China loan from world bank

WASHINGTON (Reuters) - The World Bank Group will have committed $2 billion in financing by the end of April for COVID-19 vaccines in some 40 developing countries, World Bank Managing Director of Operations Axel van Trotsenburg said on Friday. The $2 billion is part of a pool of some $12 billion that the World Bank has made available overall for vaccine development, distribution and production in low-and middle-income countries, van Trotsenburg told a World Bank forum. David Malpass, the World Bank's president, said in separate remarks (https://www.worldbank.org/en/news/speech/2021/04/09/remarks-by-world-bank-group-president-david-malpass-to-the-spring-meetings-2021-development-committee) to the lender's development committee that the bank expects this to expand to $4 billion worth of commitments in 50 countries by mid-year. But public health officials at the same forum warned that a race between the coronavirus and the vaccines meant to stop it could be lost if the pace of ... » Learn More about World Bank says to commit $2 billion to vaccines in developing countries by end-April

Naga Sadhus (Hindu holy men) take a holy dip in the waters of the Ganges River on the day of Shahi Snan (royal bath) during the ongoing religious Kumbh Mela festival, in Haridwar on April 12, 2021. (Photo by Money SHARMA / AFP) NEW DELHI — Hundreds of thousands of Hindu devotees flocked on Monday to take a holy bath in India’s Ganges river, even as the nation racked up the world’s highest tally of new daily coronavirus infections . With 168,912 new cases, India accounts for one in six of all new infections globally, although the figure is still well below the U.S. peak of nearly 300,000 new cases on Jan. 8. In the northern city of Haridwar, nearly a million devotees thronged the banks of the Ganges, a river many Hindus consider holy, to participate in the months-long ‘Kumbh Mela’ or pitcher festival. “The crowd here is surging…the police are continuously appealing to people to maintain social distancing,” police official Sanjay Gunjyal told Reuters at the site. By ... » Learn More about India’s daily coronavirus infections are world’s highest but crowds gather for festival

Steep inclines and sharp turns have become a thing of the past for motorists on Indonesia's Sumatra island after the first highway there opened last September. Travelling 360km on a completed stretch of the highway - between the busy Bakauheni seaport in the southernmost province of Lampung and Palembang city - took 10 hours, or six hours shorter than on normal roads. "Our rides are smoother now. We no longer have to experience sharp turns, and go up and down steep slopes," Mr Andika, who goes by one name, told The Straits Times. The 45-year-old owns a fleet of trucks transporting industrial equipment between the two locations. Mr Andika said the cost of operating and maintaining his vehicles has dropped by 30 per cent as he does not have to replace worn-out tyres and spare parts as often. The highway, known as the Trans-Sumatra Toll Road, is one of President Joko Widodo's key projects to overhaul critical transport infrastructure in the country. Costing 476 trillion rupiah ... » Learn More about Indonesia: Govt won’t let Covid-19 derail much-needed projects

Shares in tech giant Alibaba climbed more than six percent Monday as the ecommerce titan reassured investors that a record $2.78 billion antitrust fine imposed by China would have little impact on its operations. However, concerns that officials had not finished with a crackdown on the sector weighed on big-name firms including Tencent and JD.com. Ant Group, whose planned record-shattering $35 billion Hong Kong-Shanghai IPO was shelved late last year amid the Chinese crackdown on Big Tech, separately announced a restructuring plan but vowed to "ensure business continuity". Regulators slapped Alibaba with the penalty on Saturday after a months-long probe concluded it had been abusing its dominant market position. But in a conference call to investors on Monday, Alibaba's board suggested the fine marked the end of the investigation, with chairman Daniel Zhang saying the penalty  would not have a "negative impact" on business operations. The government has cracked down on major ... » Learn More about Alibaba shares soar as it plays down hit from record $2.78 billion fine

SINGAPORE - Senior Minister Tharman Shanmugaratnam gave his take on several issues during a virtual dialogue at the Singapore Tech Forum on Thursday (Nov 19). The forum, a global industry and networking even in its third year running, is organised by the Singapore Global Network - a division of the Economic Development Board - and the Government Technology Agency (GovTech). Economic reconfiguration and China Contrary to what some might think, globalisation is not on the decline. Instead, what the global economy is seeing is a reconfiguration as a result of China's evolution, said Mr Tharman. He noted that the biggest trend was the evolution of the Chinese economy. “It is getting larger. (China is) having a much larger middle class consuming a lot more. (They) are having much more capabilities domestically, able to produce within China what was previously imported, and that might give the impression of some waning of globalisation. "But actually, it's the same story - it's ... » Learn More about Resilient hubs key for companies seeking stability amidst Covid-19: SM Tharman

