Oil prices sank in Asia today after data indicated a rise in US stockpiles, reigniting concerns about a supply glut, while profit-takers stepped in after the previous day&#39;s rally. 
 
The American Petroleum Institute reported a 2.2 million barrel rise in reserves last week, confounding expectations of a dip at the height of the crucial summer holiday driving season. 
 
The figures rattled traders as the Department of Energy prepares to release official data later today, which is considered a key gauge of demand in the world&#39;s top oil consumer. 
 
At about 0645 GMT, US benchmark West Texas Intermediate fell 51 cents, or 1.09 per cent, to $46.29 while Brent was 60 cents, or 1.24 per cent, lower at $47.87. 
 
&quot;It&#39;s bearish for oil if stockpiles gain because seasonally speaking, inventories tend to decline at least until mid-August,&quot; Hong Sung Ki, a commodities analyst at Samsung Futures Inc., told Bloomberg News. 
 
&quot;But of course, we need to see whether this will be a one-time gain or not,&quot; the analyst added.&nbsp; 
 
Both contracts surged almost five per cent on Tuesday from two-month lows after The Organization of the Petroleum Exporting Countries (OPEC) said it expected the global supply glut to ease this year and next thanks to reductions in output from producers outside the cartel, particularly the United States. 
 
Prices have fluctuated between $44 and $52 a barrel over the past month after hitting near 13-year lows below $30 in February, but a surge in OPEC production in June revived fears about oversupply. 
 
Energy information provider S&amp;P Global Platts said production from the OPEC climbed 300,000 barrels per day in June, close to an eight-year high of 32.73 million barrels per day. 
 
This is due to a tentative recovery in production in Nigeria and Libya, and a &quot;steady&quot; rise in output from Saudi Arabia and Iran, it said. 
 
&quot;We had the bulls for a couple of weeks and the bears are starting to step in,&quot; David Lennox, an analyst at Fat Prophets in Sydney, said. 
 
&quot;The market has realised that surplus that we had was disrupted, and that it is coming back because those disruptions are going away,&quot; he added.&nbsp; 
 
Canadian producers are also gradually coming back online, restoring supply for the biggest crude supplier to the US market, after wildfires swept through the Alberta oil sands region from May to July. 
 
(AFP)&nbsp; 
&nbsp;

The figures rattled traders as the Department of Energy prepares to release official data later today

Oil prices sank in Asia today after data indicated a rise in US stockpiles, reigniting concerns about a supply glut, while profit-takers stepped in after the previous day's rally. The American Petroleum Institute reported a 2.2 million barrel rise in reserves last week, confounding expectations of a dip at the height of the crucial summer holiday driving season. The figures rattled traders as the Department of Energy prepares to release official data later today, which is considered a key gauge of demand in the world's top oil consumer. At about 0645 GMT, US benchmark West Texas Intermediate fell 51 cents, or 1.09 per cent, to $46.29 while Brent was 60 cents, or 1.24 per cent, lower at $47.87. "It's bearish for oil if stockpiles gain because seasonally speaking, inventories tend to decline at least until mid-August," Hong Sung Ki, a commodities analyst at Samsung Futures Inc., told Bloomberg News. "But of course, we need to see whether this will be a one-time gain or not," the analyst added. Both contracts surged almost five per cent on Tuesday from two-month lows after The Organization of the Petroleum Exporting Countries (OPEC) said it expected the global supply glut to ease this year and next thanks to reductions in output from producers outside the cartel, particularly the United States. Prices have fluctuated between $44 and $52 a barrel over the past month after hitting near 13-year lows below $30 in February, but a surge in OPEC production in June revived fears about oversupply. Energy information provider S&P Global Platts said production from the OPEC climbed 300,000 barrels per day in June, close to an eight-year high of 32.73 million barrels per day. This is due to a tentative recovery in production in Nigeria and Libya, and a "steady" rise in output from Saudi Arabia and Iran, it said. "We had the bulls for a couple of weeks and the bears are starting to step in," David Lennox, an analyst at Fat Prophets in Sydney, said. "The market has realised that surplus that we had was disrupted, and that it is coming back because those disruptions are going away," he added. Canadian producers are also gradually coming back online, restoring supply for the biggest crude supplier to the US market, after wildfires swept through the Alberta oil sands region from May to July. (AFP)

Oil prices sink in Asia triggering supply glut concerns

Oil prices rebounded in Asia today after tanking nearly five per cent the day before on fresh worries about an oversupply, while traders await the release of key US jobs data. 
 
The commodity plunged Thursday in response to official figures showing US commercial inventories fell less than expected last week, indicating softer demand in the world&#39;s top oil consumer as the crucial driving season kicks in. 
 
The data added to an already downbeat mood on markets as investors worry about the longer-term fallout from Britain&#39;s vote to leave the European Union (EU). 
 
At around 0650 GMT, the US benchmark West Texas Intermediate was up 26 cents, or 0.58 per cent, at $45.40 and Brent gained 32 cents, or 0.69 per cent, to $46.72. 
 
WTI plunged 4.8 per cent and Brent sank 4.9 per cent on Thursday after the US Department of Energy (DoE) reported stockpiles fell 2.2 million barrels in the week ending July 1. The market was expecting a 2.5 million barrel drop, according to Bloomberg News. 
 
Both contracts are more than six per cent lower down from last Friday. 
 
The DoE also reported a much smaller than expected decline in petrol stockpiles during the peak summer driving season when Americans take to the road for their holidays. Gasoline stockpiles fell 100,000 barrels, well below the forecast 350,000. 
 
IG Markets analyst Bernard Aw said traders were looking for bargains after Thursday&#39;s &quot;substantial drop&quot; in prices, but added the oversupply concerns will linger. 
 
&quot;What&#39;s even more important was the lack of decline in the gasoline inventories, given that the summer driving season in the US still has two more months to go,&quot; Aw said. 
 
&quot;Traders now fear that we could see a worsening of the supply overhang when summer is over,&quot; he added.&nbsp; 
 
Prices were also given some support after a militant group in Nigeria, Africa&#39;s biggest oil producer, said it attacked more oil infrastructure in the country&#39;s south, ignoring a call for unity from President Muhammadu Buhari. 
 
