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Phuket Gazette World News: Japanese Prime Minister sees bright future

Legacy Phuket Gazette

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Phuket Gazette World News: Japanese Prime Minister sees bright future | The Thaiger
PHUKET MEDIA WATCH

– World news selected by Gazette editors for Phuket’s international community

Abe vows to revive Japanese economy, sees no escalation with China
Reuters / Phuket Gazette

PHUKET: Japanese Prime Minister Shinzo Abe told Americans yesterday “I am back and so is Japan” and vowed to get the world’s third biggest economy growing again and to do more to bolster security and the rule of law in an Asia roiled by territorial disputes.

Abe had firm words for China in a policy speech to a top Washington think-tank, but also tempered his remarks by saying he had no desire to escalate a row over islets in the East China Sea that Tokyo controls and Beijing claims.

“No nation should make any miscalculation about the firmness of our resolve. No one should ever doubt the robustness of the Japan-U.S. alliance,” he told the Center for Strategic and International Studies.

“At the same time, I have absolutely no intention to climb up the escalation ladder,” Abe said in a speech in English.

After meeting US President Barack Obama on his first trip to Washington since taking office in December in a rare comeback to Japan’s top job, he said he told Obama that Tokyo would handle the islands issue “in a calm manner.”

“We will continue to do so and we have always done so,” he said through a translator, while sitting next to Obama in the White House Oval Office.

Tension surged in 2012, raising fears of an unintended military incident near the islands, known as the Senkaku in Japan and the Diaoyu in China. Washington says the islets fall under a US-Japan security pact, but it is eager to avoid a clash in the region.

Abe said he and Obama “agreed that we have to work together to maintain the freedom of the seas and also that we would have to create a region which is governed, not by force but based on an international law.”

Abe, whose troubled first term ended after just one year when he abruptly quit in 2007, has vowed to revive Japan’s economy with a mix of hyper-easy monetary policy, big spending, and structural reform. The hawkish leader is also boosting Japan’s defence spending for the first time in 11 years.

“Japan is not, and will never be, a tier-two country,” Abe said in his speech. “So today … I make a pledge. I will bring back a strong Japan, strong enough to do even more good for the betterment of the world.”

“Abenomics” to boost trade
The Japanese leader stressed that his “Abenomics” recipe would be good for the United States, China and other trading partners.

“Soon, Japan will export more, but it will import more as well,” Abe said in the speech. “The US will be the first to benefit, followed by China, India, Indonesia and so on.”

The United States and Japan agreed on language during Abe’s visit that could set the stage for Tokyo to join negotiations soon on a US-led regional free trade agreement known as the Trans-Pacific Partnership.

In a carefully worded statement following the meeting between Obama and Abe, the two countries reaffirmed that “all goods would be subject to negotiations if Japan joins the talks with the United States and 10 other countries.

At the same time, the statement envisions a possible outcome where the United States could maintain tariffs on Japanese automobiles and Japan could still protect its rice sector.

“Recognizing that both countries have bilateral trade sensitivities, such as certain agricultural products for Japan and certain manufactured products for the United States, the two governments confirm that, as the final outcome will be determined during the negotiations, it is not required to make a prior commitment to unilaterally eliminate all tariffs upon joining the TPP negotiations,” the statement said.

Abe repeated that Japan would not provide any aid for North Korea unless it abandoned its nuclear and missile programs and released Japanese citizens abducted decades ago to help train spies.

Pyongyang admitted in 2002 that its agents had kidnapped 13 Japanese in the 1970s and 1980s. Five have been sent home, but Japan wants better information about eight who Pyongyang says are dead and others Tokyo believes were also kidnapped.

Abe also said he hoped to have a meeting with new Chinese leader Xi Jinping, who takes over as president next month, and would dispatch Finance Minister Taro Aso to attend the inauguration of incoming South Korean President Park Geun-hye next week.

— Phuket Gazette Editors

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Economy

Local investor sentiment dampened by Brexit woes and slump in Chinese economy

The Thaiger

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Local investor sentiment dampened by Brexit woes and slump in Chinese economy | The Thaiger

The British pound fell today as investors fret over PM Boris Johnson’s chances of pushing his Brexit deal through the British parliament, while Asian markets were mostly down after data showed China’s economy expanded at its slowest pace in nearly three decades.