SYDNEY: Australia has abandoned a goal to vaccinate nearly all of its 26 million people by the end of 2021 following advice that people under the age of 50 take Pfizer-BioNTech's COVID-19 vaccine rather than AstraZeneca's shot. Australia, which had banked on the AstraZeneca vaccine for the majority of its shots, had no plans to set any new targets for completing its vaccination programme, Prime Minister Scott Morrison said in a Facebook post on Sunday afternoon (Apr 11). "While we would like to see these doses completed before the end of the year, it is not possible to set such targets given the many uncertainties involved," Morrison said. Authorities in Canberra changed their recommendation on Pfizer-BioNTech shots for under-50s on Thursday, after European regulators reiterated the possibility of links between the AstraZeneca shot and reports of rare cases of blood clots. Australia, which raced to double its order of the Pfizer-BioNTech vaccine last week, had originally ... » Learn More about Australia abandons COVID-19 vaccination targets after new advice on AstraZeneca shots

HONG KONG: Chinese tech giant Huawei on Monday said it had reached an agreement with HSBC in Hong Kong to secure documents that its senior executive Meng Wanzhou hopes will help her fight extradition to the United States from Canada. Chief financial officer Meng — whose father is the company’s founder and CEO Ren Zhengfei — has been in a two-year battle against extradition over allegations that Huawei violated US sanctions on Iran. Meng is accused in the US of defrauding HSBC by falsely misrepresenting links between Huawei and a company that sold telecoms equipment to Iran. Her legal team has been trying to access documents from HSBC that they say will help exonerate Meng. A previous attempt to secure the documents at Britain’s High Court was dismissed in February. Meng’s lawyers turned to the courts in Hong Kong, where London-headquartered HSBC has a major presence and makes most of its profits. “An agreement has been reached with HSBC in relation to the Hong Kong legal ... » Learn More about Huawei, HSBC agree to secure documents in Hong Kong court

SINGAPORE ( THE BUSINESS TIMES ) - Mitbana, a joint-venture company of Mitsubishi and Surbana Jurong, together with Sinarmas Land through its subsidiary Bumi Serpong Damai, on Monday announced that they will be jointly developing the first interconnected multi-modal transport complex in Greater Jakarta. Spanning about six hectares in the Intermoda district of Bumi Serpong Damai (BSD) City, the new transit-oriented development (TOD) will offer access to multiple public transportation options, including road, rail, and park-and-ride facilities. The approximately S$200 million project will also expand existing pedestrian connections from Cisauk train station, feature community facilities and a new town centre, and leverage smart technology to improve bus services within BSD City and other surrounding townships. In a press statement on Monday, Sinarmas Land said that the Intermoda TOD is part of Mitbana and Sinarmas Land's plan to transform over 100 hectares of greenfield land in ... » Learn More about Sinarmas, Mitsubishi, Surbana Jurong to develop a transit-oriented development in Greater Jakarta

KUALA LUMPUR: Despite opening higher at the start of the opening bell, the FBM KLCI succumbed to profit taking activities on Monday. At closing, the FBM KLCI ended 3.83 points, or 0.24% lower at 1,608.42. The index opened 1.71 higher at 1,613.96 this morning. In the broader market, losers thumped gainers 667 to 411 while 412 counters unchanged. About 5.82 billion shares, valued at RM3.35bil, changed hands. Dealers said the key index snapped a three-session winning streak as investors locked in profits in telcos and selected heavyweights. Petronas Gas fell 20 sen to RM15.90, Hartalega shed 19 sen to RM9.70 and Hong Leong Bank declined 18 sen to RM18.34. Axiata fell 18 sen to RM3.93, Digi lost 15 sen to RM4.31, Telekom Malaysia shed seven sen to RM6.02 and Maxis declined one sen to RM4.79. Press Metal rose 16 sen to RM10.18, Hong Leong Financial Group gained 16 sen to RM17.46 and Petronas Chemicals added 15 sen to RM7.98. On the broader market, MPI shed 28 sen to ... » Learn More about KLCI snaps out of winning streak, down 3.83 points

SINGAPORE - Trade associations and chambers (TACs) here can do more to help companies tap opportunities that arise from digitalisation and improve their capabilities, said Trade and Industry Minister Chan Chun Sing on Friday (Feb 12). They play a critical role in the national effort to introduce firms, especially small and medium-sized enterprises, to new technologies, and to help them adopt these, he added. He was speaking at the opening ceremony of the Singapore Chinese Chamber of Commerce and Industry's (SCCCI) live streaming studio at the Trade Association Hub in Jurong, on the first day of the Chinese New Year. The studio is an example of what TACs can do on this front, to help companies navigate challenges arising from the Covid-19 pandemic , added Mr Chan. SCCCI president Roland Ng said the studio expects to support live streaming for up to 50 activities in its first year, including trade associations' annual general meetings, product launch events and international ... » Learn More about Singapore trade associations play critical role in helping firms tap opportunities from digitalisation: Chan Chun Sing