Weizhen Tan
Weizhen Tan
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An 'aggressive' fight over containers is causing shipping costs to rocket by 300%

An 'aggressive' fight over containers is causing shipping costs to rocket by 300%

Key PointsSINGAPORE — A critical shortage of containers is driving up shipping costs and delays for goods purchased from China.The pandemic and uneven global economic recovery has led to this problem cropping up in Asia, although other parts of the world have also been hit. Industry watchers said desperate companies wait weeks for containers and pay premium rates to get them, causing shipping costs to skyrocket.This affects everyone who needs to ship goods from China, but particularly e-commerce companies and consumers, who may bear the brunt of higher costs.In December, spot freight rates...

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Weizhen Tan
Jan 25
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Australia’s growth may ‘never return’ to its pre-virus path after trade trouble with China, says economist

Australia’s growth may ‘never return’ to its pre-virus path after trade trouble with China, says economist

Key PointsAustralia's economy has been badly hit by escalating trade tensions with China — and it's possible growth might "never return" to its pre-virus levels even when the pandemic is over, according to research firm Capital Economics.China is by far Australia's largest trading partner, accounting for 39.4% of goods exports and 17.6% of services exports between 2019 and 2020, the firm said.But Beijing has for months been targeting a growing list of imported products from Down Under — putting tariffs on wine and barley, and suspending beef imports.Gross domestic product (GDP) in Australia...

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Weizhen Tan
Dec 29
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Airline stocks jump as vaccine hopes again lift markets; Asia-Pacific shares mixed

Airline stocks jump as vaccine hopes again lift markets; Asia-Pacific shares mixed

Key PointsSINGAPORE — Asia-Pacific shares were mixed by the close on Tuesday even as vaccine hopes once again lifted Wall Street to record highs. Airline stocks in the region got a boost.In Japan, the rose 0.42% to close at 26,014.62, after touching a 52-week high on Monday. The Topix edged up 0.16% to 1,734.66.Over in Australia, the rose 0.21% to close at 6,498.20. The bourse resumed trading on Tuesday after a nearly full-day trading halt Monday that it said was due to a software issue which created "inaccurate market data."Mainland Chinese stocks were subdued. The Shanghai composite edged...

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Weizhen Tan
Nov 16
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Asia markets bounce as countries in region sign giant trade deal; autos and tech stocks soar

Asia markets bounce as countries in region sign giant trade deal; autos and tech stocks soar

Key PointsSINGAPORE — Asia markets bounced in Monday's session after 15 economies in the region signed a deal that formed the world's largest trade alliance. Tech and auto stocks soared.The trade deal, , aims to gradually reduce tariffs across many areas, according to Reuters. The Regional Comprehensive Economic Partnership is now the world's largest trade bloc, a deal that excludes the U.S. It marks the first time that East Asian powers China, Japan and South Korea are in a single trade agreement.In Japan, the gained 2.05% to close at 25,906.93, while the Topix was up 1.68% tp 1,731.81.,...

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Weizhen Tan
Nov 15
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China moves to curb yuan strength, making it cheaper to bet against the currency

China moves to curb yuan strength, making it cheaper to bet against the currency

Key PointsChina's central bank signaling it's 'unhappy' with pace of yuan appreciation: AnalystSINGAPORE — The Chinese yuan fell on Monday .The weakness was triggered after the central bank changed rules on Saturday that made it cheaper for traders to short the currency. Shorting involves selling a borrowed asset, which can be a stock or currency, with the view that it will depreciate and can be bought back later at a lower price.Over the weekend, the cut the forex risk reserve ratio for forward contracts — from 20% to zero, . Banks used to hold 20% of sales for some currency forward...

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Weizhen Tan
Oct 12
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Trump may face a 'backlash' by returning to work while still infected

Trump may face a 'backlash' by returning to work while still infected

Key PointsTrump arrives at the White HouseSINGAPORE — U.S. President  despite still being infected — a move analysts say could draw "backlash" and shows he doesn't take the virus seriously.Shortly before his departure from the hospital, Trump said he planned to promptly return to the campaign trail, where he has less than a month left to fight for a second term in office. "I think he really faces the possibility of a backlash if that's what he does. We have 209,000 Americans who have died," said Todd Eberly, a professor of political science at St. Mary's College. "I think the smarter choice...

