Perception that US is on the wane as the East rises likely to be proven wrong: PM Lee - The Straits Times

SINGAPORE - There is a strong perception in some parts of the world, including China, that the East is rising and the West declining, and that the United States no longer has a bright future as the world is changing too fast for its system - a democracy with checks and balances.

Prime Minister Lee Hsien Loong does not believe this at all, he said in a recent dialogue with the editorial board of The Wall Street Journal.

While the US is preoccupied with many problems for which it does not see a ready solution, to conclude that America is a country with no future is a "very, very rash assumption to make", he said.

"It is a bet which if proven wrong - which is very likely - is going to cost; cost in overly ambitious plans, cost in overly complacent assumptions, cost in being aggressive in ways which are going to cause a problem, not just to the US but with the rest of the world."

Even if the US is no longer the hyperpower, he added, it will still be close to the biggest economy and one of the most advanced, vibrant and dynamic economies and societies in the world, able to attract talent, generate new ideas and reinvent itself.

But he noted that this was not a universal view.

And there is not much the US can do about that perception by arguing about it.

"You can only solve that problem by progressively being seen to overcome your problems. And to be looking outwards and to be playing the part which so many countries in the Asia-Pacific would like you to play," he added.

The transcript of the dialogue on April 1, during PM Lee's visit to Washington and New York, was released by the Prime Minister's Office on Sunday (April 10).

For a long time, PM Lee said, the US had held itself out as a beacon for the world and saw that it was in its own interest to be open and to carry the obligations of being a policeman in the region.

And the stability of the region turned out to be a boon, with many US multinational corporations and citizens benefiting from being in the region and many from the region developing links and a fondness for the US, he added.

But over time, as the balance shifted with the rise of China and the development of South Korea and South-east Asian countries, a counter-narrative developed in the US questioning why it should still bear the burden of security when its share of the gains is now smaller than it used to be, he said.

While the current US administration under President Joe Biden takes a broader approach, the strategic and economic balance has shifted, and adjustments do need to be made in terms of what the other countries in the region will do, PM Lee added.

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2022-04-10 10:00:00Z
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Locked down Shanghai residents risk punishment, sneaking out to barter for food - South China Morning Post

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Locked down Shanghai residents risk punishment, sneaking out to barter for food  South China Morning Post
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2022-04-09 00:30:21Z
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Sri Lanka doubles interest rates to tame inflation as crisis bites - CNA

COLOMBO: Sri Lanka's central bank doubled its key interest rates on Friday (Apr 8), raising each by an unprecedented 700 basis points to tame inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis.

The heavily indebted country has little money left to pay for imports, meaning fuel, power, food and, increasingly, medicine are in short supply.

Street protests have been held nearly non-stop for more than a month, despite a five-day state of emergency and a two-day curfew.

The Central Bank of Sri Lanka's (CBSL) monetary board raised its standing lending facility to 14.50 per cent and its standing deposit facility to 13.50 per cent.

It cited "inflationary pressures that could further intensify... driven by the build-up of aggregate demand, domestic supply disruptions, exchange rate depreciation and the elevated prices of commodities globally". Inflation hit 18.7 per cent in March.

An analyst had expected hikes of up to 400 basis points.

Thilina Panduwawala, head of economic research at Frontier Research, said the hike showed that the CBSL's new governor, P Nandalal Weerasinghe, was serious about addressing the crisis.

"With the monetary policy tightening now finally clear, the stage is set to take the next vital steps with regards to IMF and debt restructuring and clearly communicate this to the international stage," Panduwawala said.

Finance Minister Ali Sabry said earlier that the country must urgently restructure its debt and seek external financial help, while the main opposition threatened a no-confidence motion in the government and business leaders warned exports could plummet.

"We cannot step away from repaying debt because the consequences are terrifying. There is no alternative, we must restructure our debt," Sabry told parliament.

J.P. Morgan analysts estimate that Sri Lanka's gross debt servicing costs will amount to US$7 billion this year, with a US$1 billion repayment due in July.

"We have to go for a debt moratorium," said Sabry, who offered to quit a day after he was appointed on Monday but later confirmed that he was still finance minister.

"We have to suspend debt repayment for some time and get bilateral and multilateral support to manage our balance of payments."

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2022-04-08 14:21:15Z
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'Healthy growth' in number of local food farms: Singapore Food Statistics report - CNA

SINGAPORE: There has been a "healthy growth" in the number of local food farms, from 221 in 2019 to 260 in 2021, said the Singapore Food Agency (SFA) in its inaugural Singapore Food Statistics report released on Friday (Apr 8).

More than 90 per cent of Singapore's food is imported, and local farms serve as important buffers by reducing dependence on imports during supply disruptions, said SFA. 

For example, local fish farms stepped up to keep their production going during the two-week closure of Jurong Fishery Port in July 2021.

Singapore sets aside 1 per cent of its land area for food farms. 