(AFP)&nbsp; 
&nbsp;

The data added to an already downbeat mood on markets as investors worry about the longer-term Brexit fallout

Oil prices rebounded in Asia today after tanking nearly five per cent the day before on fresh worries about an oversupply, while traders await the release of key US jobs data. The commodity plunged Thursday in response to official figures showing US commercial inventories fell less than expected last week, indicating softer demand in the world's top oil consumer as the crucial driving season kicks in. The data added to an already downbeat mood on markets as investors worry about the longer-term fallout from Britain's vote to leave the European Union (EU). At around 0650 GMT, the US benchmark West Texas Intermediate was up 26 cents, or 0.58 per cent, at $45.40 and Brent gained 32 cents, or 0.69 per cent, to $46.72. WTI plunged 4.8 per cent and Brent sank 4.9 per cent on Thursday after the US Department of Energy (DoE) reported stockpiles fell 2.2 million barrels in the week ending July 1. The market was expecting a 2.5 million barrel drop, according to Bloomberg News. Both contracts are more than six per cent lower down from last Friday. The DoE also reported a much smaller than expected decline in petrol stockpiles during the peak summer driving season when Americans take to the road for their holidays. Gasoline stockpiles fell 100,000 barrels, well below the forecast 350,000. IG Markets analyst Bernard Aw said traders were looking for bargains after Thursday's "substantial drop" in prices, but added the oversupply concerns will linger. "What's even more important was the lack of decline in the gasoline inventories, given that the summer driving season in the US still has two more months to go," Aw said. "Traders now fear that we could see a worsening of the supply overhang when summer is over," he added. Prices were also given some support after a militant group in Nigeria, Africa's biggest oil producer, said it attacked more oil infrastructure in the country's south, ignoring a call for unity from President Muhammadu Buhari. (AFP)

Oil prices rebound in Asia as investors await key US jobs data

After a four-year bear market, sugar has found its sweet spot. 
 
Its steepest bull run in years has seen prices of US raw sugar, the global price benchmark, more than double in less than a year, making one of the smallest commodity markets one of the best performing so far this year, outpacing two of the biggest, gold and oil. 
 
Investors who have ridden the market to 2012 highs, betting on expectations of dwindling supplies from key growers like India and Thailand, are now wondering how much higher can the prices go, thus, still awaiting a long-anticipated deficit. 
 
&quot;It&#39;s uncertain how much further the run-up can go ... The upside may be limited to another 10 to 15 per cent,&quot; said David Martin, founder and managing member of Martin Fund Management LLC in New York which has $82 million of assets under management. 
 
He placed bullish options bets when sugar, currently over 20 cents per pound, broke through 17 cents per pound in May, reversing a longstanding bearish position. He said he is now positioned neither bullish or bearish. 
 
World demand is expected to exceed supply for the first time in six years this year as drought in India, the world&#39;s second-largest grower, and unfavourable weather elsewhere in Asia threatens output. 
 
But there is little sign yet of extreme nearby tightness to justify lofty prices above 20 cents, some say. 
 
On Friday, data showing a drop in speculators&#39; net long position offered the first sign of a potential waning appetite. The meager 270-lot decline marked the first time hedge funds have scaled back the record bullish bet they have held since May, worth some $6 billion. 
 
&quot;I imagine (a correction) could be quite violent,&quot; said Doug King, chief investment officer of Merchant Commodity Fund in London. &quot;There is no reason to believe the market could go to 25 cents. We don&#39;t have a shortage of sugar now.&quot; 
 
Still, some commodity trading advisors (CTAs) that typically rely on technical indicators see little in the charts to call an end to sugar&#39;s sizzling run just yet. 
 
Sameer Ahuja, founder and chief investment officer of Dera Capital Management in Harrison, New York, said he is watching for October futures to break a resistance at 21.25 cents, and then 24 cents, which would mark the highest since July 2012. 
 
&quot;We could be heading for levels seen in 2011,&quot; he said. 
 
DRAMATIC TURNAROUND 
 
For the CTAs that caught the run-up early, sugar&#39;s turnaround from seven-year lows around 10 cents per pound seen in August 2015 has been sweet. 
 
Sol Waksman, president and founder of BarclayHedge Ltd, an Iowa-based firm that tracks CTA performances, said Martin&#39;s was the best performer of the 51 agricultural funds he tracked through the end of May. 
 
Martin attributes that to exposure to sugar and coffee markets. The fund was up 17.5 per cent in the first five months of 2016, according to its website. 
 
By any measure, June saw a spectacular rally as cash continued to pile into the market. Turnover for the month hit 3.74 million lots, worth 190 million tonnes of sugar, the third highest, according to records going back almost four decades, as prices hit their highest in almost four years. 
 
Much now depends on top grower Brazil, where the harvest runs through December. 
 
Martin said he is watching the premium of nearby futures over prices further out, an indication of supply concern. The premium of the second-month March contract over the third-month spiked to a near five-year high this week. 
 
&quot;You could still put another three or four cents on this,&quot; said Jobe Moss, a broker with MCM Inc in Lubbock, Texas, whose interest in sugar has been renewed amid this year&#39;s rally. &quot;(But) I&#39;m not going to chase the market up right now.&quot; 
 
(Reuters)

World demand is expected to exceed supply for the first time in six years this year as unfavourable weather in Asia threatens output

