by further shifts away from the economic reform era begun by late supreme leader Deng Xiaoping in 1979, according to Cai.
“They were a little confused by the plummeting exports,” Cai said. “And on top of that, they moved politically towards the pre-reform era [of a state-controlled economy] last year.”
Added to which, the looming possibility of an armed invasion of democratic Taiwan would also wipe out any prospect of foreign investors offering long-term, “patient” investments, he said.
China’s leaders also remain concerned about “hidden risks,” an oblique reference to the possibility of financial crisis, and called on cash-strapped local governments to “shoulder their share of responsibility,” according to Xinhua’s May 2 article.
The “integrated development of the Yangtze River Delta” is a key strategy attributed to Chinese Communist Party leader Xi Jinping, and seeks to position the region as a “pioneer, leader and driver of regional development,” including the building of high-tech industrial clusters and integrated supply chains, the agency reported.
“Shanghai should play a leading role, and Jiangsu, Zhejiang and Anhui provinces should leverage their respective strengths so as to form synergy for continuously writing new chapters in the integrated development of the Delta,” the agency paraphrased the Politburo meeting as saying.
An employee counts Chinese yuan banknotes at a bank in Hefei, Anhui province November 11, 2010. (Stringer/Reuters) Cai Shenkun said the region is likely to benefit at the expense of the Pearl River Delta, which includes Hong Kong.
“The Yangtze River Delta economy is a major leader of Chinese economic growth,” he said. “The Pearl River Delta used to have that leading role, but Hong Kong has become totally paralyzed by [the political intervention of the] Chinese Communist Party.”
“This basically sets the tone for the Third Plenum,” Cai said.
Huang Tianlei , a researcher at the Peterson Institute for International Economics, said Chinese officials are playing down the seriousness of the economic situation, amid huge structural changes, as China pivots from being an export-dependent economy to something more dependent on its own citizens’ spending decisions.
“China’s economic policy has been focused for a very long time on the supply side, and has been very light on the demand side,” he said. “This is the fundamental reason behind the current economic imbalance.”
He said the plenum needs to address changes to the tax system, which is hugely dependent on corporate tax revenues, and on boosting sources of income for local governments, which have heavy liabilities but few sources of revenue in the wake of the bursting of the real estate bubble.
Economic commentator Li Hengqing, said the Xinhua report glosses over the extent of China’s current economic crisis, however.
Perhaps more tellingly, it talks about reform without talking about the use of the market economy to distribute resources and benefits, or about restraints on state power, Li said.
“It’s trying to boost confidence, but actually nobody has confidence in them,” Li said. “Confidence is the key, but they’re not doing the things that matter [to make it happen].”
Translated by Luisetta Mudie.
This content originally appeared on Radio Free Asia and was authored by By Kitty Wang and Qian Lang for RFA Mandarin, Yitong Wu for RFA Cantonese.This post was originally published on Radio Free.
-
Paris-based organisation predicts global economy to expand by 3.1 percent this year and 3.2 percent in 2025.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
The Solomon Islands’ new prime minister, Jeremiah Manele, has promised an aggressive approach to improving the economy after a national election last month showed widespread frustration with falling living standards.
Manele, who was foreign minister in the previous government, was elected by a secret ballot of members of Parliament on Thursday. He replaced Manasseh Sogavare, the combative pro-Beijing leader who attracted international attention to the Pacific island country of 700,000 people by pulling it into China’s orbit.
Speaking outside the Parliament building in Honiara, Manele called on Solomon Islanders to respect the democratic process and not resort to the violence that has followed previous elections.
“Our economy and livelihoods have suffered because of this violence. However today we show the world that we are better than that,” he said. “We must respect and uphold the democratic process of electing our prime minister and set an example for our children and their children.”
Manele’s governing Ownership Unity and Responsibility Party won 15 of Parliament’s 50 seats in the Apr. 17 election.
Combined with coalition allies, independents and apparent defections from the opposition camp, it was able to secure 31 votes for Manele’s election as prime minister. Opposition leader Matthew Wale got 18 votes. One member of Parliament wasn’t present for the voting.
