Friday, November 15, 2024
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World’s largest trade deal enters into force

The Regional Comprehensive Economic Partnership (RCEP) agreement entered into force yesterday for Australia, Brunei Darussalam, Cambodia, China, Japan, Lao PDR, New Zealand, Singapore, Thailand and Vietnam, the Ministry of Finance and Economy announced. The agreement will enter into force in Korea on February 1.

The entry into force of the RCEP agreement will pave the way for the creation of a free trade area that covers, 2.3 billion people or 30 per cent of the world’s population, contributes USD 25.8 trillion or about 30 per cent of global GDP, and accounts for USD12.7 trillion or over a quarter of global trade in goods and services, and 31 per cent of global FDI inflows, according to World Bank data. The figures make RCEP the world’s biggest free trade agreement (FTA) that will facilitate global value chains and trade within the region.

As the world continues to grapple with the economic havoc caused by the COVID-19 pandemic, the entry into force of the RCEP agreement is a strong manifestation of the region’s resolve to keep markets open; boost regional economic integration; support an open, free, fair, inclusive, and rules-based multilateral trading system; and contribute to global post-pandemic recovery efforts. Parties are convinced that, with the market access commitments made among them, together with streamlined and modern rules and disciplines that facilitate trade and investment, RCEP would deliver new opportunities for businesses, strengthen supply chains in the region, and promote the participation of micro, small and medium enterprises (MSMEs) into the regional value chains and production hubs.

ASEAN member states, Australia, China, Japan, Korea and New Zealand signed the agreement on November 15, 2020. Brunei looks forward to the entry into force of the agreement for the remaining signatory states.

Exporters in the country are encouraged to utilise the opportunities presented by the agreement, particularly the preferential tariff rates on offer and the potential for optimisation of supply chain.

Sri Lanka food prices hit record highs as shortages bite

COLOMBO (AFP) – Sri Lanka’s food prices rose by a record 22.1 per cent in December, official figures showed yesterday , as the country struggles to finance urgent imports to tackle an acute shortage of essentials.

The census and statistics department said food inflation hit an all-time high last month on a year-on-year basis since the Colombo Consumer Price Index (CCPI) was launched in 2013.

The price increases in December compared to a figure of 17.5 per cent in November, the previous record, the department said.

It added that overall inflation was also at a record 12.01 per cent in December, the highest since the CCPI index was launched.

President Gotabaya Rajapaksa in his New Year message expressed hope of reviving the cash-strapped economy but did not announce measures to address the crippling foreign exchange crisis.

“I am confident that the new year will provide an opportunity to further the steps taken by the government to pursue and overcome challenges and strengthen the people-centric economy,” he said.

International rating agencies have downgraded Sri Lanka and raised concerns about its ability to service its debt of USD26 billion.

The latest inflation figures were released a day after the government increased the price of milk powder by 12.5 per cent following a similar rise in fuel prices last month.

The island’s tourism-dependent economy has been hammered by the pandemic and the government was forced to impose a broad import ban to shore up foreign exchange reserves.

Supermarkets have for months been rationing milk powder, sugar, lentils and other essentials as commercial banks ran out of dollars to pay for imports.

A top agricultural official warned last month of an impending famine and asked the government to implement an orderly food rationing scheme to avoid such a scenario. He was fired within hours of making the appeal.

Food shortages have been worsened by the government’s ban on agrochemical imports, which was lifted in November after widespread crop failures and intense farmer protests.

Sri Lanka had foreign reserves of just USD1.58 billion at the end of November, down from USD7.5 billion when Rajapaksa took office in 2019.

This week the government drew down a USD1.5 billion Chinese loan and claimed reserves had nearly doubled to USD3.1 billion by the end of 2021. The central bank has appealed for foreign currency – even loose change that people may have after returning from overseas trips.

Bracing for impact

MARLY-LE-ROI, FRANCE (AP) – No more munching, crunching and slurping at the movies in France: The country’s increasingly fraught fight against an unprecedented surge in coronavirus infections is putting a stop to eating and drinking at French cinemas, just as they show signs of recovering from the brutal economic bashing of lockdowns last year.

COVID-19 measures kicking in tomorrow, once France’s New Year’s celebrations are out of the way, will mean an enforced rest for popcorn machines and ice creams left in cold storage. The ban of at least three weeks on eating and drinking also applies to theatres, sports venues and public transport.