After a four-year bear market, sugar has found its sweet spot. Its steepest bull run in years has seen prices of US raw sugar, the global price benchmark, more than double in less than a year, making one of the smallest commodity markets one of the best performing so far this year, outpacing two of the biggest, gold and oil. Investors who have ridden the market to 2012 highs, betting on expectations of dwindling supplies from key growers like India and Thailand, are now wondering how much higher can the prices go, thus, still awaiting a long-anticipated deficit. "It's uncertain how much further the run-up can go ... The upside may be limited to another 10 to 15 per cent," said David Martin, founder and managing member of Martin Fund Management LLC in New York which has $82 million of assets under management. He placed bullish options bets when sugar, currently over 20 cents per pound, broke through 17 cents per pound in May, reversing a longstanding bearish position. He said he is now positioned neither bullish or bearish. World demand is expected to exceed supply for the first time in six years this year as drought in India, the world's second-largest grower, and unfavourable weather elsewhere in Asia threatens output. But there is little sign yet of extreme nearby tightness to justify lofty prices above 20 cents, some say. On Friday, data showing a drop in speculators' net long position offered the first sign of a potential waning appetite. The meager 270-lot decline marked the first time hedge funds have scaled back the record bullish bet they have held since May, worth some $6 billion. "I imagine (a correction) could be quite violent," said Doug King, chief investment officer of Merchant Commodity Fund in London. "There is no reason to believe the market could go to 25 cents. We don't have a shortage of sugar now." Still, some commodity trading advisors (CTAs) that typically rely on technical indicators see little in the charts to call an end to sugar's sizzling run just yet. Sameer Ahuja, founder and chief investment officer of Dera Capital Management in Harrison, New York, said he is watching for October futures to break a resistance at 21.25 cents, and then 24 cents, which would mark the highest since July 2012. "We could be heading for levels seen in 2011," he said. DRAMATIC TURNAROUND For the CTAs that caught the run-up early, sugar's turnaround from seven-year lows around 10 cents per pound seen in August 2015 has been sweet. Sol Waksman, president and founder of BarclayHedge Ltd, an Iowa-based firm that tracks CTA performances, said Martin's was the best performer of the 51 agricultural funds he tracked through the end of May. Martin attributes that to exposure to sugar and coffee markets. The fund was up 17.5 per cent in the first five months of 2016, according to its website. By any measure, June saw a spectacular rally as cash continued to pile into the market. Turnover for the month hit 3.74 million lots, worth 190 million tonnes of sugar, the third highest, according to records going back almost four decades, as prices hit their highest in almost four years. Much now depends on top grower Brazil, where the harvest runs through December. Martin said he is watching the premium of nearby futures over prices further out, an indication of supply concern. The premium of the second-month March contract over the third-month spiked to a near five-year high this week. "You could still put another three or four cents on this," said Jobe Moss, a broker with MCM Inc in Lubbock, Texas, whose interest in sugar has been renewed amid this year's rally. "(But) I'm not going to chase the market up right now." (Reuters)

Sugar finds its sweet spot, but investors ask for how long?

Thailand&#39;s military government has set up security centres around the country ahead of an August referendum on a new constitution, a spokesman for the government said on Monday. 
 
The centres are the latest measure rolled out by the government as Thailand prepares to vote on a new constitution that critics fear will entrench the military&#39;s influence. 
 
The draft of Thailand&#39;s 20th constitution is to replace one scrapped after a 2014 coup by generals who promised stability in Southeast Asia&#39;s second-biggest economy. 
 
The August&nbsp;7 referendum will be the first real rest of the junta&#39;s popularity since it took power. 
 
A &quot;Centre for Maintaining Peace and Order&quot; has been set up in every one of Thailand&#39;s 76 provinces, said Major General Sansern Kaewkamnerd, spokesman for the Thai prime minister&#39;s office, in order to ensure &quot;no cheating, no lobbying and no persuading people to vote one way or another.&quot; 
 
Provincial governors will be responsible for assembling teams to join the centre including police, troops and civilian volunteers. 
 
&quot;We need to ensure peace during the referendum so that people can decide how our country will move forward,&quot; Sansern told Reuters.&nbsp; 
 
Last month,&nbsp;junta chief Prayuth Chan-ocha and opposition supporters of ousted populist premier Thaksin Shinawatra both contacted the United Nations after an upsurge in political tension, just a day after police shut down an electoral monitoring centre of the &quot;red shirt&quot; anti-government movement.&nbsp; 
 
The red shirts say the centres are needed to prevent fraud.&nbsp; 
 
Thanawut Wichaidit, a spokesman for the red shirt movement, accused the government of double standards. 
 
 
&quot;We weren&#39;t able to set up our monitoring centres so why should the military government be allowed to set up their centres?&quot; Thanawut told Reuters. 
 
&quot;The military government is blindfolding the electorate and leading their hand to vote in the manner they want.&quot; 
 
Under the proposed charter, a junta-appointed Senate with seats reserved for military commanders would check the powers of elected lawmakers for a five-year transitional period.

(Reuters)

The August?7 referendum will be the first real rest of the junta's popularity since it took power

Thailand's military government has set up security centres around the country ahead of an August referendum on a new constitution, a spokesman for the government said on Monday. The centres are the latest measure rolled out by the government as Thailand prepares to vote on a new constitution that critics fear will entrench the military's influence. The draft of Thailand's 20th constitution is to replace one scrapped after a 2014 coup by generals who promised stability in Southeast Asia's second-biggest economy. The August 7 referendum will be the first real rest of the junta's popularity since it took power. A "Centre for Maintaining Peace and Order" has been set up in every one of Thailand's 76 provinces, said Major General Sansern Kaewkamnerd, spokesman for the Thai prime minister's office, in order to ensure "no cheating, no lobbying and no persuading people to vote one way or another." Provincial governors will be responsible for assembling teams to join the centre including police, troops and civilian volunteers. "We need to ensure peace during the referendum so that people can decide how our country will move forward," Sansern told Reuters. Last month, junta chief Prayuth Chan-ocha and opposition supporters of ousted populist premier Thaksin Shinawatra both contacted the United Nations after an upsurge in political tension, just a day after police shut down an electoral monitoring centre of the "red shirt" anti-government movement. The red shirts say the centres are needed to prevent fraud. Thanawut Wichaidit, a spokesman for the red shirt movement, accused the government of double standards. "We weren't able to set up our monitoring centres so why should the military government be allowed to set up their centres?" Thanawut told Reuters. "The military government is blindfolding the electorate and leading their hand to vote in the manner they want." Under the proposed charter, a junta-appointed Senate with seats reserved for military commanders would check the powers of elected lawmakers for a five-year transitional period. (Reuters)

Thailand sets up security centres ahead of August referendum

Asian stocks rose today as risk appetite continued to recover from last week&#39;s Brexit shock, but the pound came under renewed pressure after the Bank of England&#39;s governor hinted at an interest rate cut ahead.&nbsp; 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent. 
 
The index has recovered nearly all the losses suffered last Friday when global markets plunged in response to Britain&#39;s decision to leave the European Union. 
 
It has gained close to 3.5 per cent since Friday&#39;s close on a combination of short-covering and relief that Brexit did not spark contagion in the global financial system like that which engulfed markets during the 2008-09 crisis. 
 
