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Victims of what could be one of China’s worst financial scandals were surrounded by local police and beaten by a group of unidentified men during a protest on July 10, 2022, in central Henan province. About 1,000 demonstrators protested outside a branch of the People’s Bank of China in the city of Zhengzhou, seeking…
Protesters in Sri Lanka stormed and occupied the residences of President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe on July 9, 2022. Thousands had taken to the streets of the capital Colombo earlier in the day to demand the resignations of the men who have faced months of protests amid accusations th…
Anti-government protests continued across Sri Lanka on July 6, 2022, amid the country’s worst economic crisis since its independence in 1948. Young people and opposition supporters have been demanding the resignation of President Gotabaya Rajapaksa for months, whose attempts to save the economy have failed to end th…
China’s Covid-19 pandemic infection cases have continued to climb since a fresh outbreak began in early July 2022, with 24 cases detected nationwide on July 6. Shanghai launched another round of mass testing in nine districts after detecting new cases on July 5, fuelling concerns that China’s financial hub may once …
From Mumbai in Western India to Assam state in the north, much of the country was under water on July 5, 2022. Life was brought to a standstill by torrential monsoon rains in Mumbai, the country’s financial hub, as commuters waded ankle-deep through flooded streets and businesses were closed. Meanwhile, millions of …
Muslims in Pakistan are preparing to celebrate Eid ul-Adha, one of the two most important festivals on the Islamic calendar that begins this year on July 9, 2022. Inflation however has pushed up the price of sacrificial cattle, driven partly by higher energy costs, which have risen about 90 per cent since the end of…
Indonesian President Joko Widodo is the latest world leader to visit Ukraine, arriving in the capital Kyiv from Poland by train on June 29, 2022. In talks with Volodymyr Zelensky, Widodo offered to deliver a message from the Ukrainian president to Russian leader Vladimir Putin when he meets him in Moscow on June 30.…
Inflation is at a 14-year high in South Korea, and with rising lunch menu prices at restaurants, some office workers in the East Asian country are turning to convenience stores for lunch food. For under US$5, they can pick from a range of food items, including rice rolls, instant noodles and sandwiches. Government s…
A four-storey residential building in a crowded suburb of central Mumbai, India, collapsed at midnight on June 27, 2022. According to officials, at least 19 people died and a dozen were injured, with more feared trapped under the rubble. Building collapses are common in this country's financial hub during the monsoo…
Humanitarian aid is finally arriving in a remote area of Afghanistan that was hit by a powerful earthquake on June 22, 2022. Thousands of people have been left homeless or injured in Paktika and Khost provinces where the quake killed at least 1,150 people and an aftershock on June 24 took another five lives. The ini…
Strong capital markets, the rule of law and a large pool of English-speaking financial professionals make Hong Kong an ideal platform for mainland Chinese companies to conduct mergers and acquisitions overseas, says Anthony Neoh. The former chairman of the Securities and Futures Commission from 1995-1998 made his re…
China’s southern tech manufacturing powerhouse Shenzhen closed wholesale markets, cinemas and gyms for three days starting on June 25, 2022, after Covid-19 cases were found in the city. Nearly a dozen local cases were found on June 24 and 25 in a central district of the city near Hong Kong. The Shenzhen municipal he…
A lack of a clearly international stock exchange in Asia means there is room for Hong Kong to step into such a global market role, according UBS banker John Lee Chen-kwok. The Hong Kong-based vice-chairman and head of Greater China global banking made his remarks in a Post interview on June 6, 2022.
Competition from Shenzhen and Shanghai will only spur the continued growth of Hong Kong’s stock market, says John Lee Chen-kwok of UBS. The Hong Kong-based vice-chairman and head of Greater China global banking made his remarks in a Post interview on June 6, 2022.
