MANILA (XINHUA) – The Asian Development Bank (ADB) yesterday approved USD93.6 million in loans and grants to improve and expand climate-resilient and inclusive rural water supply, sanitation, and hygiene facilities in Cambodia.
The programme, covering 88,000 households in nine provinces, will support government efforts to provide universal access to safely managed water supply services and basic hygiene facilities in rural areas and improve access to safely managed sanitation facilities while addressing affordability, the ADB said in its press release.
The programme includes USD3-million grant to help finance the expansion of WASH facilities in the provinces where poor rural residents face the greatest challenges in accessing safe water, sanitation, and hygiene facilities.
A technical assistance worth USD600,000 will strengthen the government’s capacity to enact key sector reforms.
ANN/THE STRAITS TIMES – Asian factories, including China’s manufacturing sector, showed signs of a tentative recovery in August and chipmakers benefited from firm demand, private surveys showed yesterday, but economic headwinds loom.
Analysts say prospects of slowing United States (US) growth, which is likely to lead to interest rate cuts by the US Federal Reserve in September, and uncertainty over the outcome of the US presidential election cloud the economic outlook.
China’s Caixin/S&P Global manufacturing purchasing managers’ index (PMI) rose to 50.4 in August from 49.8 in July, the private survey showed yesterday, beating analysts’ forecasts and exceeding the 50 mark that separates growth from contraction.
The reading, which mostly covers smaller, export-oriented firms, shows a more optimistic view than an official PMI survey released on August 31, which indicated an ongoing decline in manufacturing activity in August.
“The PMIs for August suggest that economic momentum held broadly steady last month, with modest improvements in manufacturing and services helping to offset a further slowdown in construction activity,” Capital Economics assistant economist Gabriel Ng said in a research note.
“But with factory gate price declines accelerating, the economy clearly remains at risk of slipping back into deflation.”
PHOTO: THE STAR
Factory activity in South Korea also expanded in August, while Japan saw a slower rate of contraction due in part to solid global demand for semiconductors.
Japanese manufacturers also gained from a rebound in car output after a safety scandal led some plants to temporarily suspend production.
But manufacturing activity contracted in Indonesia, the surveys showed, underscoring the pain some of the region’s economies are facing from China’s prolonged slowdown.
“Chip-producing countries are doing fairly well, but China’s slowdown will continue to drag on Asia’s manufacturing activity for quite some time,” said chief emerging market economist at Dai-ichi Life Research Institute Toru Nishihama.
“Slowing US demand could add to the pain on Asian economies, many of which are already wary of the fallout from sluggish Chinese growth,” he said.
Japan’s final au Jibun Bank Japan manufacturing PMI rose to 49.8 in August, contracting for a second straight month but less sharply than in July when the index reached 49.1.
South Korea’s PMI stood at 51.9 in August, up from 51.4 in July, due in part to strong customer confidence and new orders in the domestic market, the private survey showed.
Indonesia’s PMI fell to 48.9 from 49.3 in July, the surveys showed.
India’s manufacturing activity growth eased to a three-month low in August as demand softened significantly, casting another shadow over the otherwise robust economic outlook.
The International Monetary Fund anticipates a soft landing for Asia’s economies as moderating inflation creates room for central banks to ease monetary policies to support growth. It predicts growth in the region to slow from five per cent in 2023 to 4.5 per cent in 2024 and 4.3 per cent in 2025.
Japanese corporate spending on plant and equipment rose at a faster pace in the second quarter. PHOTO: THE STRAITS TIMES
ANN/THE STRAITS TIMES – Japanese corporate spending on plant and equipment rose at a faster pace in the second quarter, keeping alive expectations of a domestic-led recovery in economic growth and supporting the case for more interest rate increases over coming months.
The solid expenditure data, which will be used to calculate revised gross domestic product figures due on September 9, comes on top of a factory survey showing a milder contraction in manufacturing activity in August.