Japan&#39;s Nikkei rose 0.6 per cent after the yen surrendered more of the territory gained during the flight to quality seen earlier in the week. It is on track for a 4.8 per cent gain for the week.&nbsp; 
 
South Korea&#39;s Kospi extended gains to 0.8 per cent, set to end the week 3.2 per cent higher.&nbsp; 
 
China&#39;s CSI 300 and Shanghai Composite indexes advanced 0.4 per cent, and looked set for weekly gains of 2.9 per cent and 3 per cent respectively, after data showed growth in China&#39;s services sector accelerated in June, while the manufacturing sector stalled.&nbsp; 
 
&quot;Share markets rebounded over the past week as worries about Brexit leading to global financial and economic chaos faded somewhat,&quot; Shane Oliver, head of investment strategy at AMP Capital in Sydney, wrote in a note. 
 
&quot;The week ahead will no doubt see bouts of Brexit-related nervousness but it may continue to settle down in the absence of any new developments in Europe.&quot; 
 
The Dow Jones industrial average climbed 1.3 per cent on Thursday, posting its third straight day of gains and erasing a bulk of its losses after Brexit. 
 
Some of the overnight gains on Wall Street were attributed to hopes for more monetary easing after BOE governor Mark Carney said on Thursday the central bank would probably need to pump more stimulus into Britain`s economy over the summer in wake of the Brexit shock. 
 
A number of Asian central banks, including those in Japan and China, are also expected to ease policy further later this year, while a number of Asian governments have ramped up fiscal stimulus. 
 
Carney&#39;s comments forced the pound to head south on Thursday and cut short the currency&#39;s recovery from a 31-year low on Monday. 
 
Sterling last traded at $1.3346 after nearly touching $1.35 on Thursday. The pound, which lost almost 8 per cent soon after the Brexit vote, has declined a further 2.6 per cent since. It sank to $1.3122 on Monday, its lowest since 1985. 
 
&quot;Carney has always been nervous about how Brexit would impact the UK economy and now that it is a reality, he is preparing for the worst, agrees with the doom and gloom scenario and wants to assure the market that the BoE will be proactive,&quot; wrote Kathy Lien, managing director of FX strategy at BK Asset Management. 
 
Sterling&#39;s slide added mild pressure on the euro, which was steady at $1.1104 after slipping overnight from $1.1155, its highest in six days. It&#39;s poised to end the week flat. 
 
The dollar pulled back slightly against the safe-haven yen, but retained most of this week&#39;s gains. The greenback, which fell to 99.00 yen in the initial phases of the Brexit shock, was last trading at 102.88 yen, on track for a gain of 0.7 per cent for the week. 
 
In commodities, crude oil advanced on expectations of rate cuts and better demand-supply balance. 
 
US crude was up 0.4 per cent at $48.54 a barrel after shedding more than 3 per cent on Thursday, but remains poised for a 1.9 per cent loss for the week. 
 
Brent crude rose 0.5 per cent to $49.98, heading for a weekly gain of 3.2 per cent.&nbsp; 
 
But in a sign that risk appetite remains tentative, the safe-haven gold climbed 0.4 per cent to $1,327.31 an ounce, set to end the week 0.9 per cent higher, its fifth consecutive weekly gain.&nbsp; 
 
(Reuters)

In preparation to counter Brexit's negative impact, Bank of England's governor hinted at an interest rate cut

Asian stocks rose today as risk appetite continued to recover from last week's Brexit shock, but the pound came under renewed pressure after the Bank of England's governor hinted at an interest rate cut ahead. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent. The index has recovered nearly all the losses suffered last Friday when global markets plunged in response to Britain's decision to leave the European Union. It has gained close to 3.5 per cent since Friday's close on a combination of short-covering and relief that Brexit did not spark contagion in the global financial system like that which engulfed markets during the 2008-09 crisis. Japan's Nikkei rose 0.6 per cent after the yen surrendered more of the territory gained during the flight to quality seen earlier in the week. It is on track for a 4.8 per cent gain for the week. South Korea's Kospi extended gains to 0.8 per cent, set to end the week 3.2 per cent higher. China's CSI 300 and Shanghai Composite indexes advanced 0.4 per cent, and looked set for weekly gains of 2.9 per cent and 3 per cent respectively, after data showed growth in China's services sector accelerated in June, while the manufacturing sector stalled. "Share markets rebounded over the past week as worries about Brexit leading to global financial and economic chaos faded somewhat," Shane Oliver, head of investment strategy at AMP Capital in Sydney, wrote in a note. "The week ahead will no doubt see bouts of Brexit-related nervousness but it may continue to settle down in the absence of any new developments in Europe." The Dow Jones industrial average climbed 1.3 per cent on Thursday, posting its third straight day of gains and erasing a bulk of its losses after Brexit. Some of the overnight gains on Wall Street were attributed to hopes for more monetary easing after BOE governor Mark Carney said on Thursday the central bank would probably need to pump more stimulus into Britain`s economy over the summer in wake of the Brexit shock. A number of Asian central banks, including those in Japan and China, are also expected to ease policy further later this year, while a number of Asian governments have ramped up fiscal stimulus. Carney's comments forced the pound to head south on Thursday and cut short the currency's recovery from a 31-year low on Monday. Sterling last traded at $1.3346 after nearly touching $1.35 on Thursday. The pound, which lost almost 8 per cent soon after the Brexit vote, has declined a further 2.6 per cent since. It sank to $1.3122 on Monday, its lowest since 1985. "Carney has always been nervous about how Brexit would impact the UK economy and now that it is a reality, he is preparing for the worst, agrees with the doom and gloom scenario and wants to assure the market that the BoE will be proactive," wrote Kathy Lien, managing director of FX strategy at BK Asset Management. Sterling's slide added mild pressure on the euro, which was steady at $1.1104 after slipping overnight from $1.1155, its highest in six days. It's poised to end the week flat. The dollar pulled back slightly against the safe-haven yen, but retained most of this week's gains. The greenback, which fell to 99.00 yen in the initial phases of the Brexit shock, was last trading at 102.88 yen, on track for a gain of 0.7 per cent for the week. In commodities, crude oil advanced on expectations of rate cuts and better demand-supply balance. US crude was up 0.4 per cent at $48.54 a barrel after shedding more than 3 per cent on Thursday, but remains poised for a 1.9 per cent loss for the week. Brent crude rose 0.5 per cent to $49.98, heading for a weekly gain of 3.2 per cent. But in a sign that risk appetite remains tentative, the safe-haven gold climbed 0.4 per cent to $1,327.31 an ounce, set to end the week 0.9 per cent higher, its fifth consecutive weekly gain. (Reuters)

Asia stocks rise as risk appetite recovers, pound under fresh pressure

Forest fires that blanketed Southeast Asia in thick haze last year released the greatest amount of climate-changing carbon since record blazes in 1997, producing emissions higher than in the whole of the European Union, scientists said on Tuesday. 
 
