Connect with us

World

World Bank trims 2015, 2016 East Asia forecasts, cites China, US rate risks

Legacy Phuket Gazette

Published

 on

World Bank trims 2015, 2016 East Asia forecasts, cites China, US rate risks | The Thaiger

PHUKET MEDIA WATCH

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

World Bank trims 2015, 2016 East Asia forecasts, cites China, US rate risks
Phuket Gazette / Reuters


PHUKET: The World Bank cut its 2015 and 2016 growth forecasts for developing East Asia and Pacific, and said the outlook was clouded by the risk of a sharp slowdown in China and possible spillovers from expected increases in U.S. interest rates.

The Washington-based lender now expects the developing East Asia and Pacific (EAP) region, which includes China, to grow 6.5 percent in 2015 and 6.4 percent in 2016, down from 6.8 percent growth in 2014.

Its previous forecast in April was 6.7 percent in each of 2015 and 2016.

“The baseline scenario for regional growth is subject to a greater-than-usual degree of uncertainty, and risks are weighted to the downside,” the World Bank said in its latest East Asia and Pacific Economic Update report on Monday.

“In particular, uncertainty surrounds the trajectory of, and spillovers from, China’s economic rebalancing and the expected normalization of U.S. policy interest rates.”

The World Bank said the downward revisions to regional growth forecasts mainly reflect a moderate slowdown in China’s economy, which it sees growing 6.9 percent in 2015 and 6.7 percent in 2016, down from 7.3 percent in 2014.

The previous forecast was for China to grow 7.1 percent in 2015 and 7.0 percent in 2016.

Growth in developing East Asia excluding China is expected to hold steady in 2015 at 4.6 percent before accelerating to 4.9 percent in 2016, the World Bank said. Those were down from previous forecasts of 5.1 percent growth in 2015 and 5.4 percent in 2016.

The bank said the outlook for household incomes and business profits in Indonesia and Malaysia was clouded by weakness in global commodity markets. It said lower real trade-weighted exchange rates can play a key role for such commodity exporters to adjust to weaker terms of trade.

“The depreciations of the Indonesian rupiah and Malaysian ringgit against the U.S. dollar have reduced the drop in exporter revenues, corporate profits, and household incomes in local currency terms a valuable shock-absorbing effect,” it said.

“More generally, authorities should limit currency market interventions to smoothing volatility, given the importance of maintaining adequate reserve buffers,” the World Bank added.

Further declines in Asian currencies against the dollar could cause balance sheet strains in countries with significant dollar-denominated debt, it said.

“Stress may arise whenever individual firms and sectors suffer from a significant concentration of liabilities,” the World Bank said, adding that such risks are a special concern in Indonesia, Malaysia, Thailand and Vietnam.

— Phuket Gazette Editors

Keep in contact with The Thaiger by following our Facebook page.



Find more SE Asian News courtesy of The Thaiger.

Broke? Find employment in Southeast Asia with JobCute Thailand and SmartJob Indonesia. Rich? Invest in real estate across Asia with FazWaz Property Group or get out on a yacht anywhere with Boatcrowd. Even book medical procedures worldwide with MyMediTravel, all powered by DB Ventures.

Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Chiang Rai

Italian busted in Australia smuggling heroin

Greeley Pulitzer

Published

on

Italian busted in Australia smuggling heroin | The Thaiger

An 49-year-old Italian has been charged with drug smuggling after arriving at Perth Airport from Chiang Mai. He allegedly had about 300 grams of heroin, worth about 135,000 Australian dollars, hidden inside his body.

After trace technology during a baggage examination showed positive for narcotics, Australian Border Force officers referred him to the Australian Federal Police for an internal exam.

The man was taken to hospital where 63 pellets of heroin were allegedly found in his stomach. X-Rays also revealed three more pellets of heroin had been internally inserted into his rectum.

Italian busted in Australia smuggling heroin | News by The Thaiger

Photo: Australian Border Force

He was charged with importing a controlled drug and faces 25 years in prison.