Capital spending accelerated by 7.4 per cent year on year in the April to June quarter from the previous quarter’s rise of 6.8 per cent, Ministry of Finance data showed yesterday. It grew 1.2 per cent on a quarterly basis.
Capital expenditure is one of the key gauges of domestic demand-led economic growth, as policymakers are counting on business investment to be an engine for the world’s number four economy as exports struggle amid uncertainties around the United States (US) and Chinese economies.
Japanese corporate spending on plant and equipment rose at a faster pace in the second quarter. PHOTO: THE STRAITS TIMES
Currency traders watch monitors at a foreign exchange dealing room in Seoul. PHOTO: AP
LONDON (AFP) – Major stock markets mostly fell yesterday as more weak Chinese economic data offset optimism over an expected United States (US) interest-rate cut.
Investor sentiment was jolted by worries over China’s economy after a report showed activity in the country’s manufacturing sector contracted for a fourth consecutive month in August and more than expected.
The weekend data “rang alarm bells”, noted, chief market analyst at trading group Scope Markets Joshua Mahony.
China’s manufacturing “sector clearly remains in a troublesome position as the country attempts to navigate its way out of the recent real estate fuelled slowdown”, he added.
In August, the Purchasing Managers’ Index (PMI) – a key barometer of industrial output – stood at 49.1 points, the National Bureau of Statistics announced.
This represents a stronger contraction than in July (49.4 points) for the index, which is based in part on company order books.
A figure above 50 indicates an expansion in manufacturing activity, while below that is a contraction.
Currency traders watch monitors at a foreign exchange dealing room in Seoul. PHOTO: AP
The update came as leaders face calls to unveil fresh stimulus measures, particularly for the troubled property industry, with observers warning the government’s five per cent gross domestic product growth target could be missed this year.
Following the Chinese figures, oil prices fell slightly and the yuan dropped against the dollar yesterday.
The data added to concerns over weak Chinese demand, including for the luxury sector, with British fashion brand Burberry heading the losers board in London. Its shares were down 2.7 per cent nearing midday, while in Paris Gucci-owner Kering shed 2.3 per cent.
However, stock in British online real estate firm Rightmove soared 22 per cent after Australian peer REA Group, majority-owned by Rupert Murdoch’s News Corp empire, said yesterday it is mulling a multi-billion-pound takeover.
Elsewhere, focus remained fixed on by how much the Federal Reserve would cut US interest rates in September.
Figures on Friday showed the Fed’s favoured gauge of inflation – personal consumption expenditures index – fell in line with forecasts in July, setting the bank up to ease monetary policy this month.
Focus is now on the release of the closely watched non-farm payrolls report, which will provide the latest snapshot of the world’s top economy.
While a cut has been priced in, the data could determine how big it will be, with analysts saying another big miss to the downside could prompt officials to slash rates by 50 basis points, rather than the ex-pected 25.
WASHINGTON (AFP) – South Korea’s Ryu Hae-ran bounced back from a shocking third round to beat compatriot Ko Jin-young in a playoff to win the LPGA’s FM Championship at TPC Boston on Sunday.
Ryu had shot a superb 10-under-par 62 on Friday but followed it with a six-over 78 that threatened to undo all her good work, leaving her four shots off overnight leader and 15-time LPGA winner Ko.
But she showed no signs of that round affecting her focus as she went out and promptly birdied the first four holes on Sunday, reaching the turn at six-under on her way to a round of 64.
Ryu’s lone bogey on the par-three 16th dropped her back into a tie with Ko at 15-under and an anxious wait to see if her compatriot could make a birdie over her final two holes.
Ko began the day with a two-shot lead and she built on that with an eagle at the par-five second and another at the par-four fourth.
Ryu Hae-ran. PHOTO: AFP
But after a bogey on the 10th she only managed one further birdie at the 14th. After a two-hour rain delay, she missed a nine-foot putt in wet conditions on the final green that would have given her victory.
