China to facilitate over 3,000 firms to build 5G factories on June 24, 2023China’s Ministry of Industry and Information Technology has released a work plan on the development of industrial internet, listing 11 key actions and 54 specific measures in the sector. The work plan proposes to formulate and implement an upgraded version of the “5G+Industrial Internet” 512 project, which is to promote the integration, innovation and development […]
China Construction Bank issues 295.5 bln yuan of loans to bolster transportation on June 24, 2023China Construction Bank, one of the country’s largest state-owned commercial banks, said it had issued 295.5 billion yuan (about 41.2 billion U.S. dollars) of loans to support the country’s transportation sector during the first five months of this year. The value represented an 11.43 percent increase from the same period last year, the bank said. […]
China’s Tianjin port sees 8.4% growth in foreign trade in Jan-May on June 24, 2023North China’s Tianjin port saw its foreign trade surge by 8.4 percent year on year to 812.1 billion yuan (about 113.1 billion U.S. dollars) in the first five months of the year, according to Tianjin Customs. From January to May, trade volume with the Association of Southeast Asian Nations totaled 127.08 billion yuan, up 26.4 […]
Turkish lira plunges to new lows following rate hike on June 24, 2023Turkish currency on Friday sank to fresh lows against the U.S. dollar a day after the central bank hiked its key interest rate well below market expectations. The lira hit 25.0 against the greenback at around 11 a.m. local time (0800 GMT). The currency’s depreciation has exceeded 20 percent since the beginning of the year. […]
Australia’s investment in transition to renewable energy not fast enough on June 21, 2023Australia must significantly accelerate its transition to renewable fuels to keep the lights on, the head of the energy market operator has warned. In a speech to the Australian Energy Week conference on Tuesday, Australian Energy Market Operator (AEMO) chief Daniel Westerman said renewable energy developments are not being built quickly enough to compensate for […]
Malaysia ranks 27th in 2023 IMD World Competitiveness Ranking on June 21, 2023Malaysia has climbed five spots to 27th place in the world’s most competitive economies, according to the International Institute for Management Development (IMD) World Competitiveness Ranking 2023 report revealed on Tuesday. IMD partnered with the Malaysia Productivity Corporation to assess the country’s performance. According to the report, Malaysia’s improvement in the rankings were mainly backed […]
S.Korea logs current account deficit in April on June 16, 2023South Korea logged current account deficit in April due to a dividend payment to foreign investors and a travel account deficit, central bank data showed on Thursday. Current account balance, the broadest measure of cross-border trade, posted a deficit of 790 million U.S. dollars in April, after recording a surplus of 160 million dollars in […]
Vietnam seeks ways to fund green growth on June 16, 2023Vietnam will need 368 billion U.S. dollars, or 6.8 percent of GDP per year, through 2040 to tackle climate change, the Vietnam News newspaper reported on Thursday. Vietnam’s latest power development plan estimated that the country would need 134.7 billion U.S. dollars to shift away from coal-fired power toward renewable energy, developing new power plants […]
Malaysia’s manufacturing sales value falls 2% in April on June 16, 2023The sales value of the manufacturing sector in Malaysia declined by 2 percent to 145 billion ringgit (31.44 billion U.S. dollars) in April, after registering a positive growth of 8 percent in March, the lowest since May 2020, official data showed Thursday. The Department of Statistics Malaysia (DOSM) said in a statement that the fall […]
China to see outbound travel boom during upcoming holiday on June 15, 2023China’s outbound tourism is recovering, and will see a boom during the upcoming Dragon Boat Festival holiday, which runs from June 22 to 24, said an industrial report. Outbound travel bookings for this holiday have surged by 12 times year on year, and popular destinations include Osaka, Tokyo, Seoul and the resort island of Jeju, […]