The co-founder and chief executive of GogoX Holdings Limited, Steven Lam, rang the gong at the Hong Kong stock exchange on June 24, 2022. The logistics company made history because it was the initial public offering (IPO) for the city’s first unicorn, and because Lam sounded the bell for the first time since March 2…
Protests continue in Sri Lanka with many demanding the resignation of President Gotabaya Rajapaksa amid a deepening economic crisis that has seen inflation reach an all-time high. The nationwide inflation rate was 45.3 per cent in May 2022 according to the most recent data, as Sri Lanka struggles with its worst econ…
Around a hundred students protested in the Nepali capital against fuel price hikes on June 20, 2022. Police in Kathmandu reportedly fired tear gas to disperse the protest that broke out after the state-owned Nepal Oil Corporation raised fuel prices. The country’s Ministry of Industry, Commerce and Supplies said the …
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The gambling mecca of Macau remained largely shut on June 20, 2022, as residents lined up for Covid-19 tests after the city’s first outbreak in 250 days triggered orders of mass testing. The city, which neighbours Hong Kong, recorded 31 positive cases as of June 20, 2022. The government, which adheres to mainland Ch…
In an exclusive interview with the Post, the CEO of the Hong Kong Exchanges and Clearing (HKEX), Nicolas Aguzin shares his next plan to further internationalise Asia’s third-largest stock market. Speaking with Post business editor Eugene Tang and chief business reporter Enoch Yiu, Aguzin also discusses the role the …
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The CEO of the Hong Kong Exchanges and Clearing (HKEX), Nicolas Aguzin, says the two new offices being mooted in the US and Europe would promote HKEX as a fundraising centre for international companies and a gateway for international investors to access the mainland China market. Speaking with Post business editor E…
Thailand has delisted cannabis as a narcotic, the first country in Southeast Asia to legalise the use of marijuana. Known for its tough policies on drug trafficking, the conservative Buddhist nation made the move in apparent recognition of the growing market for marijuana-infused food and medicinal cannabis. From Ju…
Three tigers and a large Asiatic black bear were the last animals to be rescued from a zoo on the Thai resort island of Phuket on June 7, 2022. The Phuket Zoo was forced to shut its doors in late 2021 after the attraction fell victim to financial pressures of the Covid-19 pandemic, which severely cut tourist arrival…
The cost of nearly everything in Pakistan has been soaring due to inflation, leaving the poor in even more desperate straits. Pakistan’s Consumer Price Index Inflation Rate rose to 13.8 per cent in May 2022, the highest in two and a half years. Economists fear that rising inflation will push many in the lower income…
Residents jumped off first-floor windows to escape from a fire that ripped through a market in the Chinese city of Hangzhou on June 9, 2022. More than 10 people were injured from the fire in the capital of eastern Zhejiang province. The fire has since been extinguished, and local authorities are investigating the ca…
Thailand’s Maeklong Railway Market is bustling once again since the Covid-19 pandemic. Hundreds of shops selling anything from fresh produce to clothes and souvenirs line this 500-metre (1,640ft) stretch of the railway. The pandemic caused hardship and financial strain for shop vendors, but with entry restrictions e…
Farmers in Yuncheng in central China’s Shanxi province have harvested thousands of ripe watermelons during the June 2022 harvest season. To ensure the quality of the fruit, some farmers only plant the produce once a decade in each farm field. Some fruit sellers even travel from Beijing to make their purchases in Sha…
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Afghanistan continues to suffer from dwindling international aid, cut since the Taliban resumed power in Afghanistan in August 2021. The country’s worsening economy has hit Afghans hard, especially children who are unable to receive a basic education. Yet some cling on to their dream of someday returning to the clas…
Afghanistan's Taliban rulers have begun a campaign to eradicate poppy cultivation after the group issued an edict in early April 2022, banning a key source for many narcotics, including morphine, codeine and heroin. The move comes as Afghanistan’s economy heads toward collapse, with the nation cut off from internati…
China’s financial hub Shanghai officially ended its two-month Covid-19 lockdown on Wednesday, June 1, 2022. People poured onto the streets to celebrate the lifting of the controversial lockdown of the city of 23 million people initiated wide discussion on China’s tightly controlled social media. Many citizens fled t…
Sri Lanka’s inflation rate hit a record 39 per cent year on year in May 2022, according to government data amid the country’s worst economic crisis since independence. The country has no foreign reserves left to buy imported goods, including food, medicine and fuel. Among those suffering from the economic fallout ar…
