CNA Explains: What does a Fed rate cut mean for you in Singapore?

By:
On:
In: South-East Asia

For the first time in four decades, the Federal Reserve has lowered interest rates significantly.

The key lending rate was reduced by 50 basis points to between 4.75 and 5 % on Wednesday ( Sep 18 ). While a price cut was generally anticipated, the size of it came as a surprise for some.

” Generally, 50-basis-point cuts have been used during crises so this violent walk by the Federal Reserve is indeed a surprise”, said Mr Koh Siong Qun, head of investment advice at Wrise Private Singapore.

The most recent action by one of the world’s most powerful central banks is expected to have far-reaching effects beyond America, ranging from influencing economic policies, financial markets, customer mortgages, and saving prices around the world.

Researchers explain to CNA how this will impact you in Singapore.

Why is the Fed cutting costs?

The Fed’s rate-setting commission is generally focused on two things: Prices and the employment market.

Between March 2022 and July 2023, the Fed went on a tightening binge, increasing levels from nearly zero to a five-decade large collection of 5.25 to 5.5 %, mainly due to the COVID-19 crisis.

The US central banks then remained stagnant for more than a year as it attempted to reduce inflation to its target of 2 %.

The central bank has since increased its assurance that its battle against inflation is almost over as a result of the decline in the US consumer price index, which was over 2.5 % in August, its lowest reading since 2021. Fed policymakers anticipate a lower-than-expected 2.3 % annual headline inflation price based on updated estimates released on Wednesday.

Concerns about the labor market have however decreased as inflation has subsided as unemployment rates have increased to 4.2 % from 3.7 % at the start of the year.

Fed officials now anticipate that the unemployment rate will end this year at 4.4 %, which is higher than the current 4.2 %, and will remain that low through 2025.

The price cut on Wednesday, according to Mr. Kerry Craig, a global market strategist at JP Morgan Asset Management, suggests a significant change in the Fed’s interests from regulating prices to” a jobs-first technique.”

Researchers from BMI, a system of Fitch Solutions, echoed that.

A report from BMI states that” the higher unemployment rate and lower inflation forecasts are regular with a more aggressive stop to the easing period than we had anticipated.”

Continue Reading

China’s push into Africa makes good strategic sense – Asia Times

By:
On:
In: Asia

China’s relation with Africa is set to strengthen. At a conference in Beijing in early September, China’s leader, Xi Jinping, pledged to offer US$ 51 billion in money, funding and assistance to the globe over the next three decades, as well as upgrading diplomatic ties.

Beijing’s near relationship with Africa is not fresh. The first international trip of the year for Taiwanese foreign officials has almost always been to one or more African nations since 1950. However, Xi’s commitments are also certain to raise questions in the US and other Eastern nations, which are competing with China for worldwide influence.

They might even rekindle concerns that China might use “debt-trap diplomacy” to stifle American nations and thus gain control over them. Such is the power of this tale that South Africa’s leader, Cyril Ramaphosa, felt compelled to refuse it at the conference.

The notion of Taiwanese debt traps, especially the renowned circumstance of Sri Lanka’s port of Hambantota, which, in 2017, the Sri Lankan government leased to a Chinese firm to increase liquidity, has been debunked many times.

However, it is crucial to know what China hopes to achieve with diplomacy as American populations and economies expand and China’s relationship with them continues to grow.

China’s wedding with Africa is proper as well as economical. China’s diplomatic ties with Africa help it succeed in its goals of being a major player in a unipolar world, whether it is improving access to resources, increasing global use of its currency, or winning more vote at the UN.

The longer game

From a strictly financial view, Africa is a potentially profitable market for China. The potential for growth into Africa is enormous for Chinese companies because of its underserved industry and booming population.

This is especially true now that the African Continental Free Trade Area, which was established in 2018, opens the door to the development of cross-border price bars in Africa.

Natural tools make up the majority of the products that China exports from Africa. Many of these sources have proper importance, for instance, in manufacturing batteries. In return, Taiwanese firms export a wide range of items to Africa, including manufactured goods, industrial and agricultural machinery, and automobiles.

In terms of foreign direct investment, Chinese companies are still only the fifth-largest investors in Africa after their Dutch, French, US and UK counterparts. However, their ascent has been relatively quick, and Chinese companies have made significant investments in manufacturing and construction in addition to Western ones.