Sogavare announced earlier this week he would not seek the prime ministership. Under his leadership, the Solomon Islands switched diplomatic recognition to China from Taiwan in 2019 and signed a secret security pact with China, alarming the United States and its allies.
The election and Parliament’s choice of prime minister has been watched by governments from China to Australia and the U.S. as they jostle for influence in the Pacific.
Manasseh Sogavare [right] is pictured at a press conference in Honiara on Apr. 29, 2024 announcing he will not seek reelection as Solomon Islands’ prime minister and that Jeremiah Manele [left] will be the OUR Party’s candidate for leadership of the country. (Charley Piringi/BenarNews) Analysts have said Manele is regarded as a more moderate figure than Sogavare, but is unlikely to spurn close ties with China. Earlier this week, Manele said he’d continue the country’s “friends to all, enemies to none” foreign policy if elected.
For many observers, the election has been the most consequential for the Solomon Islands in a half century since independence and a test of Sogavare’s embrace of China. The superpower rewarded the nation with showcase sporting facilities for the Pacific Games and funding for members of Parliament.
However, going into the election, voters interviewed by RFA-affiliate BenarNews in Honiara and other areas of Guadalcanal said they were frustrated by the government’s ineffectiveness in providing basic services and were preoccupied by the daily struggle to earn enough to get by.
Crumbling roads and rundown health clinics were a common complaint as were high prices in mostly Chinese-owned shops in Honiara. In a village kilometers from the capital, one resident said he hoped the community could get bore water and proper toilets rather than having to dig pits in the ground.
The OUR Party’s underwhelming performance in the election “was primarily down to poor economic conditions which left voters frustrated,” said Terence Wood, a development aid and Melanesian politics researcher at Australian National University.
“Also, MPs had less money available to them to provide direct material assistance to their supporters and so they got turfed out at a higher rate,” he said.
A recent report by the Solomon Islands’ central bank on the precarious state of the economy “is concerning and calls for a more focused and aggressive approach,” Manele said.
The report called for major reforms to improve infrastructure such as roads and boost the economic growth rate to a minimum of 5.0% annually. The Solomon Islands’ population has been growing faster than the economy, which means the average Solomon Islander is getting poorer.
“It is not an easy task but we will be reaching out to all relevant stakeholders as we progress on our road to recovery,” Manele said.
The economy, he said, had been damaged by the COVID-19 pandemic and riots in Honiara in late 2021, which were sparked by anger at the diplomatic switch and Sogavare’s leadership.
Priorities for the new government are possible revisions to the 2024 budget and laws covering special economic zones and the minerals and forestry industries, Manele said.
“No doubt Manele would like to focus on the economy but to some extent macroeconomic circumstances are beyond the ability of any individual prime minister to address,” said Wood.
BenarNews is an RFA-affiliated online news organization.
This content originally appeared on Radio Free Asia and was authored by By Stephen Wright and Charley Piringi for BenarNews.This post was originally published on Radio Free.
-
The Solomon Islands’ new prime minister, Jeremiah Manele, has promised an aggressive approach to improving the economy after a national election last month showed widespread frustration with falling living standards.
Manele, who was foreign minister in the previous government, was elected by a secret ballot of members of Parliament on Thursday. He replaced Manasseh Sogavare, the combative pro-Beijing leader who attracted international attention to the Pacific island country of 700,000 people by pulling it into China’s orbit.
Speaking outside the Parliament building in Honiara, Manele called on Solomon Islanders to respect the democratic process and not resort to the violence that has followed previous elections.
“Our economy and livelihoods have suffered because of this violence. However today we show the world that we are better than that,” he said. “We must respect and uphold the democratic process of electing our prime minister and set an example for our children and their children.”
Manele’s governing Ownership Unity and Responsibility Party won 15 of Parliament’s 50 seats in the Apr. 17 election.
Combined with coalition allies, independents and apparent defections from the opposition camp, it was able to secure 31 votes for Manele’s election as prime minister. Opposition leader Matthew Wale got 18 votes. One member of Parliament wasn’t present for the voting.