The report also highlighted the diversification of Singapore's food supply sources, from 172 countries and regions in 2019 to 180 in 2021. 

"Import source diversification, complemented with local food production, hence helps us hedge against supply and price disruptions," said SFA. 

DIVERSIFYING IMPORT SOURCES 

Many factors could impact Singapore's food supply, including climate change, disease outbreaks, geopolitical uncertainties, global population growth and global pandemics like COVID-19, said SFA. 

The agency highlighted efforts to diversify Singapore's egg supply over the past three years to mitigate supply disruptions due to farm closures. In 2021, imported eggs from alternative sources such as Thailand, Australia, Spain and Poland contributed to about 18 per cent of Singapore's egg supply, up from 2 per cent in 2019. 

SFA has also approved 16 countries for the export of eggs to Singapore, up from 12 in 2019. 

More than 50 per cent of hen shell eggs currently come from Malaysia, according to the report. 

Singapore's major sources of commonly consumed food in 2021 include Australia (vegetables, meat), China (vegetables, fruits), Brazil (meat), Indonesia (seafood), Malaysia (vegetables, hen shell eggs, seafood, meat, fruits), Poland (hen shell eggs), South Africa (fruits) and Vietnam (seafood). 

LOCAL FARMS 

Singapore's agri-food sector is mainly made up of farms that produce hen shell eggs, vegetables and seafood. They contributed 30 per cent, 4 per cent and 8 per cent, respectively, to Singapore's total food consumption in 2021, according to the report. 

From 2019 to 2021, "the total value of local production of these food items increased 12 per cent, from S$42.1 million to S$47.3 million", SFA said.

The local production of hen shell eggs has increased by more than 7 per cent year-on-year and will be boosted by the development of a fourth egg farm. When it is fully operational from 2024, local farms will be able to meet about half of Singapore's demand for eggs, said the report. 

FOOD SAFETY 

As Singapore's food safety regulator, SFA ensures the safety of imported food through the accreditation of overseas sources for higher-risk products including meat and eggs. 

It also "maintains a comprehensive and risk-based inspection process" to keep local food establishments in check. Lapses in licensing conditions, regulatory requirements, biosecurity, food safety and hygiene practices call for immediate rectification, and may lead to enforcement action, said SFA. 

Non-compliance with SFA’s standards of inspection by retail food establishments remained low between 2019 and 2021, at 3 per cent on average, according to the report. 

Non-retail food establishments showed a similar trend over the same period, except for central kitchens which typically saw higher non-compliance rates.

SFA said the number of foodborne illness cases related to foodborne outbreaks have been kept low, with no more than 26 such cases per 100,000 population annually over the previous three years. 

In terms of food recalls, SFA effected 23 food recalls in 2021, comparable to previous years.

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2022-04-08 08:41:47Z
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Shanghai lockdown snarls world's busiest port and China supply chains - CNA

FACTORIES CANT WORK FROM HOME

Chinese manufacturers say lockdowns, no matter how flexible or targeted, pile pressure on their business.

"Not many roles allow working from home," said Jason Lee, founder of wheelchair producer Megalicht Tech, whose factory in Shanghai's Puxi area has suspended production.

"People can't enter the factory ... and because our raw materials come from other provinces or cities, these can't enter Shanghai either," he said.

A Shanghai-based clothing exporter surnamed Zheng said his biggest problem was that he could not send samples to clients.

"Deliveries can neither leave nor enter," he said

Experts say the outbreak is currently nibbling at growth, but could soon take a big bite.

Nomura economists estimate that 23 cities accounting for 22 per cent of China's GDP have rolled out full or partial lockdowns.

"The costs of the zero-COVID strategy will rise significantly as its benefits decline, especially as exports are hit by the ongoing lockdowns," Nomura chief China economist Lu Ting told AFP.

That will challenge Beijing's 2022 GDP growth target of around 5.5 per cent, he added.

ADAPTING TO SURVIVE

For now, companies are adapting to try and handle the restrictions.

"Our main business activity is down by over 50 per cent," said Gao Yongkang, general manager of Qifeng Technology in eastern China's Quanzhou city.

The company has been unable to transport textile materials to regular clients because of the COVID-19 curbs and has instead pivoted to supplying the booming market for protective gear.

Meanwhile, those who cannot reach their original suppliers are scouring for new ones.

"The costs are a little higher and it's slightly less efficient but we can fulfil our regular needs," said Shen Shengyuan, deputy general manager of diaper-producer New Yifa Group.

In a nod to struggling industries, Premier Li Keqiang this week announced a temporary deferment of old-age insurance premiums for sectors such as catering, retail and civil aviation.

But industry groups say hard lockdowns on major cities such as Shanghai are unsustainable, especially with many Omicron cases presenting light or no symptoms.

"Does the zero-COVID strategy still work in the current environment," said Eric Zheng, American Chamber of Commerce president in Shanghai.

"That's a big question, particularly when you try to balance the economic cost."