Singapore, Malaysia and northern Indonesia choked under a layer of toxic smog in September and October last year, caused by thousands of fires started in Indonesia to cheaply clear land for palm oil crops and for pulp and paper plantations. 
 
The fires and resulting haze, an annual occurrence, pushed up pollution levels, caused schools to close, flights to be disrupted and people to fall sick across the region. 
 
Last years blazes were the worst for years with El Nino, a warming of sea-surface temperatures in the Pacific, causing tinder-dry conditions. 
 
The study by scientists from the Netherlands, Britain and Indonesia, published in the online journal Scientific Reports recently, was the first scientific report calculating greenhouse gas emissions from the fires using measurements on the ground combined with satellite observations. 
 
&quot;There have been some isolated studies before where people artificially set fires in the lab to try to understand the chemical characteristics of peatland fire smoke in Indonesia,&quot; said Martin Wooster, one of the scientists and a professor of earth observation science at Kings College London. 
 
&quot;But no one had done this on natural fires, and especially not on the kind of extreme fires seen in 2015,&quot; he added. 
 
The researchers first measured the ground-level smoke composition from peatland burning in the region, including in Indonesias Central Kalimantan province, one of the worst-hit areas. 
 
They combined the data with satellite information to work out greenhouse gas emission estimates from the fires. They concluded that 884 million tonnes of carbon dioxide was emitted in the region last year, with 97 per cent originating from forest fires in Indonesia. 
 
The results showed that regional carbon dioxide emissions from the fires were 11.3 million tonnes per day in September and October 2015, more than the 28-nation EUs daily emissions of 8.9 million tonnes during the same period. 
 
The researchers also said the emissions were worse than during the 1997 fires, considered the worst on record.&nbsp;At that time, there was an even longer drought and widespread burning due to a stronger El Ni?o. 
 
The researchers said they hoped the findings would contribute to a better understanding on the need for fire prevention and improved ways of managing the land. 
 
&quot;What is important is the applicability of a study like this in helping policy makers to use more accurate fire emission factors to design policy and act to prevent further fires and greenhouse gas emissions,&quot; said scientist Daniel Murdiyarso from the Indonesia-based Center for International Forestry Research. 
 
The Indonesian fires have prompted criticism from green groups and other Southeast Asian nations, accusing Jakarta of not doing enough to crack down on the slash-and-burn forest clearing techniques. 
 
In a bid to tackle the issue, President Joko Widodo announced in April plans for a moratorium on new palm oil concessions and asked firms to raise yields on existing plantations instead of clearing forests. 
 
(Reuters)

Thousands of fires started to cheaply clear land for palm oil crops and for pulp and paper plantations disrupted flights and caused sickness

Forest fires that blanketed Southeast Asia in thick haze last year released the greatest amount of climate-changing carbon since record blazes in 1997, producing emissions higher than in the whole of the European Union, scientists said on Tuesday. Singapore, Malaysia and northern Indonesia choked under a layer of toxic smog in September and October last year, caused by thousands of fires started in Indonesia to cheaply clear land for palm oil crops and for pulp and paper plantations. The fires and resulting haze, an annual occurrence, pushed up pollution levels, caused schools to close, flights to be disrupted and people to fall sick across the region. Last years blazes were the worst for years with El Nino, a warming of sea-surface temperatures in the Pacific, causing tinder-dry conditions. The study by scientists from the Netherlands, Britain and Indonesia, published in the online journal Scientific Reports recently, was the first scientific report calculating greenhouse gas emissions from the fires using measurements on the ground combined with satellite observations. "There have been some isolated studies before where people artificially set fires in the lab to try to understand the chemical characteristics of peatland fire smoke in Indonesia," said Martin Wooster, one of the scientists and a professor of earth observation science at Kings College London. "But no one had done this on natural fires, and especially not on the kind of extreme fires seen in 2015," he added. The researchers first measured the ground-level smoke composition from peatland burning in the region, including in Indonesias Central Kalimantan province, one of the worst-hit areas. They combined the data with satellite information to work out greenhouse gas emission estimates from the fires. They concluded that 884 million tonnes of carbon dioxide was emitted in the region last year, with 97 per cent originating from forest fires in Indonesia. The results showed that regional carbon dioxide emissions from the fires were 11.3 million tonnes per day in September and October 2015, more than the 28-nation EUs daily emissions of 8.9 million tonnes during the same period. The researchers also said the emissions were worse than during the 1997 fires, considered the worst on record. At that time, there was an even longer drought and widespread burning due to a stronger El Ni?o. The researchers said they hoped the findings would contribute to a better understanding on the need for fire prevention and improved ways of managing the land. "What is important is the applicability of a study like this in helping policy makers to use more accurate fire emission factors to design policy and act to prevent further fires and greenhouse gas emissions," said scientist Daniel Murdiyarso from the Indonesia-based Center for International Forestry Research. The Indonesian fires have prompted criticism from green groups and other Southeast Asian nations, accusing Jakarta of not doing enough to crack down on the slash-and-burn forest clearing techniques. In a bid to tackle the issue, President Joko Widodo announced in April plans for a moratorium on new palm oil concessions and asked firms to raise yields on existing plantations instead of clearing forests. (Reuters)

Land-clearing forest fires choking Southeast Asia in 2015 release record carbon

Turmoil unleashed by Britain&#39;s vote to leave the EU engulfed the opposition Labour Party, while policymakers as far away as China, Japan and South Korea fretted today over the threat to global financial stability, hours before markets reopen. 
 
In the oldest parliamentary democracy, three million Britons have signed a petition calling for a re-run of Thursday&#39;s referendum that split the nation, and one opinion poll showed a strong majority of Scots now want to break with the United Kingdom rather than with the European Union. 
 
Labour&#39;s left-wing leader Jeremy Corbyn sacked his foreign policy chief as the party plunged into open conflict. 
 
His health chief responded by resigning, calling for a new leader and reflecting accusations among pro-EU lawmakers that Corbyn&#39;s failure to win over traditional Labour voters had played a major role in the referendum result. 
 
