South Korean entrepreneur Kwon Do-hyung, more commonly known as Do Kwon, was a rising star of the global digital asset market when his company Terraform Labs launched the cryptocurrencies UST and luna with the goal of achieving a decentralised economy three years ago. His stardom reached its peak as the price of luna skyrocketed to over $119 early last month, becoming the first Korean-developed cryptocurrency to crack the top 10 list of cryptocurrencies with the highest market capitalisation in the world. Some investors and industry insiders even called him the “Korean Elon Musk” in pure admiration of his early success,…
Author: Asia News Network
Bangladeshi apparel manufacturers on May 14 expressed concerns over an alarming rise in global inflation, citing that increasing prices may affect the purchasing power of end-consumers in export destinations and cause demand for garment items to fall. The Russia-Ukraine conflict has led to an increase in food and oil prices while the risk of an economic recession is also increasing in several countries, including those in Europe, said Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Faruque Hassan. Entrepreneurs are struggling with rising production costs and supply chain challenges, he told a press conference organised by the BGMEA at The…
Philippine President Rodrigo Duterte’s chief economic manager warns against moves to repeal the rice tariffication law (RTL), pointing to its benefits to Filipino consumers such as the big reduction in rice prices as more imports were allowed into the country. According to Finance Secretary Carlos Dominguez III, rice is currently sold at an average of P39 ($0.75) a kilogramme – cheaper by about P7 than prices in 2018 when short supply triggered prices of the staple to skyrocket to about P46. The high inflation mainly caused by expensive rice in 2018 led to the enactment of Republic Act No 11203…
The National Assemblies of Laos and Vietnam have signed an agreement on continued cooperation. The agreement was signed during an official visit to Laos by the chairman of Vietnam’s National Assembly, Vuong Dinh Hue, and a high-ranking delegation from the Vietnamese legislative body from May 15-17. The Vietnamese officials were invited to Laos by the National Assembly president, Dr Xaysomphone Phomvihane. Their visit marks Laos-Vietnam Year of Friendship and Solidarity 2022, the 60th anniversary of Lao-Vietnamese diplomatic relations (5/9/1962-5/9/2022), and the 45th anniversary of the signing of the Laos-Vietnam Friendship and Cooperation Treaty (18/7/1977-18/7/2022). The celebration of these anniversaries is…
The Saudi Arabian Public Investment Fund (PIF) has pledged to use Thailand as a hub for investment in Southeast Asia, the PIF chief said. The fund’s chief, Yasir bin Othman al-Rumayyan, met Prime Minister Prayut Chan-o-cha at the Royal Thai Air Force Airport in Don Mueang on the morning of May 15. Government spokesman Thanakorn Wangboonkongchana quoted Prayut as telling the PIF chief that relaxed travel restrictions in Thailand will help boost cooperation between the two kingdoms. He also told the fund chief that Thailand was ready to further develop bilateral ties, which are already improving. Thanakorn quoted the PIF…
Vietnamese markets experienced the worst performance since March 2020 last week due to strong selling pressure. Experts said that with the current conditions, downside risk is still dominating the market. Last week, the VN-Index on the Ho Chi Minh Stock Exchange (HoSE) breached the 1,200-point level after ending the last trade at 1,182.77 points. It lost nearly 120 points just in the last two sessions. The HNX-Index on the Hanoi Stock Exchange (HNX) also finished the week at a lower level of 302.39 points. The market dipped for three out of five sessions. For the week, the VN-Index dropped by…
Japanese pharmaceutical companies are starting to embrace the novel concept of “digital therapy”, where artificial intelligence (AI) and virtual reality technologies are employed in the treatment of diseases. As the efficacy of some digital technologies has been demonstrated in helping improve patients’ awareness or lifestyle and treating some diseases, expectations are high for such a “third treatment” method to go along with drugs and surgery. The development of relevant software and apps is accelerating toward the practical application of the products. A Yokohama-based start-up recently developed software to reduce anxiety and alleviate symptoms of dementia by exposing patients to familiar…
With the Malaysian economy expected to improve further this year, no changes were made by the central bank to the country’s annual gross domestic product (GDP) growth projection of 5.3-6.3 per cent that was announced in March. Bank Negara governor Nor Shamsiah Mohd Yunus says the projection was underpinned by stronger domestic demand, continued expansion in external demand, and further improvement in the labour market. “Growth would also benefit from the easing of restrictions, the reopening of international borders and implementation of investment projects,” she says. Nevertheless, the governor does not rule out risks to the country’s growth momentum. “These…
Results of cooperation between the Ministries of Planning and Investment, as well as the Cooperation Committees of Laos and Vietnam in recent years have made important contributions to the development of the two countries’ relations, Lao Minister of Planning and Investment Khamjane Vongxa said on May 13. In an interview granted to the media of both countries, Minister Khamjane stated that 2022 is a year of great historical significance when the Lao People’s Revolutionary Party, along with Laos’ army and people are coordinating with the Vietnamese side in carrying out many practical activities to celebrate the Laos-Vietnam Friendship and Solidarity…
The Petroleum Trading Lao Public Company (PetroTrade), Laos’ second largest fuel importer and distributor, has warned members of the public not to panic or to stockpile fuel, saying the current shortage does not constitute a crisis. The company promised that it would provide sufficient fuel for petrol stations throughout the country, especially in specific areas of Vientiane and the provinces, until a long-term solution could be found. The firm supplies 150 petrol stations across Laos, which are normally open 365 days a year from 6am to 10pm. But at present they are open only from 7am to 5pm because the…