The Philippine economy grew in the second quarter at its fastest pace in more than three decades, but an official warned Tuesday of "speed bumps" as coronavirus restrictions were tightened to combat surging infections.Gross domestic product (GDP) expanded 11.8 percent on-year, the statistics agency said, after five straight quarters of contraction. The increase – the best since the last three months of 1988 – was driven by a rebound in construction activity and consumer spe
Markets fell in Asia on Tuesday with investors looking for their next buying catalyst after the latest rally, while there were also concerns about fresh coronavirus flare-ups and the reimposition of restrictions in parts of the world.With news of President Joe Biden's bipartisan infrastructure deal having run its course and inflation worries continuing to linger, traders are choosing to sit tight ahead of key United States (US) jobs data later in the week and the beginning of corporate e
While the United States (US) and Europe waged a 17-year trade battle over subsidies to Boeing and Airbus, China poured money into its own commercial aircraft to take on the Western aviation duopoly.It took a common threat for the US and Europe to finally put an end to their dispute this past week, as the two sides signed a five-year truce suspending tit-for-tat tariffs.US President Joe Biden made it clear during his visit to Brussels on Tuesday: Washington and Brussels must "work togethe
Since last July, a little-known automaker in China’s southwest has dominated the world’s largest electric car market, outselling bigger players and even Tesla Inc. almost every month with a tiny, bare-bones electric vehicle (EV) that starts at just US$4,500.The Hongguang Mini is the brainchild of SAIC-GM-Wuling Automobile Co., a joint venture (JV) between SAIC Motor Corp.
Two of Indonesia's most successful start-ups are to merge, the companies announced on Monday, creating the largest tech firm in the world's fourth most populous country.Ride-hailing and payments giant Gojek and e-commerce firm Tokopedia – which generated transactions worth a combined US$22 billion in 2020 – agreed to form the GoTo Group, they said in a statement.The deal will form an Indonesian tech giant combining e-commerce and financial services with on-demand offerings such as r
The Philippine economy shrank by more than expected in the first quarter of 2021, supporting views that the central bank will keep interest rates at a record-low at a policy meeting on Wednesday.Gross domestic product (GDP) fell 4.2 percent in the March quarter from a year earlier, the statistics agency said on Tuesday, marking the fifth straight quarter of declines amid pandemic-induced lockdowns. Economists had expected the GDP to contract three percent after slumping 8.3 percent y
When Microsoft's Bill Gates said in 1994 that "banking is necessary, banks are not", financiers and analysts alike dismissed the claims as the wild musings of an over-imaginative techie.Fast forward a few decades and that vision is fast becoming reality.Grab is one of the most dominant super apps in Asia, offering rides, food delivery and now, financial services.That includes loans, insurance, payments and investments – all accessed through a mobile phone app.Launched in 2012 a
The Asian Development Bank (ADB) has raised its growth forecast for developing Asia this year on the rollout of COVID-19 vaccines and the strength of global export demand, but warned that resurgent virus outbreaks threatened the recovery.China and India are expected to lead the rebound across the vast region stretching from the Cook Islands in the Pacific to Kazakhstan in Central Asia, the lender said Wednesday. The Philippines-based ADB predicted growth of 7.3 percent, compared with
China’s economy posted a record growth rate in the first quarter compared with the same period last year, when the country was in the midst of a crushing lockdown to control the spread of the coronavirus.But compared with the last quarter of 2020, the growth rate slowed, official figures show, raising questions about the strength of the recovery over the rest of this year.
Singapore-headquartered super app Grab's plans to go public in the United States (US), in what is the largest blank cheque company deal ever, is testament to the growth prospects of Southeast Asia and Singapore's start-up ecosystem, analysts and industry players said.Grab, which started out as MyTeksi to address the safety concerns of taxi commuters in Kuala Lumpur, announced on Tuesday (13 April) its agreement with Altimeter Growth, a special purpose acquisition c
Foreign investors flocked to Myanmar as it began its democratic transition a decade ago, but this week's military coup is likely to accelerate a trend of Western withdrawal - and China's expansion.Myanmar's untapped potential was up for grabs in 2011, when generals in charge of a 49-year junta loosened their iron grip, paving the way for democratic reforms and economic liberalisation in the country of more than 50 million people. Investors pumped money into telecommuni
United States (US) and Chinese companies dominated the global arms market in 2019, while the Middle East made its first appearance among the 25 biggest weapons manufacturers, a report by the SIPRI research institute said Monday.The US arms industry accounted for 61 percent of sales by the world's "Top 25" manufacturers last year, ahead of China's 15.7 percent, according to the Stockholm International Peace Research Institute.Total sales by the "Top 25" rose by 8.