Sacked foreign affairs spokesman Hilary Benn also called for Corbyn, who was elected last year largely by Left-wing party members and supporters, to go. &quot;He is a good and decent man but he is not a leader,&quot; Benn told BBC television. 
 
The 52-48 per cent referendum vote marked the biggest blow since World War II to the European project of forging greater unity across the continent. 
 
Sterling fell as much as 10 per cent against the Dollar on Friday to levels last seen in 1985, while world stocks saw more than $2 trillion wiped off their value. The weekend gave some respite from the turmoil, but with markets opening shortly in Asia, anxiety is growing. 
 
Prime Minister David Cameron resigned on Friday after Britons ignored his passionate appeals to stay in the EU, but left formally notifying Brussels of Britain&#39;s exit to his successor, who is unlikely to be in office for about three months. That signals a long period of limbo. 
 
Chinese Finance Minister Lou Jiwei said the vote &quot;will cast a shadow over the global economy&quot;. 
 
&quot;It&#39;s difficult to predict now,&quot; he said at the first annual meeting of the Asian Infrastructure Investment Bank in Beijing. &quot;The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view.&quot; 
 
Japan likewise fretted over the effect on the global currency market and contemplated official action. &quot;Speculative, violent moves have extremely negative effects,&quot; said Tomomi Inada, policy chief of the ruling LDP party. &quot;If necessary, the government should not hesitate to respond, including currency intervention,&quot; Nikkei daily quoted him as saying. 
 
Prime Minister Shinzo Abe has tried to engineer a weaker Yen to encourage exports to help revive the Japanese economy. But after initial success, investors have sought safety in the Yen this year due to stock market turmoil and now the Brexit vote, pushing the currency back up. 
 
No respite 
 
South Korea&#39;s finance minister also said he feared international markets will remain volatile throughout negotiations on the British exit. 
 
The United States, which during campaigning made clear it wanted Britain to stay in the EU, also showed signs of unease. 
 
Secretary of state John Kerry will meet EU foreign policy chief Frederica Mogherini in Brussels and British Foreign Minister Philip Hammond in London on Monday. 
 
The visit is largely meant to offer symbolic reassurance at a critical juncture for Europe, but a senior US official said Kerry would also stress the importance of other members not following Britain&#39;s lead and further weakening the EU. 
 
Despite the international expressions of concern, respite from the uncertainty is unlikely for months, at the very least. 
 
Cameron has offered to stay on as a caretaker, but he has refused to invoke Article 50 of the EU&#39;s Lisbon Treaty, which allows for two years of exit negotiations. Instead he left that job to his successor, who is due to be elected by his Conservative Party sometime before its annual conference in October. 
 
Only after the new leader has invoked can work on thrashing out Britain&#39;s new relationship with the bloc begin. The man widely tipped as the next prime minister is former London mayor Boris Johnson, the most prominent member of the campaign to leave the EU. 
 
No lying down 
 
Signs are growing that not all the 16 million Britons who voted to stay in the EU are willing to take the result lying down. Many flocked to back an online petition demanding a second vote, with signatures exceeding three million today morning, more than double the figure the previous afternoon. 
 
The petition, posted on Parliament&#39;s website before the referendum, said there should be another vote if the outcome was close on a turnout of less than 75 per cent - three points above Thursday&#39;s figure. 
 
It will have to be considered for debate by lawmakers, but has no legal force and its backers compare with the 17.4 million who voted &quot;leave&quot;. 
 
The referendum has also re-energised support for Scotland, which voted overwhelmingly to remain in the EU, to break away from the United Kingdom instead. 
 
An opinion poll in The Sunday Post said 59 per cent of respondents backed independence, rocketing from 45 per cent of votes cast in a referendum in 2014. 
 
Scottish first minister Nicola Sturgeon has said a fresh independence referendum is possible 
 
&quot;My challenge now as first minister is to work out how I best protect Scotland&#39;s interests, how I try to prevent us being taken out of the EU against our will with all of the deeply damaging and painful consequences that that will entail,&quot; she told the BBC&#39;s Andrew Marr show.&nbsp; 
 
(Reuters)

The 52-48% referendum vote marked the biggest blow since World War II to the European project forging unity across the continent

Turmoil unleashed by Britain's vote to leave the EU engulfed the opposition Labour Party, while policymakers as far away as China, Japan and South Korea fretted today over the threat to global financial stability, hours before markets reopen. In the oldest parliamentary democracy, three million Britons have signed a petition calling for a re-run of Thursday's referendum that split the nation, and one opinion poll showed a strong majority of Scots now want to break with the United Kingdom rather than with the European Union. Labour's left-wing leader Jeremy Corbyn sacked his foreign policy chief as the party plunged into open conflict. His health chief responded by resigning, calling for a new leader and reflecting accusations among pro-EU lawmakers that Corbyn's failure to win over traditional Labour voters had played a major role in the referendum result. Sacked foreign affairs spokesman Hilary Benn also called for Corbyn, who was elected last year largely by Left-wing party members and supporters, to go. "He is a good and decent man but he is not a leader," Benn told BBC television. The 52-48 per cent referendum vote marked the biggest blow since World War II to the European project of forging greater unity across the continent. Sterling fell as much as 10 per cent against the Dollar on Friday to levels last seen in 1985, while world stocks saw more than $2 trillion wiped off their value. The weekend gave some respite from the turmoil, but with markets opening shortly in Asia, anxiety is growing. Prime Minister David Cameron resigned on Friday after Britons ignored his passionate appeals to stay in the EU, but left formally notifying Brussels of Britain's exit to his successor, who is unlikely to be in office for about three months. That signals a long period of limbo. Chinese Finance Minister Lou Jiwei said the vote "will cast a shadow over the global economy". "It's difficult to predict now," he said at the first annual meeting of the Asian Infrastructure Investment Bank in Beijing. "The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view." Japan likewise fretted over the effect on the global currency market and contemplated official action. "Speculative, violent moves have extremely negative effects," said Tomomi Inada, policy chief of the ruling LDP party. "If necessary, the government should not hesitate to respond, including currency intervention," Nikkei daily quoted him as saying. Prime Minister Shinzo Abe has tried to engineer a weaker Yen to encourage exports to help revive the Japanese economy. But after initial success, investors have sought safety in the Yen this year due to stock market turmoil and now the Brexit vote, pushing the currency back up. No respite South Korea's finance minister also said he feared international markets will remain volatile throughout negotiations on the British exit. The United States, which during campaigning made clear it wanted Britain to stay in the EU, also showed signs of unease. Secretary of state John Kerry will meet EU foreign policy chief Frederica Mogherini in Brussels and British Foreign Minister Philip Hammond in London on Monday. The visit is largely meant to offer symbolic reassurance at a critical juncture for Europe, but a senior US official said Kerry would also stress the importance of other members not following Britain's lead and further weakening the EU. Despite the international expressions of concern, respite from the uncertainty is unlikely for months, at the very least. Cameron has offered to stay on as a caretaker, but he has refused to invoke Article 50 of the EU's Lisbon Treaty, which allows for two years of exit negotiations. Instead he left that job to his successor, who is due to be elected by his Conservative Party sometime before its annual conference in October. Only after the new leader has invoked can work on thrashing out Britain's new relationship with the bloc begin. The man widely tipped as the next prime minister is former London mayor Boris Johnson, the most prominent member of the campaign to leave the EU. No lying down Signs are growing that not all the 16 million Britons who voted to stay in the EU are willing to take the result lying down. Many flocked to back an online petition demanding a second vote, with signatures exceeding three million today morning, more than double the figure the previous afternoon. The petition, posted on Parliament's website before the referendum, said there should be another vote if the outcome was close on a turnout of less than 75 per cent - three points above Thursday's figure. It will have to be considered for debate by lawmakers, but has no legal force and its backers compare with the 17.4 million who voted "leave". The referendum has also re-energised support for Scotland, which voted overwhelmingly to remain in the EU, to break away from the United Kingdom instead. An opinion poll in The Sunday Post said 59 per cent of respondents backed independence, rocketing from 45 per cent of votes cast in a referendum in 2014. Scottish first minister Nicola Sturgeon has said a fresh independence referendum is possible "My challenge now as first minister is to work out how I best protect Scotland's interests, how I try to prevent us being taken out of the EU against our will with all of the deeply damaging and painful consequences that that will entail," she told the BBC's Andrew Marr show. (Reuters)