Chinese companies are major players in the construction industry in Africa, frequently working on projects that are funded by loans from Chinese banks to African governments. In 2019, for example, Chinese contractors accounted for about 60 % of the total value of construction work in Africa.

Some of China’s infrastructure projects have had little impact on Africa’s trade or economic development. And it has, admittedly, also contributed to the increased debt burden of several African countries.

The construction of the Nairobi Expressway was supposed to decongest Kenya’s capital city, Nairobi. &nbsp, Photo: Daniel Irungu / EPA via The Conversation

For instance, the expensive expressways that connect Nairobi in Kenya and Kampala in Uganda to the respective international airports have made life easier for city elites and tourists. However, they have not stimulated economic growth.

China has therefore made the recent move to reevaluate its infrastructure finance strategy. In 2021, Xi introduced the concept of” small and beautiful” projects better targeted at the partner country’s needs – a concept he repeated at the recent summit.

It is this alignment with the demands of African leaders that sets China’s engagement with Africa apart from that of the West. Many African leaders ‘ top demands include investment in manufacturing value chains and the importation of African processed goods rather than just raw resources.

Xi’s keynote speech addressed these two concerns. He vowed to increase investment in key industries and to allow for more free-flowing African goods.

China’s support to African nations is political as well as economic. African leaders have been appreciative of its non-interference in the country’s internal affairs, in stark contrast to Western nations, who frequently base their support on the respect of particular social or economic conditions.

This has, in turn, bolstered China’s diplomatic influence on the continent. How many nations maintain diplomatic relations with Taiwan, which the Chinese government views as being part of its territory, is a good indicator of this influence. Only Eswatini and Taiwan have close ties in Africa, and only a small number of other nations have representative offices.

Another Chinese goal is to expand the global reach of its currency, the renminbi. Its goal is to contest the US dollar’s dominance, which gives America complete control over all international transactions.

Since the late 2000s, the People’s Bank of China has signed bilateral swap agreements with Morocco, Egypt, Nigeria and South Africa to conduct transactions in renminbi. Additionally, China wants to increase the renminbi’s use in official lending, both through regional institutions like the New Development Bank and domestic banks like the China Development Bank.

Much like Africa’s Western partners, China pursues both political and economic interests in its dealings with the continent. But, with Western leaders paying little attention to Africa, China does n’t need to pursue debt-trap diplomacy to increase its influence there. To gain ground, it only needs to submit a stronger partnership offer.

The International Economic Development Group, ODI, has a senior research fellow named Linda Calabrese.

This article was republished from The Conversation under a Creative Commons license. Read the original article.

Continue Reading

SAS collaborates with the government to advance Malaysia’s data analytics and AI capabilities

By:
On:
In: Technology
  • attempts to have a 100-person workforce trained in AI and data analysis by 2025.
  • Engages with MDEC to help government’s modern transformation work

Left to Right: Amir Sohrabi, regional vice president for ASEAN-Korea and head of Digital Transformation for Emerging EMEA & Asia Pacific, SAS, guest-of-honour, minister of Digital Malaysia, Gobind Singh Deo, Febrianto Siboro, managing director (Malaysia, Indonesia, Vietnam), SAS.

Data and AI leader SAS announced its partnership with Premier Digital Tech Institutions ( PDTI ) by Malaysia Digital Economy Corporation ( MDEC ), furthering its commitment to Malaysia’s development as a digital leader. Through offering training and qualifications in Data Science and AI, the collaboration aims to provide support for MDEC’s Workforce Reskilling and Upskilling Initiative and provide students and teachers with data insights and AI abilities.

In a speech, SAS outlined its goal of training 100 pupils and teachers across PDTIs by the end of 2025, laying a solid foundation for Malaysia’s online business. This was made known during the opening of the new office for SAS, which was hosted by Gobind Singh Deo, the minister of digital Malaysia, at Menara IQ ( Persiaran TRX ). Through education courses and certifications, SAS’s announcements aim to bridge the gap between native talent desire and local talent provide.