For cinema owners hoping to lure back movie fans who switched to home-viewing during the pandemic, not being able to tempt them with candies and soft drinks is another blow. French cinemas sold 96 million tickets in the eight months they have been re-opened this year, a jump of 47 per cent compared to 2020.

But ticket sales are still down 55 per cent compared to 2019, before the pandemic, the National Center for Film and Moving Images said on Thursday in its look at French cinemas’ annual sales. Benoit Ciné Distribution, which supplies 70 per cent of France’s cinemas with popcorn, sweet treats and drinks, was deluged with both order postponements and delivery requests from movie houses expecting good sales on the final weekend before the food and drink ban, with Spider-Man: No Way Home and Matrix Resurrections featuring on billboards.

“It’s like being told to apply the emergency brake to the high-speed train,” said Director at Benoit Vincent Meyer.

ABOVE & BELOW: People walking along the street in Saint Jean de Luz; a medical worker preparing a shot of Moderna’s COVID vaccine, and people waiting in line outside a vaccination centre in Nantes, western France. PHOTOS: AP

Visitors ice skating at a funfair in Paris, France

Against raging coronavirus infections, the government is hoping its latest measures will also apply a brake on the fast-spreading Omicron variant, but without derailing France’s economic recovery that is a vote-getter for French President Emmanuel Macron, facing re-election in April.

As well as the food and drink ban, there’ll once again also be limits on crowd numbers at public venues, with no more than 2,000 allowed indoors and 5,000 outdoors. The limits don’t apply to election campaign rallies, infuriating some musicians who will no longer be allowed to perform for stand-up crowds. Some suggested, only half-jokingly, that they may rebrand their concerts as political rallies.

France’s COVID-19 death toll is already at more than 123,000 people. New infections are higher than they have ever been and hospitals are again overburdened with the gravely sick.

Many health experts had called for stricter measures than those announced by the government this week, with some pushing for renewed closures of schools and businesses. France reported another 206,243 coronavirus infections on Thursday, just shy of the record 208,000 cases set on Wednesday.

Manager of the Le Fontenelle cinema in the town of Marly-le-Roi west of Paris Michel Enten was relieved to stay open, even if he’ll no longer be able to sell cotton candy, popcorn, ices and drinks. He said he has lost about half of his clientele during the pandemic. He expected the ban on food and drinks to hit larger cinemas particularly hard and said it may even help lure back fans to smaller, arty cinemas like his.

“There are lots of people who hate hearing the sounds of popcorn in the auditoriums,” he said. “Perhaps we will win over new movie fans, people who were watching Netflix and are saying to themselves, ‘Now there’s no more popcorn, let’s run to the cinema’.”

Cinemagoers said they understood the need for new measures, although some struggled to see any logic in not being able to indulge their sweet cravings in cinemas or theatres when restaurants are still allowed to serve food and drinks.

“It’s going to be strange to just go to the cinema and do without all these little moments,” Vincent Bourdais said as he lined up in Marly-le-Roi for Spiderman.

“Often, when one imagines the cinema, one thinks of the auditorium, the beautiful posters, the popcorn, the smells,” he said.

‘Matrix Resurrections’ rewrites its programming

Jake Coyle

AP – How deep does the rabbit hole go? Deep enough, it turns out, to accommodate at least four movies, several videogames, a comic and countless pairs of sunglasses.

In the 22 years since The Matrix debuted, it has never left us – or depending on your pill of choice, we have never left it. Despite two largely disappointing sequels, The Matrix still hasn’t quite gone out of style – neither its long leather jackets nor its sci-fi vision of an illusive reality beyond what’s in front of us. It’s gotten easier and easier to think maybe Morpheus really was onto something about that whole simulation business.

So when green lines of code again rain down across the screen in the opening of The Matrix Resurrections, it’s a little like a warm bath. If we’re going to be stuck inside a simulation, at least we have one with Keanu Reeves.

But much has also changed in the 18 years since the last big-screen chapter, The Matrix Revolutions.

This is the first one directed solely by Lana Wachowski, without her sister Lilly. They both had long resisted the idea of another Matrix movie, but the death of their parents left Lana craving the comfort of Neo (Reeves) and Trinity (Carrie-Anne Moss), she has said. The movie is dedicated to mom and dad.