British EU exit turmoil alarms Asia, rocks Labour opposition

Panama is preparing to officially open its canal this weekend to far bigger cargo ships after nearly a decade of expansion work aimed at boosting transit revenues and global trade. 
 
On Sunday, a VIP ceremony will be held on the banks of the canal to inaugurate the completion of the works. 
 
President Juan Carlos Varela will unveil the new locks and third shipping lane built into the 102-year-old canal. Foreign dignitaries, including the presidents of Taiwan, Chile and other Central American nations, will be present at the ceremony. 
 
A Chinese-owned Neopanamax-class cargo ship will be the first vessel to officially test the new infrastructure, entering from the Atlantic and exiting into the Pacific a few hours later. 
 
The Neopanamax vessels are much bigger than the Panamax-class ships that previously were the largest able to pass through the 80-kilometer (50-mile) long canal. Each is able to haul three times as much cargo as the smaller predecessors. 
 
The expansion work began in 2007 and was meant to have been completed in 2014, but it ran well past deadline, and over budget. 
 
The expansion is estimated to have cost $5.5 billion. However, outstanding disputes between the Spanish- and Italian-led consortium that carried out the work and the Panamanian government could yet hike that figure by hundreds of millions more.For Panama, the unveiling of the broader canal is a moment of pride and of opportunity. 
 
Now, ships as long as the Eiffel Tower is tall, and as broad as Olympic-sized swimming pools, will be able to use the canal. 
 
Annual cargo volumes should double over the next decade, leading Panama to hope to triple the $1 billion in shipping fees it receives each year. 
 
Also, with the country these days linked to the &quot;Panama Papers&quot; scandal of offshore businesses owned by the world`s wealthy and influential, the expanded canal is seen as a chance to burnish the country`s tarnished image. 
 
This will show the &quot;real face of Panama,&quot; Panama Canal Authority (ACP) chief Jorge Quijano told AFP in an interview this week. 
 
World trade should also benefit from what will essentially be an inter-oceanic highway for goods between the United States and Asia. More cargo on bigger ships should mean lower transport costs.Panama is also avidly eyeing the lucrative market of transporting liquefied natural gas between the United States and Asia, principally to Japan. 
 
The ships carrying the gas were too big to use the old canal. With the expansion, they now can. 
 
&quot;When we started this expansion, we did not have on our radar that the United States was going to be a net exporter of gas and oil,&quot; ACP deputy administrator Manuel Benitez Hawkins told journalists Saturday. 
 
Now, with the US producing gas and oil from shale, American interest in using the canal has grown. 
 
&quot;That will add to the revenue and help us recoup&quot; the massive investment, Benitez said. 
 
Currently, some five per cent of global maritime commercial traffic uses the canal, which provides a valuable shortcut between North America and Asia. 
 
(AFP)

The $5.5-million expansion is expected to benefit world trade as it will serve as an inter-oceanic highway between the US and Asia

Panama is preparing to officially open its canal this weekend to far bigger cargo ships after nearly a decade of expansion work aimed at boosting transit revenues and global trade. On Sunday, a VIP ceremony will be held on the banks of the canal to inaugurate the completion of the works. President Juan Carlos Varela will unveil the new locks and third shipping lane built into the 102-year-old canal. Foreign dignitaries, including the presidents of Taiwan, Chile and other Central American nations, will be present at the ceremony. A Chinese-owned Neopanamax-class cargo ship will be the first vessel to officially test the new infrastructure, entering from the Atlantic and exiting into the Pacific a few hours later. The Neopanamax vessels are much bigger than the Panamax-class ships that previously were the largest able to pass through the 80-kilometer (50-mile) long canal. Each is able to haul three times as much cargo as the smaller predecessors. The expansion work began in 2007 and was meant to have been completed in 2014, but it ran well past deadline, and over budget. The expansion is estimated to have cost $5.5 billion. However, outstanding disputes between the Spanish- and Italian-led consortium that carried out the work and the Panamanian government could yet hike that figure by hundreds of millions more.For Panama, the unveiling of the broader canal is a moment of pride and of opportunity. Now, ships as long as the Eiffel Tower is tall, and as broad as Olympic-sized swimming pools, will be able to use the canal. Annual cargo volumes should double over the next decade, leading Panama to hope to triple the $1 billion in shipping fees it receives each year. Also, with the country these days linked to the "Panama Papers" scandal of offshore businesses owned by the world`s wealthy and influential, the expanded canal is seen as a chance to burnish the country`s tarnished image. This will show the "real face of Panama," Panama Canal Authority (ACP) chief Jorge Quijano told AFP in an interview this week. World trade should also benefit from what will essentially be an inter-oceanic highway for goods between the United States and Asia. More cargo on bigger ships should mean lower transport costs.Panama is also avidly eyeing the lucrative market of transporting liquefied natural gas between the United States and Asia, principally to Japan. The ships carrying the gas were too big to use the old canal. With the expansion, they now can. "When we started this expansion, we did not have on our radar that the United States was going to be a net exporter of gas and oil," ACP deputy administrator Manuel Benitez Hawkins told journalists Saturday. Now, with the US producing gas and oil from shale, American interest in using the canal has grown. "That will add to the revenue and help us recoup" the massive investment, Benitez said. Currently, some five per cent of global maritime commercial traffic uses the canal, which provides a valuable shortcut between North America and Asia. (AFP)