” As a chief in information and AI, SAS is playing a crucial role in this national endeavor. Through our partnership with MDEC, we are committed to promoting retraining and upgrading in data analytics and AI, and equipping the workplace for today’s electric economy, according to Amir Sohrabi, local vice president for ASEAN-Korea and mind of modern transformation for Emerging Europe &amp, Asia Pacific, SAS.

” Our engagement with MDEC aims to ensure that Malaysia’s online business has a strong, future-ready skills network. We look forward to strengthening our engagement between the government, economy, and educational organizations to crystallize Malaysia’s leadership in modern technology. Also, we plan to make our training and certifications more visible and affordable”, he added.

However, Gobind said,” SAS has been at the vanguard of business analysis, having been established in Malaysia for over 40 times. The organization is recognised as the number one industry leader in AI and advanced analysis, with 91 of the best 100 Fortune 500 corporations as SAS clients. This partnership between SAS and MDEC is very welcome, and I encourage more businesses to work with the Ministry of Digital to expand the talent pool.

” The beginning of our Regional Hub KL business is a significant step in the SAS’s journey through Malaysia and the area. This company serves as a regional hub for Malaysia, Indonesia, and Vietnam, fostering synergies across regions and leveraging our regional partner system to deliver and implement SAS systems for local businesses and institutions”, said Febrianto Siboro, managing director ( Malaysia, Indonesia, Vietnam ), SAS.

” Along with our colleagues, we will deliver relevant activities and solutions to help local businesses in banking, insurance, and other businesses harness AI properly for fraud prevention, risk reduction, and strategic decision-making”, he added.

Operating in Malaysia for more than 35 times, SAS is trusted by banks, state, and local organisations to alleviate chance and meet regulatory conformity through its solutions.

Continue Reading

Banks to require Singpass face verification for customers setting up digital tokens

By:
On:
In: South-East Asia

SINGAPORE: &nbsp, Bankers in Singapore will shortly need Singpass experience verification for clients setting up their online tokens, in an effort to avoid scams. &nbsp,

Major retail banks will gradually implement this over the next three months to improve the customer-facing digital token setup process, according to &nbsp, the Monetary Authority of Singapore ( MAS ), and The Association of Banks in Singapore ( ABS ), on Wednesday ( Sep 18 ). &nbsp,

In higher danger scenarios, singapore face confirmation will be activated in order to improve and enhance existing digital key setup procedures, they said.

This involves a mouth scan to verify a company’s identity against federal information before the customer’s online token can get activated. &nbsp,

In their joint media release, MAS and ABS stated that this makes it more difficult for a scammer to install a customer’s digital token by setting it up on his own device using phished credentials like an SMS, one-time passwords ( OTPs ) or bank card information. &nbsp,

Customers who do n’t already have a Singpass account can sign up for one and download the Singpass app before creating a digital token. &nbsp,

Singpass experience validation is the most recent safety measure banks are implementing to protect clients from scams, according to MAS and ABS. &nbsp,

Continue Reading

Northeast to bear brunt of new typhoon’s wrath

By:
On:
In: South-East Asia

PUBLISHED: 18 Sep 2024 at 04: 48

A man brings a toddler to see the rising water level in the Chao Phraya River in tambon Bang Prok, Pathum Thani, on Tuesday. The province has installed CCTV cameras to show the water situation along the river via a website around the clock. Pattarapong Chatpattarasill
On Tuesday, a person brings a child to the Chao Phraya River in the tambon Bang Prok, Pathum Thani, to observe the rising water levels. The state has set up CCTV cameras around the clock to record the water condition along the creek via a website. Pattarapong Chatpattarasill

The Northeast is anticipated to bear the brunt of the damage caused by a tornado that will affect Thailand on Friday, which will cause big rainfall, sudden floods, and landslides.

The district’s deputy director-general and official, Thanasit Iam-ananchai, on Tuesday said a melancholy in the northwestern part of the South China Sea was heading west and developing into a tropical surprise.

The surprise is anticipated to make its way into Thailand’s higher Northeast on Friday or sooner before slowing down and then causing low-pressure regions, he said.

The eastern portion of the Northeast will first be affected by the storms, according to Mr. Thanasit.

He said it will reach the state’s north piece the hardest, causing low-pressure places in different parts of the Northeast and elsewhere, including the main, north, and eastern regions. The South is most likely to be affected by a powerful south rain.