Keanu Reeves and Carrie-Anne Moss in a scene from ‘The Matrix Resurrections’. PHOTO: WARNER BROS PICTURES

And for a long time, Resurrections seems to be arguing with itself. Neo is now a dispirited videogame designer, famed for creating the Matrix game and struggling to make anything that will capture the same cultural connection. This is maybe not so different for the Wachowskis, visionary filmmakers whose dense, elaborate fantasies (Jupiter Ascending, Cloud Atlas) have sometimes sagged under the weight of their baroque architectures and muddled metaphysics. Even the legacy of The Matrix is up for debate in this very self-analytical sequel.

“We kept some kids entertained,” shrugs Neo, no longer sounding much like “the one”. He’s now going by his old identity, Thomas A Anderson.

A sequel to the game, though, is ordered up by the parent company: Warner Bros, which is the studio behind these movies, too. The meta boardroom scene in which this is discussed isn’t nearly as fresh as the filmmakers seem to think. It’s part of the movie’s overwrought first half where new levels of reality are opened and occasionally loop back to the first Matrix. Familiar scenes are spied again, but this time from a different, unclear vantage point. There’s a blue-haired hacker shifting between realms named Bugs (Jessica Henwick, a fine addition) and a kind of Morpheus stand-in played by Yahya Abdul-Mateen II. Laurence Fishburne isn’t in this one, and it’s not hard to spend the film’s 148-minute running time lamenting his colossal absence. There’s a lot to process in the movie’s first half but a few basic points: Thomas/Neo is living quietly, dourly in a simulation where he and Trinity (Moss) are strangers to one another. But Neo sees her at a coffee shop (Simulatte), and there’s a powerful, hard-to-explain connection. Reeves and Moss still have a potent chemistry, and one of the movie’s chief charms is the resurrection of the less-seen Moss.

But in this warped world, Trinity goes by Tiffany and is married with kids. Her husband, cruelly, is even named Chad. Whatever Neo’s disquietude, he’s pacified by his therapist (Neil Patrick Harris). This Matrix movie isn’t feverish with newness like the innovative original but pulls from a later chapter in life: the midlife malaise of feeling like you took a wrong turn somewhere long ago.

Realigning all the layers of truth and illusion takes quite some time in Resurrections, which Wachowski wrote with David Mitchell and Aleksandar Hemon. The first 90 minutes or so are so overloaded with exposition and explanation that by the time Jada Pinkett Smith’s underground rebel leader Niobe pops up and tells Neo, “We have to talk” – you may find yourself murmuring “Please no” and reaching for the nearest blue pill. A lot of sequels and reboots can be criticised for being undercooked; Resurrections suffers more from being overthought.

And yet it’s often compelling to watch Wachowski interrogate and reconsider her most beloved creation. This is a kind of personal blockbuster-making seldom made and that, flaws and all, I would take over many more slickly composed, more blatantly corporate products.

More than ever, The Matrix plays as an allegory not for analog and digital worlds but something more intimate revolving around despondency and self-realisation. In its cocktail of pills, therapy and flights off rooftops, Resurrections makes an elaborate science-fiction tapestry of medication, depression and suicide. While Neo and Trinity’s romance drives the franchise (yes, along with those cool, slow-mo bullets), The Matrix is about stepping out of normative existence – saying goodbye to old code, to “Chad” – and being reborn.

It’s a fitting irony that the climax of Resurrections features a menacing speech about “sheeple” from Neil Patrick Harris.

But if defying one’s heteronormative programming and entering the Matrix was once a balletic finesse, in Resurrections the battle is blunter and the tone less exultant. Personal freedom here requires mounting a defence from an alarming onslaught. In the grim culmination of Resurrections, Neo and Trinity (no longer Tiffany) flee beneath a chilling deluge of bodies robotically controlled to swarm any anomaly. The Matrix Resurrections may be a bumpy ride but it’s still a trip.

New Year stampede kills 12 in India

KATRA/SRINAGAR, (AFP) – Twelve people were crushed to death in a stampede at an Indian shrine yesterday as tens of thousands of pilgrims massed, officials said.

The disaster unfolded in darkness at around 3am on the packed route to the Vaishno Devi shrine in Kashmir, visited by millions every year.

