AirAsia is in talks to convert some existing Airbus orders into long-range jet orders, sources say
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CNA
an hour ago
- CNA
South Korea launches new measures to boost won-trading during extended hours
SEOUL :South Korea has introduced new measures to boost currency trading during extended market hours, after a year of market reforms to open up the onshore foreign exchange market, its finance ministry said on Friday. The Asian nation has for years been trying to win an upgrade to developed market status from global index provider Morgan Stanley Capital International (MSCI), which has cited currency market accessibility as the main factor in hindering foreign investment. The government plans to set up a task force on getting the developed market status, the country's vice finance minister said this week, after MSCI said last month in its annual review that it would continue to monitor market accessibility in South Korea. The new measures include imposing an annual average transaction requirement of $100 million on registered foreign institutions (RFI) and extending an exemption on reporting requirements by an additional six months to the end of this year. The $100 million requirement will be reviewed every three years. The ministry also said it would continue efforts to make foreign exchange transactions easier for foreign investors and domestic customers and allow algorithm trading for domestic financial institutions during short-staffed, night-time hours. Marking the first anniversary of extended trading hours from the previous to 2 a.m. local time to cover London trading hours, the ministry selected five institutions as leading RFIs with rewards for active market participation. The five firms are: Deutsche Bank's London Branch, KEB Hana Bank's London Branch, Standard Chartered Bank's London Head Office and State Street Bank and Trust Company's Hong Kong and London Branches.
Straits Times
an hour ago
- Straits Times
Trump aides envision presidential trip to China with CEOs in tow
Sign up now: Get ST's newsletters delivered to your inbox One opportunity for the trip will be in late October, when the Asia-Pacific Economic Cooperation summit will be held in South Korea. WASHINGTON - President Donald Trump's administration is reaching out to business executives to weigh interest in accompanying him on a possible trip to China in 2025, according to people familiar with the matter, highlighting the potential for strengthening ties between the economies even as the US signals its desire to decouple from Beijing. The Commerce Department is making calls to gauge interest from chief executives at some US companies, said the people, who were granted anonymity because the discussions are private. It is unclear how many company leaders have been asked to participate or whether any have confirmed. One opportunity for the trip will be in late October, when the Asia-Pacific Economic Cooperation summit will be held in South Korea back-to-back with another leaders' summit in Malaysia hosted by the Association of South-east Asian Nations, some of the people said. The American president typically attends both of them. White House Press Secretary Karoline Leavitt said that a visit to China has not been scheduled at this point when asked for comment. The Commerce Department declined to comment. It is also not yet certain that Mr Trump will make the trip to China at all, the people said, as the idea faces opposition within an administration that is stacked with China hawks who favour a tougher stance against Beijing. The early outreach, though, highlights how Mr Trump has sought to use his presidency to secure deals for American companies and new markets for American products, even as his tariff agenda rankles allies and unnerves financial markets. On his first major trip abroad in 2025, he visited the Gulf states of Saudi Arabia, Qatar and the United Arab Emirates flanked by top executives from the worlds of finance, technology and manufacturing, announced billions in new deals spanning energy, artificial intelligence, chips, aerospace, sports and other sectors in a display of US corporate might. Top stories Swipe. Select. Stay informed. Singapore Seller's stamp duty rates for private homes raised; holding period increased from 3 years to 4 Asia Japan urges evacuation of small island as 1,000 quakes hit region World Trump's sweeping tax-cut and spending Bill wins congressional approval World Trump eyes simple tariff rates over complex talks, says letters will start going out on July 4 Sport A true fans' player – Liverpool supporters in Singapore pay tribute to late Diogo Jota Business More Singapore residents met CPF Required Retirement Sum when they turned 55 in 2024 Singapore Universities like NUS need to be open, to become a sanctuary for global talent: Vivian Balakrishnan Singapore 193ha of land off Changi to be reclaimed for aviation park; area reduced to save seagrass meadow Among those joining Mr Trump on that whirlwind tour were BlackRock's Larry Fink, Boeing's Kelly Ortberg, Alex Karp of Palantir Technologies and Nvidia's Jensen Huang, among others. US Commerce Secretary Howard Lutnick is envisioning a similar lineup for the possible Beijing trip, where investment and purchasing deals could be announced by Mr Trump, Chinese President Xi Jinping and the travelling executives, the people said. Mr Trump and Mr Xi last spoke in early June, after which Mr Trump announced that his Chinese counterpart had 'graciously invited the First Lady and me to visit China, and I reciprocated'. 