He claimed that the wind will cause mudslides and flash floods.

This comes after Typhoon Yagi caused panic in northeastern Vietnam, Laos, Thailand and Myanmar, killing more than 500 persons.

In addition, storm instructions have been issued for five northern regions where the rapidly rising Mekong River’s banks could collapse.

A sizable amount of rainwater was flowing inland, according to the Office of the National Water Resources ‘ report on Tuesday, which could have caused flooding in the regions of Bueng Kan, Nakhon Phanom, Mukdahan, Amnat Charoen, and Ubon Ratchathani this year.

Overflowing from the inflamed Mekong has already flooded several areas of Nong Khai state.

One of the worst areas in the Muang district’s metropolitan area is flooded. Over the past few weeks, everything there has been brought to a stop. The municipal office has urged people to be informed despite the fact that the flood level is decreasing. After the powerful flood present eroded road surfaces, some parts of the town are also closed to traffic.

The Mekong was still rising in Nakhon Phanom, but provincial mayor Niwat Chiawiriyabunya was optimistic that they could keep the area clean.

He claimed that the river’s water level was also three meters below the crisis level.

Continue Reading

Tessa Dann to lead SocGen’s Apac sustainable finance team | FinanceAsia

By:
On:
In: Asia, Finance, South-East Asia

Tessa Dann has been appointed head of sustainable finance, Asia Pacific ( Apac ), effective September 14, according to a Société Générale ( SocGen ) Corporate and Investment Banking spokesperson.

Based in Sydney, Dann ( pictured ) most recently held the role as head of sustainable finance for Australia and New Zealand at SocGen, since 2023. She has experience at the Queensland Treasury Corporation as well as working in the sustainable finance department at Australia and New Zealand Banking Group ( ANZ ) for almost four years prior to joining the French bank.

In her new position, Dann reports to Paul-Antoine Thiebot, head of lasting and positive effects financing, Apac. In March, Thiebot, who has a base in Singapore, joined the French institution.

The team has recently acted as bookrunners in the Commonwealth Bank of Australia’s €1 billion ($ 1.1 billion ) 10NC5 green Tier 2 notes issuance in May 2024. It also acted as a sustainability coordinator on the conversion of Australian property firm Cromwell’s multi-bank A$ 1.2 billion ($ 811 million ) lending facility to a green and sustainability-linked loan in June 2024.

By 2025, SocGen intends to donate €300 billion to sustainable funding.

In Apac, SocGen has headquarters in mainland China, Hong Kong, Australia, Japan, India, South Korea, Singapore, Taiwan, Indonesia, Malaysia and Vietnam, according to its site.

Click here for more FinanceAsia people movements.

¬ Plaza Media Limited. All rights reserved.

Continue Reading

BRIC by BRIC, de-dollarization only a matter of time – Asia Times

By:
On:
In: Asia, Finance

Donald Trump, the candidate for president of the United States, stepped up his America First campaign earlier this month by promising to impose 100 % tariffs on goods from any country that deviates from the dollar. &nbsp,

Trump did not explain to his supporters that the dollar-protection measure did cause American households to suffer as some consumer goods are likely to cost more than double. Around 70 % of products sold at Walmart and Target are sourced from China, the country at the forefront of de-dollarization.

Trump made his announcement on the day of the very anticipated monthly BRICS conference, scheduled for October 22-24 in Kazan, Russia. The appointment may make an announcement regarding a strategy for the creation of a viable alternative to the current dollar-centric global financial system.

Although more information are still being provided, some observers anticipate that the conference will make an announcement regarding a multicurrency payment system. Some BRICS watchers even anticipate the release of a blueprint for a trading currency with gold backing.

Bretton Woods

For a number of reasons, the development of an alternative to the current money method would be traditional. It may mark the initial legitimate attempt to depart from the Bretton Woods Agreement of 1944, which established the post global financial system.

The money was subject to the predetermined price of gold under Bretton Woods, while all other currencies were fixed at the money. At the so-called golden windows, countries with dollar-denominated trade deficits could exchange their money for gold with the US central banks.