A spokeman for the Australian Border Forcesaid the ABF is fully aware of the lengths people are willing to go to bring drugs into Australia.

“They not only risk lengthy jail time, but are playing Russian roulette with their own lives and health,” he said.

“Smuggling drugs internally is an incredibly stupid endeavour. Furthermore there is a risk that stomach acid will eat through the wrapping of the heroin, consequently risking a fatal drug overdose,” according to federal police.

SOURCE: chiangraitimes.com

Keep in contact with The Thaiger by following our Facebook page.
Continue Reading

World

Brexit latest – Five possible scenarios

The Thaiger

Published

on

Brexit latest – Five possible scenarios | The Thaiger

Britain’s three year Brexit saga, the UK’s most challenging and debilitating political debacle in decades, has taken another dramatic twist with the outcome still difficult to predict. In a landmark vote, MPs finally backed an EU divorce deal – only moments later rejecting British PM Boris Johnson’s rushed timetable to turn it into law ahead of the country’s scheduled October 31 departure date.

The decision makes that deadline almost impossible to meet, but it does not kill the deal – the first that has got a majority in parliament.

Here are some possible scenarios ahead…

A technical extension

Legislation passed last month stated that unless MPs backed a divorce deal by October 19, Johnson must write to EU leaders asking for Brexit to be postponed for three months to January 31, 2020. The PM reluctantly sent the letter last Saturday, and EU leaders are still considering their response.

European Council President Donald Tusk said yesterday, following the drama in Westminster, that he was now recommending they accept the request. Johnson had earlier told lawmakers who had just defied his bid to fast-track his deal through parliament that he would “pause” the ratification process while the EU decides on an extension.

Although he insisted Britain should still leave on October 31, he may have little choice but to accept a short “technical” delay to allow for a new parliamentary timetable to pass the legislation in the coming weeks.

More delays

Despite Johnson being adamant he will not delay Brexit for months, the EU may also offer Britain the option of a longer extension – which opposition MPs argue the premier would be compelled by law to accept. European leaders could claim a longer delay is necessary to give the country enough time to resolve the issue.

Legislation of this type would normally take months and must be approved again by the House of Commons as well as by the upper House of Lords. There is a real risk MPs could try to hijack its passage and attach various amendments, for example to make approval subject to negotiating a future customs union with the bloc or even to hold a new referendum.

A longer delay could also allow for a general election.

A crash and burn exit

The default legal position is that Britain leaves the EU on October 31 unless the other 27 member states agree to a delay.

Business and markets across Europe fear the shock of a sudden Brexit that even the government’s own assessment says would cause economic damage, raising the chances that the EU will offer an extension.

Despite EU leaders claiming they would never cause a no-deal Brexit, their decision to offer a delay must be unanimous and any one of the 27 member states could block such a move. In that highly unlikely scenario, Britain would crash out of the bloc at the end of next week.

Another general election

Johnson warned MPs ahead of the votes yesterday that he would pull his Brexit deal legislation and try to hold a general election if they rejected his timetable – although he did not repeat the threat afterwards.

Riding high in the polls, he has already unsuccessfully tried twice to get an early election to win back a majority in parliament, and seemed buoyed by having secured MPs’ initial approval for his new Brexit deal. But he needs the support of the main opposition Labour Party for an election to be called and it has so far resisted.

Labour says it would back an election when the threat of a “no deal” Brexit is off the table.

Another referendum

Labour says any deal should be subject to a new referendum, and has promised to call one if it takes office. Some MPs may try to force the issue during the passage of the Brexit deal legislation, although it is far from clear that they have the numbers to succeed.

SOURCE: Agence France-Presse

Keep in contact with The Thaiger by following our Facebook page.
Continue Reading

ASEAN

Human hair trade exploits ASEAN women

Greeley Pulitzer

Published

on

Human hair trade exploits ASEAN women | The Thaiger

Hair extensions have become an essential part of the multi-billion-dollar hair industry, with estimated annual sales of 250 million to over 1 billion USD. Based on a 2018 Research and Markets report, the global hair, wigs and extension market is expected to surpass 10 billion USD by 2023.