The pair went back down the par-five 18th, but Ko missed from 30 feet for par and Ryu tucked in a 12-foot birdie putt to secure her second victory on the LPGA Tour.
“The second win was so hard for me because this year I got many chances before, but I missed out a couple of times,” said Ryu.
“But today, I don’t want to miss again. I was so nervous at the playoff, but maybe Ko Jin-young was the same,” she added.
China’s Liu Ruixin finished a shot behind on 14-under after an eight-under 64 that began in remarkable fashion with birdies at each of her first seven holes.
It was a second straight round of 64 for Liu – her lowest round in her career.
American Allisen Corpuz and Thailand’s Atthaya Thitikul finished a further shot back on 13-under after both carding 67s.
YOKOHAMA (AFP) – Japan’s undisputed and unbeaten world super-bantamweight champion Naoya ‘Monster’ Inoue said “the pressure doesn’t change” as he prepares to take on Ireland’s TJ Doheny at Tokyo’s Ariake Arena today.
Inoue, who has a 27-0 win-loss record (24 KOs), is stepping into the ring for the first time since he stopped Mexico’s Luis Nery in front of 55,000 fans at the Tokyo Dome in May.
His opponent is Irishman Doheny (26-4, 20 KOs), who held the International Boxing Federation (IBF) super-bantamweight world title from 2018 to 2019.
Inoue will fight in front of a smaller crowd in the Japanese capital but his attitude remains the same with all four of his title belts on the line.
“The pressure doesn’t change, it doesn’t matter that the last fight was at Tokyo Dome,” he told reporters after making weight for the fight yesterday. “The enjoyment I take from fighting is the main thing. It doesn’t matter where the fight takes place, when I step into the ring I have expectations of myself.”
The 31-year-old Inoue gave another demonstration of his ferocious power against Nery in his first title defence since becoming the undisputed super-bantamweight world champion last December.
But he had to recover from being knocked down for the first time in his career when floored by the Mexican in the opening round.
Inoue is just the second man to become undisputed world champion at two different weights since the four-belt era began in 2004. American Terence Crawford was the first.
He will be the overwhelming favourite against the 37-year-old Doheny, who beat Bryl Bayagos of the Philippines on the Inoue undercard at the Tokyo Dome in his last fight.
Inoue said he expected Doheny to enter the fight significantly heavier than his weigh-in mark of 55.1 kilogrammes.
Qatar’s Energy Minister and chief executive officer of QatarEnergy Saad Sherida al-Kaabi speaks during a press conference in Doha. PHOTO: AFP
DOHA (AFP) – A large new solar plant planned in Qatar will double the Gulf emirate’s previously projected renewable energy capacity by 2030, Qatari Energy Minister Saad Sherida al-Kaabi announced on Sunday.
The photovoltaic farm, which will be built in the Dukhan area some 80 kilometres west of the capital Doha, will increase the gas-rich state’s solar production capacity to four gigawatts by the end of the decade, Kaabi said.
The plant “that will be established in Dukhan area will produce 2,000 megawatts, which is twice more than the capacity of Qatar’s production of solar energy of the current projects”, the minister, who is also chief executive of state-owned QatarEnergy,said.
In October 2022, Qatar inaugurated its first large-scale solar farm at al-Kharsaah, west of Doha. The emirate announced in August of the same year another solar project with two plants at Ras Laffan in the north.
Through the combined projects, including at Dukhan, Qatar would achieve “4,000 megawatts of clean energy by 2030”, Kaabi said.
Qatar’s Energy Minister and chief executive officer of QatarEnergy Saad Sherida al-Kaabi speaks during a press conference in Doha. PHOTO: AFP
This will “constitute 30 per cent of the total production of energy of the state of Qatar” with a yearly reduction of “4.7 million tonnes of carbon dioxide emissions”, he added.
