Ikea opened its biggest store in the world in the Philippines, with the new 730,000 square foot facility in Manila a cornerstone of the home-furnishings giant’s expansion plans in Asia.Thursday’s opening was feted with an event held at the store’s cafeteria attended by Philippine trade secretary Ramon Lopez and foreign minister Teodoro Locsin, where Ikea’s cult-favourite Swedish meatballs were served to some attendees. They were accompanied for the big day by a special Philippine twist – adobo…
China to join oil reserve release ‘based on its own needs’ after US, UK, Japan, South Korea and India commit
China will join coordinated global efforts to release oil reserves “based on its own needs” with Beijing in communication with other nations who have already laid out details of their plans to tame worldwide market turbulence, the foreign ministry said on Wednesday.The United States, Britain, Japan, South Korea and India have already committed to releasing state reserves in an attempt to cool high energy prices after the issue was brought up during last week’s summit between President Xi…
Blackpink’s Lisa tests positive for Covid-19; Rose, Jennie and Jisoo not listed as close contacts
K-pop superstar Lisa from Blackpink on Wednesday tested positive for Covid-19, her production company announced.YG Entertainment said the three other members Rose, Jennie and Jisoo were waiting for their polymerase chain reaction (PCR) test results, Yonhap reported. The three were not listed as close contacts of Lisa.The illness comes a few months after the Thai-born artist, whose real name is Lalisa Manoban, unveiled her solo single LALISA.The music video garnered 73 million views on YouTube…
Biden orders release of 50 million oil barrels from emergency reserves to reduce prices, challenging Opec+
The US will release 50 million barrels of crude from its strategic reserves in coordination with China, Japan, India, South Korea and the UK in an unprecedented, coordinated attempt by the world’s largest oil consumers to tame prices that could prompt a backlash by Opec+.Of that amount, 32 million will be released from the US Strategic Petroleum Reserve as an exchange over several months, while 18 million will be as an accelerated release from previously authorised sales, the White House said…
Singapore health minister Ong Ye Kung to visit Hong Kong for global conference
Singapore’s health minister Ong Ye Kung will be in Hong Kong on Wednesday for a conference on global health, the first time “zero-Covid” Hong Kong has hosted a minister from the city state since the beginning of the pandemic.The visit comes three months after the two cities dropped an ill-fated plan for a travel bubble that was twice suspended at the eleventh hour.Ong – who is among a dozen experts attending the inaugural Asia Summit on Global Health to discuss how countries can work together…
How industrialised construction will change the nature of construction disputes
The industrialisation of construction processes is likely to reduce the number of some types of construction disputes because harnessing the power of technology and data should enable better management of projects.
UK FCA confirms temporary use of synthetic sterling and yen LIBOR settings
The UK’s Financial Conduct Authority (FCA) is to allow the temporary use of ‘synthetic’ sterling and yen LIBOR rates after the end of the LIBOR regime for these currencies in December 2021.
Philippines redeploys supply boats to disputed South China Sea shoal after China blockade
The Philippine military defiantly redeployed two supply boats on Monday to provide food to Filipino marines guarding a disputed shoal in the South China Sea after the Chinese coastguard used water cannons to forcibly turn the boats away in an assault last week that drew angry condemnation and warnings from Manila.Defence Secretary Delfin Lorenzana said the two civilian wooden-hulled boats carrying navy personnel left western Palawan province and should reach the marines stationed on a navy ship…
Malaysia’s former premier Najib’s party considers early general election after big weekend win
Malaysia’s ruling United Malays National Organisation is considering bringing forward a general election that is due only in 2023, after former premier Najib Razak led the pro-Malay party and its allies to a resounding victory in local polls over the weekend.Umno deputy president Mohamad Hasan said he spoke with the prime minister on considering an earlier election, to capitalise on the current pro-government sentiments, the Malaysian National News Agency Bernama reported on Sunday. The party…
China’s answer to Aukus alliance? More rhetoric, more intimidation tactics and more weapons
In response to a new Anglo-Saxon military alliance and more US-designed nuclear-powered submarines in the Indo-Pacific, Beijing will likely step up efforts to avoid encirclement and expand its own nuclear submarine fleet, according to current and former officials and military experts.The defence build-up on both sides comes amid louder, if still relatively faint, drums of war around Taiwan, lending greater immediacy to the new alliance and spotlighting broader Chinese, US and allied regional…