Raw human hair has significant commercial value: it’s a coveted commodity to be processed into hair extensions and wigs. According to a report by the Observatory of Economic Complexity (OEC), the global value for human hair exports in 2017 was 126 million USD. Asia exported 72.4 million USD, accounting for 58 percent of the global trade.

In India, the Tirupati Balaji temple earns 10 percent of its income through auctioning hair donated by devotees, raking in a profit of 25 million to 40 million USD annually.

There are three categories for collected hair: Remy, non-Remy and virgin hair. Remy is usually obtained from temple donations and is of the highest grade. Non-Remy hair is a lower grade, collected from individuals, and is typically broken or short. Virgin hairhas never been chemically treated.

In Southeast Asia, long hair is esteemed as a mark of beauty with deep religious and social meaning, especially in Buddhist countries. While most brands opt to acquire hair from India where it’s donated for religious reasons, in Southeast Asia, traders target impoverished areas to buy hair from desperately poor people whose poverty makes them easy prey. Hair extensions in the US can cost 500 to 2000 USD, but the owner of the hair usually receives only a fraction of that. For example, Nguyen Thi Thuy of Vietnam says the highest she has ever been offered for her hair is 70,000 Vietnamese dong, or 3 USD. Pheng Sreyvy from Cambodia fared slightly better at 15 USD for her locks.

According to the Cambodian Human Rights and Development Association, women don’t know how to bargain over the price of hair. “They decided to sell their hair because they are poor, and they don’t know where to sell their hair for international market price,” a spokeswoman said.

The high value of human hair has made hair-theft muggings a recurrent problem in some countries, and some companies have resorted to chemical processing or a mixture of human and goat hair.

Increased awareness of exploitation has prompted many companies to collect hair from more transparent and ethical sources. While the human hair trade has provided many communities with income and opportunities, practices that exploit and deprive women of opportunities continue.

SOURCE: theaseanpost.com

Keep in contact with The Thaiger by following our Facebook page.
Continue Reading

The Thaiger Newsletter

Keep up with all the day’s news. Subscribe here.

The latest news and information from Thailand.

* indicates required
สรุปดราม่า “หนังน้องเดียว ลูกทุ่งวัฒนธรรม” เล่นหนังตะลุง “ด่าพระสงฆ์” | The Thaiger
ข่าว2 days ago

สรุปดราม่า “หนังน้องเดียว ลูกทุ่งวัฒนธรรม” เล่นหนังตะลุง “ด่าพระสงฆ์”

ม็อบ “สมัชชาคนจน” เดินเท้าถึงทำเนียบ กดดันรัฐบาลไม่จริงใจ [Live] | The Thaiger
ข่าวการเมือง3 days ago

ม็อบ “สมัชชาคนจน” เดินเท้าถึงทำเนียบ กดดันรัฐบาลไม่จริงใจ [Live]

ชมวาทะเด็ดธนาธร ให้การศาลรัฐธรรมนูญ คดีวีลัค ทำงานการเมืองเพราะอยากเปลี่ยนแปลงสังคม | The Thaiger
ข่าวการเมือง6 days ago

ชมวาทะเด็ดธนาธร ให้การศาลรัฐธรรมนูญ คดีวีลัค ทำงานการเมืองเพราะอยากเปลี่ยนแปลงสังคม

ตรวจหวย 16/10/62 รางวัลที่ 1 เลขท้าย 2 ตัว 3 ตัว เลขหน้า 3 ตัว และรางวัลอื่น ๆ | The Thaiger
ตรวจหวย1 week ago

ตรวจหวย 16/10/62 รางวัลที่ 1 เลขท้าย 2 ตัว 3 ตัว เลขหน้า 3 ตัว และรางวัลอื่น ๆ

ตรวจหวย 16 ตุลาคม 2562 ผลสลากกินแบ่งรัฐบาล 16/10/62 | The Thaiger
ตรวจหวย1 week ago