“People fell over each other… It was difficult to figure out whose leg or arms were tangled with whose,” survivor Ravinder told AFP by phone.

“I helped pick up eight bodies by the time ambulances arrived after about half an hour. I feel lucky to be alive but am still shaking with memory of what I saw,” he said.

Video footage showed terrified pilgrims clinging onto metal rafters to escape the rush and the blue lights of small minivan ambulances flashing in the darkness as they tried to rush to hospitals through huge crowds.

Officials sought to blame an alleged altercation between two groups of youth and a rush of people for New Year’s Day. “Police and officials… were quick to respond (after the altercation), and the order within the crowd was immediately restored,” local police chief Dilbag Singh told the Press Trust of India news agency.

“But by that time, the damage had been done,” he said.

But witnesses said that the authorities were badly organised, something denied by the shrine’s management.

Around a dozen people were also injured.

Conway century boosts New Zealand on day 1, 1st test against Bangladesh

MOUNT MAUNGANUI, NEW ZEALAND (AP) – After a brief interruption Devon Conway continued his prolific run-making in test cricket with an innings of 122 which guided New Zealand to 258-5 at stumps yesterday on the first day of the first cricket test against Bangladesh.

South Africa-born Conway erupted onto the international scene in 2021 at the age of 29 with a double century in his first test innings and since has been a stand-out in all three formats. Within the space of four tests he now has scored a double century, a century and two half centuries: 501 runs at an average of 83. He also averages 75 in one-day internationals and 50 in Twenty20s.

A broken hand suffered at the T20 World Cup in November put a brief stop to his accumulation of runs and records. He quickly picked up on Saturday where he left off, placing New Zealand in a strong position at stumps after losing the toss.

Rusty when he commenced his innings after New Zealand lost captain Tom Latham in the fourth over when it was 1-1, Conway navigated the difficult first hour, then flourished, reaching his century after tea from 186 balls.

He seemed impregnable until he was finally out for 122 in the over before the second new ball was taken, to the relatively benign spin bowling of Bangladesh captain Mominul Haque. Stretching forward to an unthreatening delivery which turned down the leg side, Conway got a faint edge which carried to wicketkeeper Liton Das.

Devon Conway of New Zealand celebrates his century during play on day one of the first cricket test against Bangladesh. PHOTO: AP

Through the day he had partnerships of 138 with Will Young (52), 50 with Ross Taylor who has out for 31 in his penultimate test and 38 with Henry Nicholls who was 32 not out at stumps. Tom Blundell was out for 11 in the last over of the day.

“I think (the pleasing thing) was just the partnerships we had throughout the day. It was nice to spend some time with Ross Taylor in the middle,” Conway said. “It was nice to contribute, especially after not playing for such a long period of time.

“It was challenging. The wicket was quite green this morning and we knew if we got through that tough period it would always get easier to bat on.”

The score at stumps didn’t fairly reflect the effort of the Bangladesh who worked tirelessly to support the decision of Mominul to bowl on winning the toss.

There was moisture in the Bay Oval pitch and Bangladesh seamers Taskin Ahmed and Shoriful Islam were ascendant in the first hour, sending back Latham and troubling Conway and Young.

Hitting good lengths with an upright seam, the bowlers found movement away from the right handers and tied down the New Zealand batsmen who eked out only one run between the first and the ninth overs. Shoriful, who dismissed Latham and later Taylor, had 1-7 from his first five overs.

Conway struggled early, surviving a review for lbw before he had scored and teasing gully with a catching chance soon after.

But as the pitch dried and switched its support from the bowlers to batsmen he settled, then began to flourish. Two fours off Shoriful in the 21st over were a sign of things to come.

He went to lunch on 36 and reached his third half century in four tests from 101 balls with a six from the spin bowling of Mehidy Hasan Miraz in an over in which he also hit two fours.

Conway had put on 138 for the second wicket with Will Young when Young was run out in the 49th over. With the bowlers struggling to find the means to a breakthrough, New Zealand wasted Young’s wickets when he set off for a single to mid-wicket and Conway sent him back. An accurate throw to the keeper saw Young run out for a hard-earned 52.

Stocks end 2021 on a weak note, still notch big yearly gain

AP – Stocks capped a quiet day of trading with modest losses on Friday, even as Wall Street closed the books on another banner year.

