Asia (except ME & Indian SC)

BEIJING (AP) — China’s top economic official on Friday promised higher spending to revive its coronavirus-battered economy and curb surging job losses and said Beijing would skip setting a growth target in order to focus on fighting the disease.

The battle against the virus “has not yet come to an end,” warned Premier Li Keqiang in a report to China’s ceremonial legislature. He called on the country to “redouble our efforts” to revive the struggling economy.

KAJANG, May 20 (NNN-BERNAMA) — Domestic Trade and Consumer Affairs Minister Datuk Alexander Nanta Linggi said the government has always been sensitive to consumer complaints and has been monitoring the price of goods from the start of the Movement Control Order (MCO).

He said this when commenting on complaints that the government has been slow in controlling the prices of essential goods ahead of Aidilfitri.

KUALA LUMPUR, May 21 (NNN-BERNAMA) — Asia-Pacific Economic Cooperation (APEC) member economies need to adopt an open trade policy to safeguard food security in the region amid COVID-19, says a new policy brief by the APEC Policy Support Unit.

The recent policy brief on export restrictions and food security in the context of the pandemic shows that the variety of movement restrictions implemented across borders has affected the supply of food, especially perishables such as fruits, vegetables, dairy, seafood, and meat.

MOSCOW, May 20 (NNN-AGENCIES) — North Korea has halted talks with the United States until the results of the US presidential election in November are known, Russia’s ambassador to Pyongyang told news agencies Wednesday.

President Donald Trump has met North Korean leader Kim Jong Un three times at historic summits and voiced admiration for him, although hopes of striking a comprehensive agreement have faded.

SINGAPORE/BEIJING (Reuters) - A rare ethanol shipment of U.S. origin is expected to arrive in China this month, according to three industry sources and shipping data, probably the first such cargo since the two countries struck an initial trade deal in January.

The market has been watching closely for signs of renewed trade in biofuel after China waived some additional tariffs on 696 American products, ethanol among them, to support purchases of U.S. farm goods, after the signing of the Phase 1 trade deal.

TOKYO (Reuters) - Oil prices rose on Thursday to their highest since March, as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, offsetting fears over the economic fallout from the COVID-19 epidemic.

Brent crude futures for July delivery LCoc1 were trading up 62 cents, or 1.7%, at $36.37 per barrel at 0550 GMT, rising for a second day.

U.S. West Texas Intermediate (WTI) crude futures for July CLc1 were up 61 cents, or 1.8%, at $34.10 a barrel, extending its gains into a sixth straight session.

BEIJING, May 20 (Xinhua) -- The National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top political advisory body, will open its annual session on Thursday afternoon in Beijing, a spokesperson said Wednesday.

The session is set to conclude on May 27, Guo Weimin, spokesperson for the third session of the 13th National Committee of the CPPCC, told a press conference.

Amid regular measures to prevent and control COVID-19, this year's session will be shorter than previously planned.

TOKYO (AP) — Recession-hit Japan’s exports plunged nearly 22% in April, marking their worst drop in more than a decade, as the coronavirus pandemic slammed global demand for autos, machinery and chemicals.

Imports fell 7% from a year earlier, according to Finance Ministry data released Thursday.

The drop in exports was the worst since October 2009 — amid the fallout from the global financial crisis — as export-dependent Japan struggles to juggle the health risks of COVID-19 with the dire need to keep the economy going.

BEIJING, May 20 (APP): India’s attempt to replace China’s role in the global industrial chain and become the world’s next factory reflect nothing but nationalistic hubris, according to an article published in Global Times on Wednesday.

An economy-crippling lockdown doesn’t seem to have deterred India from daring to dream big as its ambition to replace China’s role in the global industrial chain expands.

Taipei (Taiwan), May 20 (AP/PTI) Taiwanese President Tsai Ing-wen has been inaugurated for a second term amid increasing pressure from China on the self-governing island democracy it claims as its own territory.

Tsai represents the ruling Democratic Progressive Party which advocates Taiwan's formal independence, something Beijing says it will use force to prevent.