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2022-04-08 07:03:00Z
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Chinese tech stocks in Hong Kong slip as investors watch Covid situation in China - CNBC

SINGAPORE — Shares in Asia-Pacific were mixed on Friday, as Chinese tech shares slipped and investors watched the Covid situation in China.

Hong Kong's Hang Seng index fell 0.24% in afternoon trade, while the Hang Seng Tech index dropped 1.83%. Alibaba slid 2.47%, while JD.com shed 3.35%. Meituan lost 2.70%.

Mainland Chinese markets were mixed. The Shanghai composite gained 0.47% to close at 3,251.85, while the Shenzhen component was down 0.11% at 11,959.27.

Near-term sentiment [for Chinese shares] could stay curbed given a confluence of macro headwinds, Omicron spread, global liquidity uncertainty and US/China tension concerns.

Morgan Stanley

Covid is in focus in China, with Shanghai reporting 20,398 new asymptomatic coronavirus cases and 824 new symptomatic cases on April 7. The city is under a strict lockdown in a bid to stop the spread of the virus.

"Near-term sentiment [for Chinese shares] could stay curbed given a confluence of macro headwinds, Omicron spread, global liquidity uncertainty and US/China tension concerns," according to a Morgan Stanley note dated April 7.

The bank's analysts also noted that domestic consumption in China is sluggish, and said the sporadic spread of the virus beyond Shanghai could lead to tightening measures in other places.

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Japan's Nikkei 225 gained 0.36% to 26,985.80, while the Topix inched up 0.21% to 1,896.79. Both indexes struggled for direction.

In South Korea, the Kospi advanced 0.17% to close at 2,700.39, and the Kosdaq rose 0.73% to 934.73.

Australia's S&P/ASX 200 was up 0.47% at 7,478.

The biggest headwind for Asia markets currently comes from the U.S., where markets are responding to hawkish signals from the Fed, said Julia Wang, a global market strategist at JPMorgan Private Bank.

"The Fed is looking at inflation data that obviously [is] causing them some concern, and I think that is translating into weaker risk appetite here in Asia," she told CNBC's "Street Signs Asia" on Friday.

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Until that situation changes, inflation in the U.S. will weigh on market sentiment in Asia, she said.

Major stock indexes in the U.S. reversed losses to rise slightly at the close.

The Dow Jones Industrial Average gained 87.06 points, or 0.25%, to 34,583.57 after losing as much as 300 points earlier in the session. The S&P 500 was up 0.43% at 4,500.21, and the Nasdaq Composite inched up 0.06% to 13,897.30 following two straight days of losses.

Defensive stocks such as consumer staples and health care led the market comeback.

"The reaction to the Fed minutes early yesterday morning continued to dominate markets overnight," Taylor Nugent, an economist at the National Australia Bank, wrote in a note.

Weekly jobless claims in the U.S. fell to 166,000 last week, the lowest number in more than 53 years.

The 10-year Treasury yield touched 2.667%, its highest level since March 2019. It then pulled back and was last at 2.6584%.

Elsewhere, the Reserve Bank of India will meet for the last day of its monetary policy meetings. Economists predict that interest rates will only rise in August, according to a Reuters poll.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, strengthened to 99.972.

The Japanese yen traded at 124.05 per dollar, while the Australian dollar was at $0.7458.

Oil futures flipped back to positive territory in the afternoon in Asia.

U.S. crude futures gained 0.4% to trade at $96.41 per barrel, while international benchmark Brent crude futures gained 0.26% to $100.84 per barrel.

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2022-04-07 23:41:25Z
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Hong Kong leader defends COVID-19 flight ban policy - CNA

HONG KONG: Hong Kong's leader on Thursday (Apr 7) defended her policy of temporarily banning flight routes that bring in coronavirus cases, as a leading airline industry figure warned the city had fallen "off the map" as an aviation hub.

The city's airport was previously one of the world's busiest but has been largely cut off throughout the pandemic as Hong Kong hews to China's strict zero-COVID policy.

"Circuit breaker" rules mean any airline that brings in three or more infected passengers on a single flight is suspended from flying that route for seven days.

City leader Carrie Lam defended the policy on Thursday, saying flights were bringing in infections "probably because of the very relaxed approach adopted in many places" around the world.

Authorities have given some ground, lifting a complete flight ban on nine countries earlier this month following growing anger from the business community and Hong Kongers stranded overseas.

Lam said more than 1,000 residents have returned to Hong Kong daily this month, compared to just 200 a day previously.

"It is not right to say that this travel easing has no impact," she said.

Her comments came as the director general of the International Air Transport Association, Willie Walsh, warned Hong Kong was "effectively off the map".

"(Hong Kong) is going to lag significantly behind the recovery that we're seeing elsewhere," Walsh told reporters on Wednesday in quotes carried by Bloomberg News and the South China Morning Post.

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2022-04-07 07:52:01Z
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