Financial security was achieved by the money system, but almost all of it was controlled by the US. US businesses evolved into the hubs of international commerce. A Chinese company that purchased products from India had to purchase dollars to spend its Indian dealer. The US was able to impose any man, business, or nation on the global financial system thanks to the unified system.

When US President Richard Nixon decoupled the dollar from silver in 1971, Bretton Woods began to unravel. The US chose to close the silver screen rather than compromise its business, efficiently defaulting on its Bretton Woods responsibility, as the country faced rising trade deficits.

The choice had big implications. The US government lost its fiscal discipline after being freed from the restrictions imposed by the gold standard and embarked on a decades-long spending binge. From 1971 to 2024, the US national debt grew from$ 400 billion to$ 35 trillion.

A growing number of prominent economists and business officials have sounded the alarm because servicing the national debt has grown to be the most important line item on the US federal budget, even more so than yearly defence spending. Tesla CEO Elon Musk just warned:” At current levels of government saving, America is in the fast lane to bankruptcy”.

More precisely, the US may immediately work out of lenders willing to buy its debts. In recent years, China has sold US Treasuries worth hundreds of billions, and foreign investors have recently become online retailers of US loan. ( The commonly used term “printing money” actually means issuing debt. )

BRICS versus G7

Even without the US incurring its huge debt, continuous de-dollarization is obvious. The National share of the world economy is rapidly declining.

In 2016, BRICS states overtook the G7 in combined GDP. The group now accounts for 35 % of the world’s output, compared to the G7’s 30 %. China contributes almost twice as much to the world’s industrial output as China alone, nearly twice the US.

There are many different themes, but it’s challenging to design a financial or monetary structures for nations as varied as the BRICS members. Sergei Ryabkov, the deputy foreign secretary of the Russian Federation, just demanded a financial unit akin to the Western Currency Unit (ECU), the euro’s precursor.

The ECU was conceived in 1979 in response to Nixon’s decision to close the silver screen. The German dollar started to shift wildly as it was no more pegged to gold. Therefore, the ECU established a common unit of account that stabilized forex markets.

The “bancor,” a dollar system that economist John Maynard Keynes suggested during the Bretton Woods Conference, is another example of how things are being used.

The bancor was conceived by Keynes as a global unit of account tied to a pantheon of essential goods like oil and grains. This would guarantee that the bancor’s value was determined by real financial resources more than fluctuating national economies.

In an effort to promote healthy global trade, Keynes even suggested sanctions for nations with prolonged trade surpluses or deficits. The US criticized the bancor as troublesome and preventing free business. But today’s severe imbalances—particularly the US’s huge trade deficit with China—validate Keynes’s vision.

An mBridge not too far

China is working with a number of other nations on mBridge, a blockchain-based platform that supports fiscal transactions in several currencies, despite the possibility of a BRICS frequent money in the near future.

Simultaneously developed by the central bankers of China, Thailand, the UAE and Hong Kong, mBridge helps fast, peer-to-peer deals without third-party presence. According to reports, the platform supports Central Bank Digital Currencies ( CBDC ) and uses blockchain technology that is similar to Ethereum.

Cross-border business finance is made more cost-effective and affordable by the mBridge. A Thai firm may exchange rice for a businessman in Singapore in Thai ringgit or any other agreed-upon money. Transactions are quick and do n’t involve third parties. In mBridge, institutions of participating nations are the nodes in the network.

BRICS now comprises nine countries, the initial five members of Brazil, Russia, India, China and South Africa plus Egypt, Ethiopia, Iran and the UAE. Some have speculated that the gathering might eventually expand to include more than 100 nations, while over 40 extra nations have expressed interest in joining.

However, the BRICS surprised the world last month by announcing that it would quit accepting new people for a short time. No justification was given, but the ice might be related to the difficulty and awareness of developing a new financial infrastructure and its possible worldwide influence.

BRICS has plenty of reasons to tread carefully. Global financial markets could become unstable if only a new monetary system’s future roadmap was announced. Obviously, the group will want to avoid accusations of triggering a financial crisis.

The direction BRICS will take from here will depend on several factors. How aggressively will the US defend the dollar? How will the US address the country’s growing trade and debt problems? What will the country’s increasingly dysfunctional political system do next?

While Trump’s pledge to sanction de-dollarizing nations could be campaign rhetoric, an escalation of America’s sanctions war could trigger a financial reset in response.

