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Frozen food was selected as Japan’s “dish of the year” for 2022 by the Gurunavi Research Institute on December 6. It’s easy to prepare and can be stored for a long time, which made it popular as more people worked from home because of the pandemic. Many restaurants in Japan are now trying to break into the frozen fo…
A Japanese robotics start-up has developed spider-like robots to inspect and maintain the country’s sewer pipes as the country grapples with a labour shortage in the industry. Tmsuk created the SPD1 with eight legs resembling a spider, enabling it to crawl across sediments commonly found in sewer pipes. Tmsuk plans …
Mongolia’s president reportedly has proposed a plan to dissolve parliament and dismiss government following days of demonstrations over soaring inflation and corruption in the coal industry. Thousands of people have joined rallies in the capital Ulaanbaatar’s Sukhbaatar Square since December 4, 2022, following alleg…
Bank for International Settlements (BIS) chief Agustin Carstens said the world needs different remittance settlement systems to "complement" each other to serve different user needs. The general manager who oversees the Basel, Switzerland-based institution often dubbed the "central banks' central bank" made his rema…
As mainland China reopens, Helen Qiao, Chief Greater China Economist & Head of Asia Economics of BofA Securities and Winnie Wu, China Equity Strategist of BofA Securities, discuss the economic and market outlook for mainland China and Hong Kong.
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Nearly three years of strict Covid controls have seriously hurt China’s economy. Vice-Premier Sun Chunlan, who leads the country’s pandemic response, said on November 30, 2022, that China’s virus control measures were entering a new phase as the virus weakens and vaccinations become more widespread. In a sign of a p…
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Thousands of unionised truckers in South Korea kicked off their second major strike seeking better pay and working conditions in less than six months on November 24, 2022. The action is already disrupting supply chains across the world's 10th-largest economy, affecting carmakers, the cement industry and steel produc…
Hong Kong’s pricey property market has a dark side – cramped and claustrophobic subdivided flats, where people live in spaces as small as 15 sq ft (1.4 sq metres). What is life like inside a flat smaller than a prison cell? SCMP explores the city’s shoebox flats through the lives of those who call these tiny spaces …
More than one-fifth of China’s total gross domestic product (GDP) is currently under lockdown, according to a November 24, 2022, report by finance group Nomura. The report also projected the amount of GDP affected by lockdowns would continue to rise in coming weeks as China deals with its biggest Covid-19 case surge…
With one of the world’s lowest fertility rates, South Korea’s population is expected to shrink to 38 million in 2070, the country’s official statistics agency revealed in September 2022. The latest figure for 2022 showed that there were only 0.81 births per woman in South Korea, as young couples choose not to have k…
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Rabi Lamichhane, a bombastic journalist, is among several young upstart candidates challenging the old political guard in the upcoming November 20, 2022, elections in Nepal. Amid a teetering economy, an elite club of parliamentary veterans taking turns as leader has fuelled perceptions that the government is out of …
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Global pressure on Russia over the war in Ukraine continued to grow as most world leaders gathered for the G20 summit in Indonesia agreed to a joint statement on November 16, 2022, condemning Moscow’s invasion and subsequent conflict that have killed thousands of people and roiled the global economy.
A US$6 billion railway ties the fate of Laos, one of Asia’s poorest countries, to China’s, the world’s second-biggest economy. The project is integral to the plans of Laos’ communist leadership to plug Southeast Asia’s only landlocked country into the global economy and fast track its seven million people out of pov…
Alibaba, which owns the South China Morning Post, and other Chinese e-commerce firms holding Singles’ Day shopping events together saw underwhelming sales during the festival’s final stretch, in line with subdued expectations for this year. Singles’ Day, the world’s biggest annual shopping festival, is a key baromet…
Hong Kong’s iconic Tung Po Kitchen has found a new place to operate after the eatery was forced to close in September 2022. The restaurant, long a favourite among diners because of the theatrical showmanship of manager Robby Cheung, shut down after the Food and Environmental Hygiene Department said it had violated a…
The maker of Sakuma’s Drops, a popular Japanese confection featured in the 1988 Studio Ghibli film Grave of the Fireflies, will go out of business in January 2023. Sakumaseika said on November 9, 2022, that the company was forced to fold because of the pressure of inflation and rising energy prices. The candy has be…
A senior US official has confirmed Chinese President Xi Jinping and his American counterpart Joe Biden are expected to meet in person on the sidelines of the G20 summit. Taiwan, Ukraine and the economy will all be on the table at the talks set to take place on November 14, 2022, on the Indonesian resort island of Ba…
Japan’s second-hand market for iPhones has reportedly grown because of a sharp decline in the value of the yen. The depreciation of the Japanese currency has made Apple’s flagship gadget costlier, particularly since the company raised the prices of iPhone models in some of its biggest global markets, including Japan.
