Global 

South Korea braces for more export curbs as Moon Jae-in warns of ‘greater damage’ to Japan’s economy

South Korea is braced for Japan to further escalate the countries’ trade dispute by removing Seoul from Tokyo’s “white list” of trusted trade partners and subsequently imposing new customs clearance restrictions on 40 categories of products, which could amount to 1,100 specific items.Officials from the two countries made no progress in talks last Friday, leading Japan’s Ministry of Economy, Trade and Industry to suggest it could remove South Korea from the list of 27 preferred trading partners,… Source link

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Global 

Japan-South Korea ‘trade war’: Moon warns Tokyo not to ‘force Seoul’s hand’ over curbs on hi-tech exports

South Korean President Moon Jae-in on Monday warned Japan’s new export curbs on hi-tech materials threatened global supply networks of semiconductor chips and smartphone displays, and insisted Seoul could yet enact countermeasures. In his first comments since Tokyo last week announced export restrictions from July 4, Moon said: “The recent trade restrictions by Japan have sparked concerns over feared production disruptions at our companies, which would in turn threaten the global supply… Source link

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Singapore 

HSA warns against using 4 skin creams for diaper rash, eczema after baby hospitalised, Singapore News

SINGAPORE – The Health Sciences Authority (HSA) on Monday (July 1) warned the public against buying or using four skin creams that were found to have undeclared potent ingredients. This comes after an infant, who is less than a year old, developed Cushing’s syndrome after using an unlabelled cream from a traditional practitioner in Malaysia to treat diaper rash. The other three creams were used by consumers to treat eczema. In its statement, HSA named the eczema creams as D’Splendid Kidzema Cream, Clair De Lune P. Tuberose Day Cream and…

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Global 

Ahead of G20 summit, WTO warns of ‘dramatic spike’ in trade barriers caused by US-China trade war

Global trade tensions, largely stemming from the ongoing US-China trade war, have led to a “dramatic spike” in barriers to doing business between the G20 nations, according to a new report by the World Trade Organisation.The World Trade Organisation (WTO) calculated that between October 16, 2018 and May 15, 2019, there were 20 new restrictions introduced between the world’s most powerful economies, covering trade worth US$335.9 billion.This was the second largest spike on record, behind only… Source link

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Home 

Beware volatility, warns HKMA chief Norman Chan, as Hong Kong leaves interest rate unchanged in lockstep with US Fed

Hong Kong’s de facto cental bank has reiterated its warning for borrowers and investors to beware of volatile market changes, as it kept the city’s base interest rate unchanged in lockstep with the US Federal Reserve’s monetary policy overnight.“Future direction of fund flows has become more uncertain in view of the increased uncertainties in the Fed’s monetary policy direction. The public should stay vigilant in managing the potential risks arising from market volatilities,” said Norman Chan… Source link

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Singapore 

MFA warns of phone scammer claiming to be from ministry, Singapore News

SINGAPORE – The Ministry of Foreign Affairs (MFA) issued an advisory on Tuesday (June 18), after three members of the public reported receiving suspicious calls from a person claiming to be from the ministry. The MFA said the three people who picked up the call were asked to log on to a certain website and transfer money. The phone number displayed on the receivers’ phones was identical to the number for MFA’s main line. But those who received the call were unable to recall details of the website. The MFA…

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China 

Chinese state media warns retaliation against US tariffs could ‘become routine’

Chinese state media has warned the countermeasures Beijing is taking against Washington’s increased tariffs and technology containment strategy could “become routine”.In a commentary on Friday, Taoran Notes – a social media account affiliated with official newspaper Economic Daily – also sought to play down expectations that an anticipated meeting between the Chinese and US leaders later this month could get trade negotiations back on track.It listed areas where China could strike back against… Source link

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Global 

Trade war with US could spark global financial ‘chaos’, warns former China central bank governor

China’s former central bank governor has warned that the ongoing trade war could cause financial “chaos” to the global financial order should emerging markets who rely on exports try to claim a share of the new openings in the United States and China by opting for a series of currency devaluations.Zhou Xiaochuan believes that countries caught up in the trade war may have no choice but to devalue their currencies to gain trade advantages, or “competitive devaluations”.In late May, Zhou dismissed… Source link

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China 

Trade war could cause global recession, Beijing official warns, as US investment growth in China sinks

May’s escalation in trade tensions led to a sharp drop off in the growth of American investment in China, according to data released on Thursday, which highlighted the chilling effect the trade war is having on investor confidence.The data release from the Chinese Ministry of Commerce (Mofcom) showed that US investment in China grew 7.5 per cent between January and May, year on year, a much slower pace than the 24.3 per cent recorded between January and April and also significantly lower than… Source link

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Singapore 

HSA warns Singapore-based Riway to stop making false cancer cure claims, Singapore News

The Health Sciences Authority (HSA) has warned a Singapore-based company to stop making false and misleading claims that its health supplement product can treat or cure cancer. HSA said it has also directed Riway Singapore to educate its sellers to ensure they do not make false claims about the product. Investigations are ongoing, said the HSA spokesman, in response to queries from The Straits Times. “We will take the necessary enforcement actions if there are contraventions against the relevant laws,” said the spokesman. “Sellers who falsely advertise health products are…

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