BRICS might decide to establish a currency unit that is partially supported by gold and other natural resources, including oil, minerals, and metals. Given that it controls a sizable portion of the world’s natural resources and is able to influence global prices, the group has considerable leverage.

One way to tell BRICS is gearing up for a similar financial reset is its unheard of hoard of gold. BRICS members have purchased gold at record prices in the past two years. Following a financial or monetary crisis, the monetary metal has historically been used to rebalance currencies.

To be sure, a transformation of the now 80-year-old global financial system is inevitable. In a neo-colonial transformation of the British Empire, Bretton Woods modernized the banking system and moved London to New York as the seat of power.

On the other hand, the BRICS will likely work from the ground up to create a new financial system that is based on the demographic and economic realities of the 21st century, rather than the 20th.

Continue Reading

US rate cut no cure-all for Asia’s woes and ills – Asia Times

By:
On:
In: Asia, Finance

The Federal Reserve’s impending interest rate cut this Wednesday ( September 18 ) will have profound, though not immediately predictable, implications for economies worldwide. And somewhere, apart from the US, may those effects become felt more quickly than in Asia. &nbsp,

A change is taking place as the US central banks wraps up its discussions this year, when it is anticipated to ease interest rates by a quarter percent point, which could signal the end of its extreme inflation-fighting strategy. &nbsp,

The Fed’s action is n’t just a projection of American policy interests; it’s a financial tremor that did unforgettably stir areas, development prospects, and currency stability in mysterious ways and places.

The transition from tightening to easing will not only affect US business and investment expectations, but it will also have a significant impact on Asia’s direction of global cash flows, exchange rates, and inflationary pressures.

In recent years, Eastern markets have been walking a tightrope. &nbsp, They’ve had to handle soaring prices, supply chain constraints and fluctuating commodity pricing, all while being tethered to the US market’s global development website. &nbsp,

A Federal Reserve rate cut may provide some relief — or, conversely, fire new difficulties and challenges. One of the anticipated immediate effects of a Fed rate slice is a strengthening of the US dollar as more money moves to higher yields elsewhere. &nbsp,

For markets like Japan, China and South Korea, this may initially sound like a cash benefit. Asian currencies usually strengthen as a result of a weaker dollar, which gives them more room to maneuver through their own inflationary strains.

Cheaper goods result in lower consumer costs, which is a good thing for nations that are still struggling with rising food and energy costs. However, the image is far more complicated for Asia’s exported-geared markets. &nbsp,

A weak money may increase domestic purchasing power, but it might also weaken export competitiveness worldwide. Countries like China, South Korea and Japan are trade behemoths, and America is a vital, profitable business.

Their products will rapidly become more expensive in American markets if the money suffers a significant decline as a result of a price cut. This is not a minor issue for Asian economies, where exports account for substantial parts of GDP and are subject to rising US tariffs at a time of rising US isolationism. &nbsp,

More expensive Asian products may reduce desire, which would ultimately harm the US consumer’s ability to see higher prices and the rising threat of crisis, as well as the US consumer’s now feeling the press, which would have a negative impact on regional development prospects.

China is a perfect example. The country’s second-largest sector is currently facing its own set of challenges, including sluggish economic growth, negative stresses and an unsettled home problems. &nbsp,

A lower US benchmark interest rate could help stabilize enormous capital outflows from China by lowering American assets ‘ yield advantages, but it also runs the risk of the yuan rising in unintended ways. &nbsp,

In such an export-reliant business, a stronger renminbi you chill business as Chinese products become less price-competitive in world markets. &nbsp,

However, if the price cut and a weaker dollar cause a broader US economic slowdown, China’s growth was brake yet more, given the strong trade links between the two countries.

Other Asian emerging markets, such as Indonesia, Malaysia and India, will also have to step carefully in the midst of the Fed’s move.

In many of these countries, inflation is still a big issue, and central bankers have been reluctant to lower prices in order to prevent this from adding to inflationary pressure. A price cut in Washington may lessen that stress by stabilizing cash flows, as many of these nations have seen traders retreat to the US in search of higher yields. &nbsp,

However, the flip of this gold is that these nations could experience higher inflationary pressures as their economies strengthen against the money and import costs decline with lower US rates. &nbsp,

Nearby central banks could be in a difficult position as a result of this fluid, weighing up the advantages of a stronger dollar against the risk of runaway inflation.

