World A Nigerian umbrella trade union suspended a nationwide strike on its fourth day on Sunday, after the government agreed to hold a meeting to discuss increasing the minimum wage, a union official said. 01 Oct 2018 04:20AM Bookmark ABUJA: A Nigerian umbrella trade union suspended a nationwide strike on its fourth day on Sunday, after the government agreed to hold a meeting to discuss increasing the minimum wage, a union official said."The general strike has been suspended, not called off," said Chris Uyot, deputy secretary general of the Nigerian Labour Congress.A meeting with the government will be held on Oct. 4-5, the union said in a letter to members.Unions want the monthly minimum wage raised to about 50,000 naira (US$164) from 18,000 naira. The strike began on Thursday after talks between President Muhammadu Buhari's government and unions had broken down.In the letter, the NLC said the meeting was as a result of "united and sustained action", adding that the … [Read more...] about Nigerian umbrella trade union suspends nationwide strike
Currency devaluation and its impact on the economy
Chinese tech stocks jumped Wednesday after Chinese Premier Li Keqiang vowed not to pursue a policy of currency devaluation. Li said the recent weakening of the Chinese yuan was due to market forces. Li’s comment will reassure investor confidence in China, Lukman Otunuga, a research analyst at FXTM, said. Watch Alibaba, iQiyi, JD.com, Baidu.com, Pinduoduo, Nio trade in real time here. Chinese tech stocks jumped Wednesday after Chinese Premier Li Keqiang vowed not to pursue a policy of currency devaluation to counteract the tariffs imposed by the Trump administration. “Persistent depreciation of the RMB will only do more harm than good to our economy,” Li said Wednesday at a World Economic Forum event in Tianjin, China. He added that the recent weakening of Chinese currency was due to market forces and the government would not allow a continued devaluation. In the wake of Li’s comments, Chinese tech … [Read more...] about Chinese tech stocks jump after Chinese Premier Li Keqiang vowed not to pursue a policy of currency devaluation
BEIJING: The first shots have been fired in a trade war between China and the United States that experts say could be damaging for the world economy.The two superpowers on Friday imposed tit-for-tat tariffs on billions of dollars of cross-border trade.While US President Donald Trump has brushed off warnings that trade frictions with powerful partners like China could harm the US, Beijing has other weapons in its arsenal beside tariffs to cause damage in a fight.CRUISING FOR A BRUISINGTom Cruise films, Starbucks coffee, the iPhone X and the Buick are all best-sellers in China and authorities could find all sorts of ways to make life difficult for them, says Louis Kuijs, Asia analyst at Oxford Economics.China "has less ammunition left in terms of imposing tariffs but history shows that there are various other measures it could take to inflict pain on US companies," said Kuijs.He cited "scaled-up health, safety and tax checks, delaying the import of goods and boycotts of US goods."Chinese … [Read more...] about Weapons of trade war: What might China have up its sleeve?
Leaders from North and South Korea are meeting Friday for the third time since the Korean war. There are several ways the meeting could impact South Korea’s currency, according to analysts at Morgan Stanley. Follow the South Korean won in real time here. The international community has welcomed the idea of the first summit between North Korea and South Korea in more than a decade on Friday. But, according to analysts at Morgan Stanley, there could be one loser if the talks go too well – the South Korean won. Ahead of the summit, the currency began edging lower. It’s more than 1% versus the dollar since last Friday, when the news broke that officials were crafting a treaty to officially end war between the two countries. And depending on what happens at the summit, Morgan Stanley analysts think one of four potential outcomes will play out as a result: 1. “Breaking the … [Read more...] about Here’s what could happen to South Korea’s currency if the country reunifies with North Korea
SEOUL/TOKYO: A year after US President Donald Trump took office, heightened rhetoric out of Washington about unfair trade has kept Asian policymakers reluctant to openly talk down their currencies despite the dollar's slump to multi-year lows. Instead, central banks are looking at subtler ways to rein in their currencies as sustained weakness in the dollar erodes the competitiveness of many exporting nations.Thailand's central bank, for example, said last week it was relaxing rules to allow retail investors to directly buy foreign securities. That seemed aimed at encouraging capital outflows to cap the baht, which is at four-year highs.While firm demand for Asian exports is seen as creating legitimate support for regional currencies, something central banks tacitly accept, analysts say Trump's aggressive posture on trade has redrawn the battle lines in foreign exchange markets."US President Donald Trump carries the bigger stick: the threat of protectionism," writes Joachim Fels, global … [Read more...] about As US rattles sabre on trade, Asia bites its tongue on soft dollar