The S&P 500 finished with a gain of 26.9 per cent for the year, or a total return of 28.7 per cent, including dividends. That’s nearly as much as the benchmark index gained in 2019. The Nasdaq composite, powered by Big Tech stocks, climbed 21.4 per cent in 2021.

The Dow Jones Industrial Average gained 18.7 per cent, with Home Depot and Microsoft leading the way.

“It’s the third year in a row of incredible gains,” said TD Ameritrade chief strategist JJ Kinahan.

“The market itself was just amazingly strong.”

A wave of consumer demand fueled by the re-opening of economies pumped up corporate profits more than expected in 2021, which helped keep investors in a buying mood.

Wall Street also got a boost from the Federal Reserve, which kept its key short-term interest rate near zero all year.

That helped keep borrowing costs for companies low and stock valuations high. Investors expect the Fed to start pushing rates higher next year.

There was also intense interest in so-called ‘meme stocks’, in which large groups of individual investors bought up shares of beaten-down companies like GameStop and AMC Entertainment, causing institutional investors like hedge funds to lose billions. The soaring stock market also led to an explosion in initial public offerings, including online broker Robinhood and electric vehicle maker Rivian Automotive.

Along the way, the S&P 500 set 70 all-time highs, its most recent one on Wednesday.

In the post-World War II era, that’s the most new highs for the index since the 77 it set in 1954.

The market kept setting new highs despite plenty of challenges, including rising inflation, global supply chain disruptions and outbreaks of more contagious variants of the COVID-19 virus.

“Although there are a lot of things that people were nervous about all year and continue to be nervous about as we head to ’22, at the end of the day the US (stock) market still seems to be the best game in town,” Kinahan said.

Still, the fast-spreading Omicron variant and uncertainty over global supply chain disruptions remain overhangs going into the year.

So is the looming end of the Federal Reserve’s easy-money policies.

The central bank has signaled plans to speed up its reduction in monthly bond purchases that have helped keep interest rates low. The shift in policy sets the stage for the Fed to begin raising rates as early as the first half of next year.

Trading was very slow on Friday, with most of Wall Street on vacation and many fund managers already closed out of their positions for 2021.

The major indexes spent much of the day flipping between small gains and losses. The S&P 500 fell 12.55 points, or 0.3 per cent, to 4,766.18. The Dow slid 59.78 points, or 0.2 per cent, to 36,338.30. The Nasdaq fell 96.59 points, or 0.6 per cent, to 15,644.97.

The Russell 2000 index of smaller companies slipped 3.48 points, or 0.2 per cent, to 2,245.31. The index ended the year with a gain of 13.7 per cent.

The yield on the 10-year Treasury note held steady at 1.51 per cent after the bond market closed at 2pm Eastern ahead of the New Year’s Day holiday.

Japan PM pledges 2022 will be year of ‘summit diplomacy’

TOKYO (CNA) – Japan’s Prime Minister Fumio Kishida said yesterday he would refocus his efforts on foreign policy and pledged to make 2022 the year of diplomacy, in a New Year statement posted on his website.

“The deft handling of diplomatic and security issues and the establishment of a stable administration is crucial, as the international situation surrounding us becomes increasingly difficult and complex,” Kishida said.

He added that a strong emphasis on universal ideals, as well as efforts to resolve global issues and protect the lives of the people would be the three guiding principles of what he called “a diplomacy of realism for the new era”.

Kishida also promised to prioritise tackling COVID-19 as Japan sees a spread of the Omicron variant, and pursue efforts to close the wealth gap and create a sustainable economy by creating a “new type of capitalism” for the country.

Brunei moves up to Level 3 in CDC travel advisory

Azlan Othman

The United States (US) Centers for Disease Control and Prevention (CDC) moved Brunei to Level 3 on December 28, 2021 from Level 4 three months prior.

In its COVID-19 travel advisories weekly update, the Sultanate, along with Argentina (previously at Level 2) were added to Level 3, meaning one must be fully vaccinated before travelling to the Sultanate.

The four-level system categorises international destinations into the following levels: Level 4 (Very high level of COVID-19) – one should avoid travel to this destination; Level 3 (High level of COVID-19) – one must be fully vaccinated before travel.