China’s pig breeders are going hi-tech to develop pigs that grow faster, need less feed and produce bigger litters. China is the world’s leading pork producer, but relies heavily on imports for breeding material. Around 100 farms have enrolled in a state-led bid to improve the genetics of their pigs and aim for self…
Some residents and migrant workers in Shanghai, China, are now allowed to leave the city, provided they obtain permission from district committees and show a negative nucleic acid test taken within the last 48 hours. On May 28, 2022, the city hit a new daily low number of Covid-19 infections since mid-March. Shangha…
A port in north China's Hebei Province dispatched the first freight train under the banner of “pendulum transportation”, on the China-Europe route to Russia on May 25, 2022. China Railway Express (CRE), is a key logistical cog in President Xi Jinping’s Belt and Road Initiative. The railway network has served as a cr…
Fuel prices in Sri Lanka surged to record levels on May 24, 2022, putting additional economic pressure on a nation already reeling from the its worst crisis in over 70 years. Residents have been queuing at petrol stations for hours, some for days, to fill their vehicles. The country’s inflation rate has also reached…
Parts of Beijing are under lockdown to control the Chinese capital’s recent outbreaks of Covid-19. The city has confirmed 1,729 cases since April 22, 2022. Many shopping centres have turned off most of their lights and closed the majority of the shops inside in response to citywide orders to restrict activities in a…
Malaysia announced on May 23, 2022, that it will stop the export of chickens from June 1 to ensure there is sufficient supply in the domestic market. “The government’s priority is our own people,” Prime Minister Ismail Sabri Yaakob said in a statement. Malaysian customers have complained of rising chicken prices ami…
Starbucks is pulling out of Russia, a market where it had maintained operations since 2007. In a message to employees on May 23, 2022, the American coffee giant said it has decided to close its 130 stores and no longer have a brand presence in Russia. Starbucks said it will continue to pay its nearly 2,000 Russian e…
Speaking at the World Economic Forum, Ukrainian President Volodymyr Zelensky pushed world leaders to impose more sanctions and increase pressure against Russia over its invasion of his nation. During his May 23, 2022, address in Davos, Switzerland, Zelensky urged global business leaders to establish safe corridors f…
Chinese state-owned company Qingdao Conson unveiled the world’s first full-scale fish-farming ship on May 20, 2022. The Guoxin-1 can reportedly produce more than 3,000 tonnes of fish annually. The ship will farm in the Yellow Sea, East China Sea and South China Sea, with the first batch of yellow croaker expected to…
Shanghai residents in certain districts have been allowed to venture out to supermarkets again from May 17, 2022, after more than a month of strict lockdowns. Only one designated person per household is allowed to go on a one-hour shopping trip to stock up on no more than 500 yuan (US$74) worth of food. On May 20, S…
US President Joe Biden began his widely anticipated Asia trip on May 19, 2022, his first presidential trip to the region. Arriving in Seoul before travelling onwards to Tokyo, Biden began the trip with an emphasis on trade. White House national security adviser Jake Sullivan said on May 18 that apart from addressing…
Around 300 protesters gathered outside the historic Fort railway station in the Sri Lankan capital Colombo on May 18, 2022. They called for the arrest of former prime minister Mahinda Rajapaksa who resigned on May 9, while his younger brother, Gotabaya, continued to rule as president. Sri Lanka has been facing its w…
Fuel pumps in the Laotian capital Vientiane started running dry on May 16, 2022, amid a fuel shortage that has been ongoing for weeks. Motorists in Laos, one of Southeast Asia’s poorest countries, have been queuing for hours to fill up on petrol. A weakened local currency, high inflation and the unstable global oil …
The past few years have not been smooth sailing for Asia’s biggest bank, but HSBC now faces one of its biggest dilemmas with pressure mounting from its largest shareholder, Ping An, to break up. Effectively, China’s biggest private insurer is calling for HSBC to split its Asia and western operations. Post senior bus…
The American fast-food giant McDonald’s announced on May 16, 2022, that it would sell its 850 restaurants in Russia and exit the market entirely. The global brand opened in Russia in 1990, but now joins a growing list of international firms to pull out of Russia since its invasion of Ukraine in February 2022.
A dim sum restaurant owner in Chicago has fused the best of traditional Cantonese cuisine and Chicago culture. Spencer Ng, a second-generation business owner, took over his parent’s restaurant determined to further develop his family’s centuries-old Cantonese tradition. Amid the economic recession brought on by the …
Residents in the Chinese capital Beijing flocked to supermarkets to stock up on food, hoping to avoid Shanghai-style shortages in case of a citywide lockdown. The capital recorded 36 Covid-19 cases on May 12, 2022. Some districts in the city have seen tighter curbs, including taxi and ride-hailing service suspension…
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