ตรวจหวย 16 ตุลาคม 2562 ผลสลากกินแบ่งรัฐบาล 16/10/62

ถ่ายทอดสด “สลากกินแบ่งรัฐบาล” 16 ตุลาคม 2562 ลุ้นรางวัลที่ 1 สด ๆ | The Thaiger
ตรวจหวย1 week ago

ถ่ายทอดสด “สลากกินแบ่งรัฐบาล” 16 ตุลาคม 2562 ลุ้นรางวัลที่ 1 สด ๆ

หนุ่มแท็กซี่ฉาว ท้าต่อยเจ้าของธุรกิจเต๊นท์ กลางงานสนามหลวง | The Thaiger
ข่าว1 week ago

หนุ่มแท็กซี่ฉาว ท้าต่อยเจ้าของธุรกิจเต๊นท์ กลางงานสนามหลวง

ไทยแชมป์วอลเลย์บอลอาเซียนกรังด์ปรีซ์สนาม 2 รางวัลรายบุคคล | The Thaiger
วอลเลย์บอล2 weeks ago

ไทยแชมป์วอลเลย์บอลอาเซียนกรังด์ปรีซ์สนาม 2 รางวัลรายบุคคล

ตรวจหวย1ตุลาคม2562 ผลรางวัลที่ 1 เลขท้าย 2 ตัว 3 ตัว เลขหน้า 3 ตัว และรางวัลอื่น ๆ | The Thaiger
ตรวจหวย3 weeks ago

ตรวจหวย1ตุลาคม2562 ผลรางวัลที่ 1 เลขท้าย 2 ตัว 3 ตัว เลขหน้า 3 ตัว และรางวัลอื่น ๆ

ถ่ายทอดสดหวย 1 ตุลาคม 2562 ลุ้นรางวัลที่ 1 สลากกินแบ่งรัฐบาล | The Thaiger
ตรวจหวย3 weeks ago

ถ่ายทอดสดหวย 1 ตุลาคม 2562 ลุ้นรางวัลที่ 1 สลากกินแบ่งรัฐบาล

สีจิ้นผิงกล่าวสุนทรพจน์ ครบรอบ 70 ปีก่อตั้งสาธารณรัฐประชาชนจีน -ลิงก์ถ่ายทอดสด | The Thaiger
ต่างประเทศ3 weeks ago

สีจิ้นผิงกล่าวสุนทรพจน์ ครบรอบ 70 ปีก่อตั้งสาธารณรัฐประชาชนจีน -ลิงก์ถ่ายทอดสด

คลิปไฮไลท์วอลเลย์บอลเวิลด์คัพ 2019 นัดที่ 5 | The Thaiger
วอลเลย์บอล1 month ago

คลิปไฮไลท์วอลเลย์บอลเวิลด์คัพ 2019 นัดที่ 5

คลิปไฮไลท์ วอลเลย์บอลเวิลด์คัพ 2019 นัดที่ 1 | The Thaiger
วอลเลย์บอล1 month ago

คลิปไฮไลท์ วอลเลย์บอลเวิลด์คัพ 2019 นัดที่ 1

Paramount เตรียมรีเมค FACE/OFF หนังบู๊ระดับตำนาน | The Thaiger
หนัง1 month ago

Paramount เตรียมรีเมค FACE/OFF หนังบู๊ระดับตำนาน

ประยุทธ์ โต้ รัฐบาลไหนก็มีตำหนิทั้งนั้น “ถึงเวลาก็อ้างอย่างที่ผมอ้าง” | The Thaiger
ข่าวการเมือง1 month ago

ประยุทธ์ โต้ รัฐบาลไหนก็มีตำหนิทั้งนั้น “ถึงเวลาก็อ้างอย่างที่ผมอ้าง”

Trending