'As Presidents of two Great Nations, this is something that we both look forward to doing,' Mr Trump said at the time in a post on Truth Social. The June call between Mr Trump and Mr Xi was cast as critical to easing tensions between the world's two largest economies after they exchanged crippling tariffs in 2025 that threatened to choke off trade. Yet that framework is far from comprehensive, with many thorny questions between the two superpowers still unresolved, such as the issue of fentanyl trafficking and American exporters' access to Chinese markets. Another potential stumbling block in US-China relations is the status of the popular social media app TikTok. Mr Trump is keen to finalise a deal for the divestiture of its American operations from Chinese parent company Bytedance. But securing that transaction, appears to be a final obstacle, according to the people. Any divestiture deal would require Beijing's sign-off, giving the country a source of leverage to potentially extract concessions from the US on trade and other issues.
CNA
2 hours ago
- CNA
Japan's household spending rises at quickest pace in 3 years as tariff risks loom
TOKYO :Japanese household spending surged at the fastest pace in nearly three years in May, offering some hopes that tepid consumption might be turning a corner even as risks from U.S. tariffs remain a drag on confidence and economic growth. Analysts say consumers will be wary of the outlook at a time U.S. President Donald Trump's global trade war is raising uncertainty for businesses and policymakers worldwide. Consumer spending in the world's fourth-largest economy in May rose 4.7 per cent from a year earlier, internal affairs ministry data showed on Friday, better than the median market forecast for a 1.2 per cent gain and rising at the fastest pace since the 5.1 per cent increase in August 2022. On a seasonally adjusted, month-on-month basis, spending increased 4.6 per cent, versus an estimated 0.4 per cent uptick and rising at the quickest pace since March 2021 when it surged 6.7 per cent. An internal affairs ministry official attributed the better-than-expected results to higher spending on one-off factors such as automotive-related products and others like eating out. "The three-month moving average in household spending has been positive since December last year and consumption appears to be recovering," the official said. Consumption and wage trends are among key factors the Bank of Japan is watching to gauge economic strength and decide how soon to raise interest rates. Hefty pay hikes have been seen as essential to counter inflation-induced sharp increases in the cost of living. Japanese companies agreed to raise wages by 5.25 per cent this year, marking the biggest pay hike in 34 years, the country's largest labour union group Rengo said on Thursday. "With the yen's appreciation and the downward trend in crude oil prices, it is anticipated that real wages will turn positive year-on-year in the second half of the year as inflation slows," which would lead to a gradual recovery in consumption, said Yutaro Suzuki, an economist at Daiwa Securities. However, Japanese policymakers and analysts are concerned that global trade tensions triggered by Trump's tariff policies may dent the pay-hike momentum and complicate BOJ's efforts to normalise monetary policy. The internal affairs ministry also said consumers remained wary of loosening their purse strings on items with higher prices, with spending on rice dropping by 8.2 per cent in May from a year ago since they cut back on purchasing it. On the trade front, significant uncertainty remained. Trump on Tuesday cast doubt on a possible deal with Japan, indicating that he could impose a tariff of 30 per cent or 35 per cent on Japanese imports - well above the 24 per cent rate he announced on April 2 and then paused until July 9. "If corporate earnings are significantly squeezed (due to the U.S. tariffs), this could have a negative impact on winter bonuses and spring labour negotiations in 2026, which could lead to a slowdown in wage increases," said Masato Koike, senior economist at Sompo Institute Plus.