Kaabi said the existing projects should produce 1.7 gigawatts of energy “in first quarter of next year, or early next year”.
The energy minister also announced plans to more than double Qatar’s urea production making the country the largest producer of the fertiliser in the world by the end of the decade.
He said Qatar would “maximise the production of chemical fertilisers” through “a complex with global standards” which would “increase our production capacity from six million tonnes annually to more than 12.4 million tonnes annually”.
Qatar is one of the world’s top liquefied natural gas (LNG) producers alongside the United States, Australia and Russia. Natural gas is a major ingredient in urea manufacturing.
In February, Qatar announced plans to expand its output from its North Field project, saying it will boost capacity to 142 million tonnes per year before 2030.
Over the past year, Qatar has inked a series of long-term LNG deals with France’s Total, Britain’s Shell, India’s Petronet, China’s Sinopec and Italy’s Eni among others.
His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam during an audience with the incoming and outgoing Brunei Shell Petroleum Company Sdn Bhd managing directors. PHOTO: MUIZ MATDANI
His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam yesterday received in audience outgoing managing director of Brunei Shell Petroleum Company Sdn Bhd (BSP) Agnete Johnsgaard-Lewis and recently-appointed BSP Managing Director Johan Atema at Istana Nurul Iman yesterday.
During the audience ceremony, His Majesty, as Chairman of the Board of Directors of Brunei Shell Joint Venture Companies (BSJV), along with the outgoing and incoming BSP managing directors engaged in discussions with focus on the company’s strategic direction.
The discussion underscored BSP’s commitment to contributing to the growth of the Sultanate’s oil and gas industry and highlighted the importance of further strengthening the long-standing partnership between BSJV and The Asiatic Petroleum Limited (Shell plc).
Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah and Deputy Minister (Energy) at the Prime Minister’s Office Dato Seri Paduka Haji Mohamad Azmi bin Haji Mohd Hanifah in their capacities as members of BSJV Board of Directors were also present. – James Kon
His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam during an audience with the incoming and outgoing Brunei Shell Petroleum Company Sdn Bhd managing directors. PHOTO: MUIZ MATDANI
The organising committee of the 50th anniversary of the establishment of the Women’s Police hosted a Jalinan Kasih programme recently, in collaboration with the SMARTER EDGE Centre in RPN Kampong Mata-Mata.
At the event, the Royal Brunei Police Force (RBPF) presented a donation to the Society for the Management of Autism Related issues in Training, Education and Resources (SMARTER) children, to support their learning journey.
The programme also sought to raise awareness on autism among police personnel, reflecting RBPF’s commitment to social responsibility, while encouraging them to give back to the community. – James Kon
ABOVE & BELOW: Royal Brunei Police Force (RBPF) personnel in a group photo with SMARTER EDGE Centre members; and RBPF personnel during a tour of the centre. PHOTO: RBPFPHOTO: RBPF
The participants in a group photo. PHOTO: MPK KAMPONG PANCHOR
Over 20 students from the Cintai Al-Quran programme, along with members of the village consultative council (MPK) of RPN Kampong Panchor Zone 1 and 3, participated in a recreational event at the Lumut Beach Festival yesterday.
The activity, which included orphans and children from underprivileged families, aimed to strengthen bonds between students and MPK members. Acting village head of RPN Kampong Panchor Zone 1 and 3 Mohd Hilmy bin Haji Ahmad led the event, accompanied by senior committee members, other MPK members and their families.
On arrival, the group received a warm welcome from village head of Kampong Lumut II Haji Khairdon bin Haji Dahlan, along with members of MPK Kampong Lumut II.
The Cintai Al-Quran programme, launched by RPN Kampong Panchor Zone 1 and 3 in 2019, aims to inspire a passion for Al-Quran reading through recreational activities. – Fadley Faisal
The participants in a group photo. PHOTO: MPK KAMPONG PANCHOR