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Weizhen Tan
Oct 6
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The U.S.-China 'cold war' is here — and Beijing may start targeting Washington's allies, analysts say

The U.S.-China 'cold war' is here — and Beijing may start targeting Washington's allies, analysts say

Keep Me Logged InKey PointsFrom a trade fight to a war of words over the origin of the , to greater scrutiny of Chinese firms on Wall Street — relations between the U.S. and China have nosedived in recent years.A new "cold war" is here and things could get uglier as other countries get dragged into the conflict, analysts warn."Things will get worse — perhaps much worse — before they get better. Decoupling is underway," said Dan Ikenson, director of the Herbert A. Stiefel Center for Trade Policy Studies at the Cato Institute, referring to an economic split between the world's two largest...

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Weizhen Tan
Jun 9
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U.S.-China tensions are flaring on a new front: the financial markets

U.S.-China tensions are flaring on a new front: the financial markets

Keep Me Logged InKey PointsAlready bad friction between the U.S. and China has ratcheted higher in recent weeks, and now it's expanded onto another front: the stock market.As the coronavirus crisis draws on, the relationship has gotten more strained, with each country blaming the other about the true extent and origin of the coronavirus outbreak. U.S. President also threatened tariffs on China again this month.In the latest move, the or raise money from U.S. investors, unless they abide by Washington's regulatory and audit standards.Though the law could be applied to any foreign company...

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Weizhen Tan
May 22
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China under pressure to write off loans as countries struggle to repay debt during coronavirus crisis

China under pressure to write off loans as countries struggle to repay debt during coronavirus crisis

Keep Me Logged InKey PointsChina could find itself having to write off massive loans as countries that owe Beijing money under its massive infrastructure project struggle with mounting debts in the coronavirus fallout, analysts say.China's mammoth infrastructure investment plan — also known as the   — is highly controversial and widely criticized for saddling many countries with debt.It is an ambitious project that aims to build a complex network of rail, road and sea routes stretching from China to Central Asia, Africa and Europe. It is also aimed at boosting trade. Chinese financial...

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Weizhen Tan
May 11
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California governor issues statewide order to 'stay at home' effective Thursday evening

California governor issues statewide order to 'stay at home' effective Thursday evening

Keep Me Logged InKey PointsCalifornia Gov. Gavin Newsom on Thursday for all residents to 'stay at home' amid a coronavirus outbreak."We need to bend the curve in the state of California," Newsom said, as he announced a statewide order for Californians to stay home. "There's a social contract here, people I think recognize the need to do more ... They will begin to adjust and adapt as they have been quite significantly. We will have social pressure and that will encourage people to do the right thing," he said, in addressing how this order will be enforced.Newsom added: "Home isolation is...

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Weizhen Tan
Mar 20
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China's recent air pollution levels may be telling a story about the coronavirus impact on its economy

China's recent air pollution levels may be telling a story about the coronavirus impact on its economy

Keep Me Logged InKey PointsAll eyes are on progress in getting its factories to crank up again, after the country extended this year's Lunar New Year holiday and shut down major growth regions in a bid to contain the coronavirus outbreak.Many of its provinces started gradually limping back to some form of production last week, about two weeks later than previous years.The Chinese government has also been giving regular updates, reporting last Wednesday that work resumption rate has topped 50% for some industrial companies in key economic regions such as Guangdong and Shanghai.Chinese state...

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Weizhen Tan
Feb 24
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China confirms 15,152 new coronavirus cases, 254 additional deaths

China confirms 15,152 new coronavirus cases, 254 additional deaths

Keep Me Logged InKey PointsCoronavirus cases soar beyond 60,000 and China installs a disinfectant tunnelAll times below are in Beijing time.The chief executive of smartphone maker said the the disruption caused by the coronavirus outbreak could impact first-quarter sales, but CEO Lei Jun said Thursday that he believes demand will bounce back in the second and third quarters."Due to the outbreak of (the) virus, this year's first quarter smartphone sales will face an impact, but we believe that in the second and third quarters they will strike back. Overall, the impact might not be that...

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Weizhen Tan
Feb 13
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