For millions of families in China, the pandemic has shattered their middle-class life amid strict Covid controls and lockdowns which have seriously damaged the economy. A national survey in 2020 found that 35 per cent of respondents had experienced psychological distress during the pandemic, including anxiety and de…
The Hong Kong Monetary Authority’s (HKMA) three-day Global Financial Leaders’ Investment Summit wrapped up on November 3, 2022. Many top bankers attending the event saw the gathering as a closing chapter of the Covid-19 era and the start of their expansion plans in the city. The HKMA said it’s considering organising…
Mirae Asset Global Investments (HK) CEO Rhee Jung-ho believes on-shore RMB bond market and green finance to be the biggest investment opportunities next year. The leading ETF provider eyes on the growth opportunities in the Greater Bay Area and various connect schemes between Hong Kong and the mainland. As one of th…
Prudential CFO James Turner said he believes Greater Bay Area and a proposed Insurance Connect programme are set to bring in more opportunities for the of UK-based company, which is among the largest insurers in Hong Kong. Turner was one of the over 200 financiers attending the Global Financial Leaders’ Investment S…
MSCI President Baer Pettit said that opportunities in the China region will get even bigger in the coming years. The index compiler company chief spoke in an interview at the Hong Kong Monetary Authority’s three-day Global Financial Leaders' Investment Summit held from November 1-3.
A three-day financial summit in Hong Kong was “a great way to say goodbye to Covid”, according to Zhong Xiaofeng of Amundi Asset Management. The Greater China chairman of Europe’s largest money manager was among the more than 250 global bankers who joined the Global Financial Leaders’ Investment Summit ending Novemb…
The Global Financial Leaders’ Investment Summit kicked off publicly on November 2, 2022 in Hong Kong, with the city’s de facto central bank hosting the largest gathering of financial heavyweights the city has seen in nearly three years. Sebastian Paredes, CEO of DBS Hong Kong, said it’s invigorating to see the finan…
Swiss private bank Julius Baer will expand its Hong Kong office in the coming years, as it aims to use the city as a hub from which to develop its wealth management and family office businesses in China and other Asian markets, according to its global chief. Zurich-based CEO Philipp Rickenbacher, one of about 200 to…
China’s multi trillion-dollar asset and wealth management industry presents a “big opportunity” for Credit Suisse and will be a core business focus as part of the company’s restructuring plans. Credit Suisse Chairman Axel Lemann made the remarks ahead of his attendance at the three-day Global Financial Leaders’ Inve…
North Korea completed the construction of a new ice cream factory in the capital Pyongyang on October 27, 2022. The newly built Taesongsan Ice Cream Factory was personally ordered by the country’s leader Kim Jong-un to ‘improve people’s well-being’ amid a faltering economy and global sanctions.
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Hong Kong Financial Secretary Paul Chan Mo-po has kicked off a series of high-profile visits to the Middle East. The government mission aims to drum up investment opportunities in new regions as the city seeks to carve a path to recovery for an economy battered by the Covid-19 pandemic.
Former Singapore Foreign Minister and long-time Hong Kong resident George Yeo has been called a “China whisperer” for his ability to explain Beijing’s ambitions and perspective to the rest of the world. In this episode of Talking Post, Yeo sits down with SCMP chief news editor Yonden Lhatoo to discuss rising tension…
As Japan’s yen tumbled to a 32-year low, the country’s Finance Minister Shunichi Suzuki said on October 20, 2022, that “appropriate steps” will be taken to rein in currency volatility. The Japanese currency is edging closer to a key market health indicator of 150 yen against the US dollar.
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Spanish police said on October 14, 2022, that it had dismantled a criminal group believed to be Europe’s largest money launderer behind international drug trafficking gangs from more than 20 countries. In total, police seized nearly 3 million euros (US$2.9 million), including 11 luxury vehicles, cryptocurrency accou…
Beijing and Washington have crossed swords over the docking of a superyacht linked to a sanctioned Russian billionaire in Hong Kong. The Russian-flagged Nord, believed to be owned by Alexei Mordashov who is among Russian oligarchs facing penalties imposed by the United States, European Union and Britain for Russia’s…
Fuel may once again become more expensive after weeks of falling prices at the pumps following a decision by oil producing countries to slash production for the first time since the peak of the Covid-19 pandemic. Members of the Opec+ group said the September 5, 2022, decision to reduce supply is needed to bring abou…
Tesla CEO Elon Musk teased his company's latest humanoid robot in its annual event in Palo Alto, California on September 30, 2022. The world’s richest man, who once warned of artificial intelligence being a threat to humanity, said that Tesla wants to ensure robots safely enter society to avoid ‘Terminator’-style vi…
The Israeli military has installed an artificial intelligence-powered weapon at a busy checkpoint in the West Bank, over a gate Palestinians use to cross to the Old City of Hebron. Israel’s military said the weapon system is designed to fire non-lethal projectiles to “disperse riots”.
Hong Kong Monetary Authority head Eddie Yue discusses the likelihood of further interest rate hikes, in his first media interview since becoming chief executive of the Hong Kong Monetary Authority (HKMA) in 2019, with Post business editor Eugene Tang and chief business reporter Enoch Yiu.
A Chinese second-hand luxury goods marketplace, ZZER, is thriving amid a new consumption trend. Shoppers who typically queue for the latest season’s luxury products have switched to consignment as Covid-19 lockdowns slow China’s economy.
Hong Kong's de facto central bank chief Eddie Yue previews the upcoming global banking summit to be held in the city, and talks about the city's charm offensive to woo global financial institutions. In his first media interview since becoming chief executive of the Hong Kong Monetary Authority (HKMA) in 2019, Yue si…
The strongest typhoon to hit the Philippines so far this year has killed at least six people and triggered concerns about inflation after it heavily damaged rice crops. Typhoon Noru battered Luzon, the country’s most populous island, for more than a day after the storm made landfall on September 25, 2022.
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