Sogavare announced earlier this week he would not seek the prime ministership. Under his leadership, the Solomon Islands switched diplomatic recognition to China from Taiwan in 2019 and signed a secret security pact with China, alarming the United States and its allies.
The election and Parliament’s choice of prime minister has been watched by governments from China to Australia and the U.S. as they jostle for influence in the Pacific.
Manasseh Sogavare [right] is pictured at a press conference in Honiara on Apr. 29, 2024 announcing he will not seek reelection as Solomon Islands’ prime minister and that Jeremiah Manele [left] will be the OUR Party’s candidate for leadership of the country. (Charley Piringi/BenarNews) Analysts have said Manele is regarded as a more moderate figure than Sogavare, but is unlikely to spurn close ties with China. Earlier this week, Manele said he’d continue the country’s “friends to all, enemies to none” foreign policy if elected.
For many observers, the election has been the most consequential for the Solomon Islands in a half century since independence and a test of Sogavare’s embrace of China. The superpower rewarded the nation with showcase sporting facilities for the Pacific Games and funding for members of Parliament.
However, going into the election, voters interviewed by RFA-affiliate BenarNews in Honiara and other areas of Guadalcanal said they were frustrated by the government’s ineffectiveness in providing basic services and were preoccupied by the daily struggle to earn enough to get by.
Crumbling roads and rundown health clinics were a common complaint as were high prices in mostly Chinese-owned shops in Honiara. In a village kilometers from the capital, one resident said he hoped the community could get bore water and proper toilets rather than having to dig pits in the ground.
The OUR Party’s underwhelming performance in the election “was primarily down to poor economic conditions which left voters frustrated,” said Terence Wood, a development aid and Melanesian politics researcher at Australian National University.
“Also, MPs had less money available to them to provide direct material assistance to their supporters and so they got turfed out at a higher rate,” he said.
A recent report by the Solomon Islands’ central bank on the precarious state of the economy “is concerning and calls for a more focused and aggressive approach,” Manele said.
The report called for major reforms to improve infrastructure such as roads and boost the economic growth rate to a minimum of 5.0% annually. The Solomon Islands’ population has been growing faster than the economy, which means the average Solomon Islander is getting poorer.
“It is not an easy task but we will be reaching out to all relevant stakeholders as we progress on our road to recovery,” Manele said.
The economy, he said, had been damaged by the COVID-19 pandemic and riots in Honiara in late 2021, which were sparked by anger at the diplomatic switch and Sogavare’s leadership.
Priorities for the new government are possible revisions to the 2024 budget and laws covering special economic zones and the minerals and forestry industries, Manele said.
“No doubt Manele would like to focus on the economy but to some extent macroeconomic circumstances are beyond the ability of any individual prime minister to address,” said Wood.
BenarNews is an RFA-affiliated online news organization.
This content originally appeared on Radio Free Asia and was authored by By Stephen Wright and Charley Piringi for BenarNews.This post was originally published on Radio Free.
-
The Solomon Islands’ new prime minister, Jeremiah Manele, has promised an aggressive approach to improving the economy after a national election last month showed widespread frustration with falling living standards.
Manele, who was foreign minister in the previous government, was elected by a secret ballot of members of Parliament on Thursday. He replaced Manasseh Sogavare, the combative pro-Beijing leader who attracted international attention to the Pacific island country of 700,000 people by pulling it into China’s orbit.
Speaking outside the Parliament building in Honiara, Manele called on Solomon Islanders to respect the democratic process and not resort to the violence that has followed previous elections.
“Our economy and livelihoods have suffered because of this violence. However today we show the world that we are better than that,” he said. “We must respect and uphold the democratic process of electing our prime minister and set an example for our children and their children.”
Manele’s governing Ownership Unity and Responsibility Party won 15 of Parliament’s 50 seats in the Apr. 17 election.
Combined with coalition allies, independents and apparent defections from the opposition camp, it was able to secure 31 votes for Manele’s election as prime minister. Opposition leader Matthew Wale got 18 votes. One member of Parliament wasn’t present for the voting.