Unvaccinated travellers should avoid non-essential travel to this destination.

Level 2 is moderate level of COVID-19 and one must be fully vaccinated before travel. Unvaccinated travellers at increased risk for severe illness from COVID-19 should avoid non-essential travel to the destination. Level 1 is low level of COVID-19 and individuals must be fully vaccinated before travelling to the destination.

In its Key Information for Travellers to Brunei, the CDC said travellers should follow the country’s requirements, including wearing a mask and staying six feet apart from others.

Warming, smoky luxury in a bowl

Tom Sietsema

THE WASHINGTON POST – “Soup is a warm way of getting to know a culture and its people,” writes cookbook author Pati Jinich. She calls this vivid soup made with oysters and chipotles in adobo one of her all-time favourites.

Count us in as well as enthusiastic fans of the spicy-smoky base, plump oysters and soft-crisp texture, achieved with vegetables that are both pureed and left diced.

A little work is rewarded with lots of punch.

The recipe, which comes from Jinich’s latest cookbook, Treasures of the Mexican Table, is both a primer and a guide to more adventurous cooking.

The preface to her throat-tickling oyster soup teaches readers to cook the oysters gently and quickly, “so they taste and feel like a seafood version of foie gras.”

Si, Pati!

Chipotle Oyster Soup. PHOTO: THE WASHINGTON POST

SOPA DE OSTION AL CHIPOTLE (CHIPOTLE OYSTER SOUP)

Vegetables can be diced up to one day ahead. Leftover soup can be refrigerated for up to three days without the oysters. Gently reheat over low heat. If planning to refrigerate the soup, consume all of the oysters and, if desired, start another batch of oysters the following day.

INGREDIENTS

– One and a half pounds ripe tomatoes, peeled
– Three tablespoons vegetable oil
– One large white onion, finely chopped
– Five ribs finely chopped celery, divided
– Five medium carrots, finely chopped, divided
– Two large leeks, white and light green parts, well-rinsed and finely chopped, divided
– Five garlic cloves, finely chopped
– Three chipotles in adobo, finely chopped, plus one tablespoon of the sauce
– One dried chile de árbol, stemmed and chopped
– One pound shucked oysters with their juices
– Half teaspoon fine salt, or more to taste
– One teaspoon dried oregano, preferably Mexican
– Five cups shrimp, chicken or vegetable broth
– Chopped fresh cilantro leaves, for serving
– Lime wedges, for serving

DIRECTIONS

Preheat the broiler, with the rack five to six inches from the heat source. Line a large, rimmed baking sheet with foil and place the tomatoes on top. Broil for 10 to 12 minutes, turning the tomatoes halfway through, or until charred and mushy. Remove from the oven. (Alternately, you can roast the tomatoes on a comal or in a large skillet over medium heat, turning them every four to five minutes, until soft and singed, for about 10 minutes. Remove from the heat.)

When the tomatoes are cool enough to handle, finely chop them and transfer to a one-and-a-half-quart bowl. Make sure to tip any juices from the baking sheet into the bowl.

In a large pot over medium heat, heat the oil until shimmering. Add the onion and cook, stirring often, until softened, five to six minutes. Stir in two-thirds of each: celery, carrots and leeks, and cook until wilted, three to four minutes.

Clear a space in the middle of the pot and add the garlic, chipotles with the adobo sauce and chile de arbol. Cook, stirring, for one minute, then mix with the vegetables and cook for one more minute.

Add the tomatoes, the oyster juices, salt and oregano, bring to a simmer and cook until the mixture thickens a bit, six to seven minutes. Add the broth, bring to a simmer and cook until the color darkens and the soup thickens slightly, about 10 minutes. Turn off the heat and let cool slightly.

Working in batches, transfer the soup to a blender and puree until smooth. Wash and dry the pot.

If you want a silky texture, place a sieve over the pot and strain the soup through it; otherwise, just return the soup to the pot. Bring to a simmer over medium heat and add the remaining half cup of each celery, carrots and leeks. Simmer until the vegetables are cooked to al dente and the soup is a little thicker, four to five minutes. Stir in the shucked oysters and any remaining juices and cook until barely cooked through, about one minute. Turn off the heat.

Ladle into soup bowls, garnish with the cilantro and offer your guests lime wedges for squeezing in the soup.