US proposes reversing Trump-era rules on ESG investing

NEW YORK (NYTIMES) – The US Labor Department proposed rule changes on Wednesday (Oct 13) that would make it easier for retirement plans to add investment options based on environmental and social considerations – and make it possible for such options to be the default setting upon enrollment. In a reversal of a Trump-era policy, […]

Oil holds above US$80 with global power shortage boosting demand

SINGAPORE (BLOOMBERG)- Oil held above US$80 a barrel on expectations that a power crisis from Asia to Europe will lift demand and tighten global balances. West Texas Intermediate futures edged higher in Asian trading after closing up 1.5 per cent on Monday (Oct 11). Oil markets are tightening rapidly in the run-up to the Northern […]

Yellen confident Congress will follow through on global tax deal

WASHINGTON (BLOOMBERG) – Treasury Secretary Janet Yellen said she expects Congress to take action soon to bring the United States into line with a global minimum tax agreed on last week by 136 countries. “I am confident that what we need to do to come into compliance with the minimum tax will be included in […]

Asean+3 likely to grow strongly in 2022: AMRO

SINGAPORE (THE BUSINESS TIMES) – Economic activity in Asean+3 is now projected to expand by an aggregate 6.1 per cent in 2021, down from the 6.7 per cent forecast earlier this year, after posting flat growth in 2020, according to the Asean+3 Macroeconomic Research Office (AMRO) on Thursday. The Plus-3 economies are continuing to drive […]

China power crunch is next economic shock beyond Evergrande

HONG KONG (BLOOMBERG) – China may be diving head first into a power supply shock that could hit Asia’s largest economy hard just as the Evergrande crisis sends shock waves through its financial system. The crackdown on power consumption is being driven by rising demand for electricity and surging coal and gas prices as well as […]

Top China forecaster sees GDP growth near zero in third quarter

HONG KONG (BLOOMBERG) – China’s tough Covid-19 curbs mean economic activity in the third quarter could be close to flat compared with the previous three months, while full-year growth may fall below 8 per cent, a top forecaster said. “My view is that the Chinese economy should slow sharply in the third quarter, mainly due to […]

Where workers age fastest, robots take on more jobs: Study

NEW YORK (REUTERS) – It turns out robots are taking over jobs fastest around the world in places where their human counterparts are aging the most rapidly. That is the conclusion of a new study that looked at demographic and industry-level data in 60 countries and found a powerful link between aging workforces – defined […]