The pound rallied almost to US$1.30 yesterday following news that negotiators had hammered out an agreement that would avoid Britain leaving the EU without a divorce deal – a move many warn would be economically catastrophic. But the brief celebrations were soon tempered by the realisation that the British PM faces an uphill task in getting the deal past lawmakers, with opposition MPs and even some in his own Conservative party saying they won’t pass it.

Most importantly, Northern Ireland’s Democratic Unionist Party (DUP), which props up Johnson’s government, said it was “unable to support these proposals”.

Forex traders sold sterling, pushing it back down below $1.29, and it extended losses in Asia. Focus is now on a crucial vote in London on the deal scheduled for tomorrow (Saturday).

“Much will depend on the PM’s ability to get some if not all DUP and (Scottish National Party) MPs onside, in addition to also getting the backing from the 21 ex-Conservative MPs he expelled from the party last month,” said National Australia Bank’s Rodrigo Catril.

“Rejection of the deal might well see more political brinkmanship around a ‘no-deal’ Brexit, but the most likely scenario would be yet another extension of the 31 October Brexit date.”

Jeffrey Halley, senior market analyst at OANDA, said whichever way the vote goes, “traders should prepare themselves for some severe volatility on Monday morning, with multiple big-figure moves a strong possibility”.

China growth slows again

Asian equity markets, meanwhile, were mostly lower after China said its economy expanded 6% in the third quarter, the slowest pace in 27 years, as leaders struggle to address weak domestic demand and the long-running US trade war.

The reading was a drop from the previous three months but in line with an AFP forecast and the government’s 6-6.5% target for the year.

While the National Bureau of Statistics said the economy “maintained overall stability”, it added that it “is under mounting downward pressure” from weakness at home and abroad.

Shanghai ended down 1.3% with Stephen Innes at AxiTrader saying traders were concerned the figures were not weak enough to prompt the Chinese central bank to embark on a big stimulus drive.

“With the People’s Bank of China, who arguably have plenty of policy ammunition to right the ship, probably unwilling to turn on the monetary taps, investors are taking risk off the table,” he said in a note.

Hong Kong was off 0.5% amid concern over the possibility of more violent protests over the weekend, while Sydney closed down 0.5 percent and Singapore eased 0.4%.

Seoul shed 0.8% and Wellington lost 0.7%, with Taipei and Manila also lower. But Tokyo closed 0.2 higher at a 10-month high, while Mumbai and Jakarta also edged up.

Hopes for the China-US trade talks were given a lift after Beijing’s commerce ministry said negotiators have “accelerated efforts” to hammer out details of last Friday’s mini-deal and were holding talks on moving on to the next phase of a wider agreement.

Donald Trump said Wednesday he hopes to sign the deal with President Xi Jinping at the APEC summit in Chile next month.

And the Turkish lira jumped more than 1% after Ankara said it would pause military operations in northern Syria for five days and US Vice President Mike Pence said Washington would not impose any fresh sanctions.

Key markets today…

Pound/dollar: DOWN at $1.2857 from $1.2891 at 2050 GMT

Euro/pound: UP at 86.48 pence from 86.31 pence

Euro/dollar: UP at $1.1122 from $1.1127

Dollar/yen: UP at 108.63 yen from 108.62 yen

London – FTSE 100: DOWN 0.4% at 7,152.55

Tokyo – Nikkei 225: UP 0.2% at 22,492.68 (close)

Hong Kong – Hang Seng: DOWN 0.5% at 26,719.58 (close)

Shanghai – Composite: DOWN 1.3% at 2,938.14 (close)

West Texas Intermediate: UP four cents at $53.97 per barrel

Brent North Sea crude: DOWN 22 cents at $59.69 per barrel

New York – Dow: UP 0.1% at 27,025.88 (close)

SOURCE: Agence France-Presse

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Philippines

Powerful 6.4 earthquake kills five in the Philippines

May Taylor

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Powerful 6.4 earthquake kills five in the Philippines | The Thaiger

PHOTO: AFP

A strong 6.4 magnitude earthquake has struck the southern Philippines, killing five, including one child, destroying property and disrupting power supply. The death toll is expected to rise.

The powerful quake was felt across the Mindanao region, even causing a 3-storey shopping mall to burst into flames. Residents were evacuated and a child was killed when a house collapsed in the town of Datu Paglas.

AFP reports that the quake was 14 kilometres deep and followed by two aftershocks. The Philippines is part of the “Ring of Fire”, a zone of constant seismic activity that stretches from Japan through Southeast Asia and across the Pacific.