So, the big question is how Asiatic central banks will react. Some may take advantage of the opportunity to reduce their own prices in tandem with the US in an effort to encourage growth and investment. &nbsp,

However, such actions may come with risks. Easy credit may occasionally cause asset bubbles, especially in real estate markets, which are already under pressure in nations like China, as seen during earlier periods of global economic easing. &nbsp,

Others may choose to remain firm while anticipating the outcome of the Fed’s rate cut’s impact on the global stage before making their next move. &nbsp, In any case, the decisions wo n’t be straightforward.

There is no denying that the Fed’s likely decision to cut rates this week could see the closing of a global economy, but for Asia, it could also mark the start of a much more complex story.

deVere Group’s CEO and founder is Nigel Green.

Continue Reading

Mekong flood alert for Isan riverside provinces

By:
On:
In: South-East Asia

Additionally, caution about the formation of additional tropical storms.

PUBLISHED: 17 Sep 2024 at 11: 41

Officials view the rising Mekong River in Muang district of Nakhon Phanom on Tuesday. (Photo: Pattanapong Sripiachai)
On Tuesday, officials in the Muang city of Nakhon Phanom view the rising Mekong River. ( Photo: Pattanapong Sripiachai )

Flood instructions have been issued for five northern regions where the rapidly rising Mekong River’s banks may burst.

A sizable amount of rainwater was flowing downstream on Tuesday, according to the Office of the National Water Resources, and it could cause flooding in the provinces of Bung Kan, Nakhon Phanom, Mukdahan, Amnart Charoen, and Ubon Ratchathani this year.

Overflowing from the inflamed Mekong has already flooded several areas of Nong Khai state.

One of the worst flooded areas in Muang region is the metropolitan area. Over the past few weeks, everything there has been at a stop.

The provincial department issued a red flag to some communities on Tuesday and strongly advised residents it to stay informed about the situation despite the fact that the flood level is decreasing. &nbsp,

Some areas of the town are also closed to traffic as a result of the strong flood current’s eroded road surfaces.

The Mekong was rising in Nakhon Phanom, but municipal president Niwat Chiawiriyabunya was optimistic that they could keep the area clean. He claimed that the river’s water level was also three meters below the crisis level.

According to him, Nakhon Phanom venue has been prepared for use as a temporary shelter in the event that people and contractors along the Mekong businesses need to relocate to higher floor, and Nakhon Phanom citizens and vendors have been given advice to do so.

After leaving Ubon Ratchathani, the Mekong travels into southwestern Laos.

New wind warning&nbsp,

The Meteorological Department warned on Tuesday that heavy weather is expected to cover the country, along with strong winds and high tides all the way up to Friday along the Andaman coast and in the middle Gulf of Thailand.

The wind company said it was monitoring a low pressure system south of the Philippines, which it thought might strengthen and turn into a tropical cyclone before making landfall in northern Vietnam on Friday.

Many of Thailand might experience more heavy weather as a result. &nbsp,

Seasonal Flooding has killed 22 individuals, 12 of them in Chiang Rai state, since mid-August, according to the Hazard Prevention and Mitigation Department.

Continue Reading

Flash flood hits the heart of Phayao

By:
On:
In: South-East Asia

PUBLISHED: 17 Sep 2024 at 10: 23

Flood-hit residents are evacuated to safe ground in Muang district of Phayao on Tuesday morning. (Photo: Muang Phayao municipal office)
On Tuesday morning, residents of the Muang region of Phayao are ushered to secure ground. ( Photo: Muang Phayao municipal office )

PHAYAO: Frequent over rainfall caused the Mae Ka Huai Khian torrent to flow in Muang area on Tuesday morning, leaving some residents, young and old, stranded on top floors and roofs.

The stream’s banks were reported in tambon Mae Ka of Muang region in Ban Huai Khian community. Overflow levels ranged from one to two feet, swamping some structures and vehicles.

Among the inundated parameters was the University of Phayao. Some kids hid on the roofs after escaping their flooded dorms.

Continue Reading