Sogavare announced earlier this week he would not seek the prime ministership. Under his leadership, the Solomon Islands switched diplomatic recognition to China from Taiwan in 2019 and signed a secret security pact with China, alarming the United States and its allies.
The election and Parliament’s choice of prime minister has been watched by governments from China to Australia and the U.S. as they jostle for influence in the Pacific.
Manasseh Sogavare [right] is pictured at a press conference in Honiara on Apr. 29, 2024 announcing he will not seek reelection as Solomon Islands’ prime minister and that Jeremiah Manele [left] will be the OUR Party’s candidate for leadership of the country. (Charley Piringi/BenarNews) Analysts have said Manele is regarded as a more moderate figure than Sogavare, but is unlikely to spurn close ties with China. Earlier this week, Manele said he’d continue the country’s “friends to all, enemies to none” foreign policy if elected.
For many observers, the election has been the most consequential for the Solomon Islands in a half century since independence and a test of Sogavare’s embrace of China. The superpower rewarded the nation with showcase sporting facilities for the Pacific Games and funding for members of Parliament.
However, going into the election, voters interviewed by RFA-affiliate BenarNews in Honiara and other areas of Guadalcanal said they were frustrated by the government’s ineffectiveness in providing basic services and were preoccupied by the daily struggle to earn enough to get by.
Crumbling roads and rundown health clinics were a common complaint as were high prices in mostly Chinese-owned shops in Honiara. In a village kilometers from the capital, one resident said he hoped the community could get bore water and proper toilets rather than having to dig pits in the ground.
The OUR Party’s underwhelming performance in the election “was primarily down to poor economic conditions which left voters frustrated,” said Terence Wood, a development aid and Melanesian politics researcher at Australian National University.
“Also, MPs had less money available to them to provide direct material assistance to their supporters and so they got turfed out at a higher rate,” he said.
A recent report by the Solomon Islands’ central bank on the precarious state of the economy “is concerning and calls for a more focused and aggressive approach,” Manele said.
The report called for major reforms to improve infrastructure such as roads and boost the economic growth rate to a minimum of 5.0% annually. The Solomon Islands’ population has been growing faster than the economy, which means the average Solomon Islander is getting poorer.
“It is not an easy task but we will be reaching out to all relevant stakeholders as we progress on our road to recovery,” Manele said.
The economy, he said, had been damaged by the COVID-19 pandemic and riots in Honiara in late 2021, which were sparked by anger at the diplomatic switch and Sogavare’s leadership.
Priorities for the new government are possible revisions to the 2024 budget and laws covering special economic zones and the minerals and forestry industries, Manele said.
“No doubt Manele would like to focus on the economy but to some extent macroeconomic circumstances are beyond the ability of any individual prime minister to address,” said Wood.
BenarNews is an RFA-affiliated online news organization.
This content originally appeared on Radio Free Asia and was authored by By Stephen Wright and Charley Piringi for BenarNews.This post was originally published on Radio Free.
-
Microsoft CEO Satya Nadella says firm will provide education and training to 200,000 people.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
Measures target nearly 300 entities, including 20 firms based in China and Hong Kong.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
US central bank keeps benchmark rate at 5.25-5.50% after series of economic reports undercut hopes of easing inflation.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
Malaysian Prime Minister Anwar Ibrahim says pay hike of more than 13 percent will be 'best increase in history'.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
Microsoft CEO Satya Nadella says investment will help Southeast Asia's biggest economy thrive in 'new era'.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
The weakness of the Japanese currency is back in the spotlight after sinking to its lowest level since April 1990.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
Chief executive Tim Jordan says flights suspended amid discussions on 'ongoing viability of the business.'
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
Pakistan seeks another long-term IMF programme to support its ailing economy but experts say focus must be on reforms.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
Xiaohongshu has become the go-to platform for young women to discuss everything from fashion to domestic violence.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.
-
India’s top 1 percent holds more income today than under the British, new research shows. And the gulf is growing.
This post was originally published on Al Jazeera – Breaking News, World News and Video from Al Jazeera.