Several injuries have been reported as a result of falling debris. The shopping mall that caught fire was evacuated when the quake struck, but it’s not yet known if there were still people inside as the fire took hold.

The mall was still on fire three hours later as nearly 100 firemen battled to put it out.

Residents on the coast in Davao fled to higher ground fearing a tsunami, even though a government seismologist reassured people there was no tsunami risk as the quake had occurred inland.

It’s understood that prisoners in the municipal jail in the town of Bansalan were also let out, but placed in handcuffs and held outside for the duration of the evacuation.

SOURCE: AFP

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World

Key ally rejects PM Johnson’s Brexit plan – Sterling sags

The Thaiger

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Key ally rejects PM Johnson’s Brexit plan – Sterling sags | The Thaiger

The British Pound tumbled again today after UK PM Boris Johnson’s key ally in parliament said it “could not support” his plans for a Brexit deal, throwing a spanner in the works – just as Britain and the EU were closing in on an agreement.

The comment caused an immediate reaction from this morning’s Asia Pacific markets.

After years of wrangling, the two sides said they were edging towards the basis for a treaty allowing Britain to avoid an economically catastrophic “no-deal” exit from the European Union.

With both teams working through the night, EU negotiator Michel Barnier said there had been “good progress, and work is ongoing”, while France’s deputy foreign minister said Thursday a deal was “within reach but is not guaranteed”.

There had been optimism that a deal was in the offing, just two weeks before Britain is due to leave the bloc, as they worked towards a solution on the vexed question of British-ruled Northern Ireland.

But Northern Ireland’s Democratic Unionist Party (DUP) dropped a bombshell hours before the start of a crunch EU summit Thursday, saying it cannot support the plan.

“As things stand, we could not support what is being suggested on customs and consent issues, and there is a lack of clarity” on Value Added Tax, the DUP, which props up Johnson’s government, said in a statement on Twitter.

“We will continue to work with the Government to try and get a sensible deal that works for Northern Ireland and protects the economic and constitutional integrity of the United Kingdom.”

DUP leader Arlene Foster had met Johnson several times this week to discuss the progress of talks and had described as “nonsense” previous reports that she was ready to give way.

The pound, which earlier in the day was hovering at five-month highs around $1.2877 sank to $1.2750 before edging back slightly, while it also lost ground to the euro.

The DUP are against any deal that would tie Northern Ireland to EU rules but cut the rest of the United Kingdom loose.

Markets react

In early trade, London’s FTSE added 0.1%, Paris was flat and Frankfurt eased 0.2%. In Asia, most markets were in the red, with traders unable to take advantage of weak US retail data that raised the chances of another Federal Reserve interest rate cut. Comments in the Fed’s Beige Book update on the economy also pointed to a slowdown.

Hong Kong added 0.7% but Shanghai finished 0.1% lower and Tokyo lost 0.1%.

Sydney sank 0.8%, Singapore shed 0.7% and Seoul retreated 0.2%t, with Wellington and Manila also off. There were gains in Taipei, Mumbai, Bangkok and Jakarta.

Speculation about a possible US rate cut provided support to higher-yielding currencies against the dollar, with the Australian dollar 0.6 percent up and the South Korean won 0.1 percent stronger. The Thai baht, the Mexican peso and the South African rand also posted healthy gains.

Oil prices fell after data pointed to a sharp rise in US stockpiles that reinforced worries about the impact on demand from the China-US trade war and the global economic slowdown.

Key markets today

Pound/dollar: DOWN at $1.2784 from $1.2817 at 2100 GMT

Euro/pound: UP at 86.65 pence from 86.33 pence

Euro/dollar: UP at $1.1081 from $1.1073

Dollar/yen: UP at 108.80 yen from 108.71 yen

London – FTSE 100: UP 0.1 percent at 7,175.09

Tokyo – Nikkei 225: DOWN 0.1% at 22,451.86 (close)

Hong Kong – Hang Seng: UP 0.7% at 26,848.49 (close)

Shanghai – Composite: DOWN 0.1% at 2,977.33 (close)

West Texas Intermediate: DOWN 56 cents at $52.80 per barrel

Brent North Sea crude: DOWN 55 cents at $58.87 per barrel

New York – Dow: DOWN 0.1% at 27,001.98 (close)

SOURCE: Agence France-Presse

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