Newly expanded Panama Canal opens for bigger business

Executives at&nbsp;Asian&nbsp;automakers with factories in Britain, largely set up to export to the European Union, say they could slow investments in Britain or pause them for now, after the country voted to leave the 28-nation bloc.

Automakers, including Toyota &nbsp;and Nissan, had been among the manufacturers that have warned that a period of uncertainty would follow a Brexit vote, as trade and labour deals with Europe are renegotiated. Most on Friday estimated it could take around two years.

Toyota and Nissan had said in the run-up to the vote that continued membership of the European Union was preferable for their operations: a vote to leave would create new challenges for an industry that employs some 800,000 people in Britain.

&quot;We don&#39;t have any choice but to be more cautious with our investment decisions, including moves like whether to produce a new or significantly redesigned vehicle model in the UK,&quot; said one official at a global automaker with manufacturing capacity in Britain, speaking on condition of anonymity.

Tata Motors&#39; Jaguar Land Rover is Britain&#39;s largest carmaker, followed by Nissan, which has been in Britain for three decades and makes 475,000 cars a year in the country, most of them for export inside the European Union and beyond.

Sunderland in northern England, where Nissan has its operations, was among the constituencies that surprised pundits by voting to leave. 
 
&quot;Big question for automakers, is what kind of trade deals with the EU would be negotiated. That is the big unknown,&quot; a second executive at a global automaker said.

&nbsp;

TARIFF-FREE EXPORTS

Exports from Britain to the European Union are free of tariffs and duties. Toyota has said duties under new trading deals could be as much as 10 per cent, hitting either prices or margins, and denting sales.

Toyota produced about 190,000 cars in Britain last year. Of that, 75 per cent went to the European Union. Only 10 per cent was shipped and sold within Britain.

South Korea&#39;s auto association said it was worried a departure could revive a 10-per cent tariff on exports of passenger vehicles to UK -- unless a separate deal is negotiated.

&nbsp;&quot;This could inevitably undermine the price competitiveness of South Korean automakers in UK, as opposed to Japanese and German rivals which have production bases there,&quot; said Kim Tae-nyen, vice president at the Korea Automobile Manufacturers Association (KAMA).

Aside from Toyota, Tata and Nissan, others manufacturing in Britain include BMW, GM and Honda.

Honda produces around 140,000 vehicles per year, including the CR-V crossover SUV and Civic sedan at its plant in Swindon. Half of its production is exported to the EU.

Some industry officials have said the exit even raises the prospects of those automakers moving Britain-based manufacturing capacity elsewhere in the EU bloc.

For now, officials said efforts would turn to lobbying hard for better trade deals.

&quot;Obviously, trading deals to be worked out subsequently could be a worse situation than we have now, or better, or all the same. We don&rsquo;t know, and that&rsquo;s the problem,&quot; said the second executive.

(Reuters)

According to Toyota and Nissan, Britain's exit will create new challenges for the industry that employs 800,000 people in Britain

Executives at Asian automakers with factories in Britain, largely set up to export to the European Union, say they could slow investments in Britain or pause them for now, after the country voted to leave the 28-nation bloc. Automakers, including Toyota and Nissan, had been among the manufacturers that have warned that a period of uncertainty would follow a Brexit vote, as trade and labour deals with Europe are renegotiated. Most on Friday estimated it could take around two years. Toyota and Nissan had said in the run-up to the vote that continued membership of the European Union was preferable for their operations: a vote to leave would create new challenges for an industry that employs some 800,000 people in Britain. "We don't have any choice but to be more cautious with our investment decisions, including moves like whether to produce a new or significantly redesigned vehicle model in the UK," said one official at a global automaker with manufacturing capacity in Britain, speaking on condition of anonymity. Tata Motors' Jaguar Land Rover is Britain's largest carmaker, followed by Nissan, which has been in Britain for three decades and makes 475,000 cars a year in the country, most of them for export inside the European Union and beyond. Sunderland in northern England, where Nissan has its operations, was among the constituencies that surprised pundits by voting to leave. "Big question for automakers, is what kind of trade deals with the EU would be negotiated. That is the big unknown," a second executive at a global automaker said. TARIFF-FREE EXPORTS Exports from Britain to the European Union are free of tariffs and duties. Toyota has said duties under new trading deals could be as much as 10 per cent, hitting either prices or margins, and denting sales. Toyota produced about 190,000 cars in Britain last year. Of that, 75 per cent went to the European Union. Only 10 per cent was shipped and sold within Britain. South Korea's auto association said it was worried a departure could revive a 10-per cent tariff on exports of passenger vehicles to UK -- unless a separate deal is negotiated. "This could inevitably undermine the price competitiveness of South Korean automakers in UK, as opposed to Japanese and German rivals which have production bases there," said Kim Tae-nyen, vice president at the Korea Automobile Manufacturers Association (KAMA). Aside from Toyota, Tata and Nissan, others manufacturing in Britain include BMW, GM and Honda. Honda produces around 140,000 vehicles per year, including the CR-V crossover SUV and Civic sedan at its plant in Swindon. Half of its production is exported to the EU. Some industry officials have said the exit even raises the prospects of those automakers moving Britain-based manufacturing capacity elsewhere in the EU bloc. For now, officials said efforts would turn to lobbying hard for better trade deals. "Obviously, trading deals to be worked out subsequently could be a worse situation than we have now, or better, or all the same. We don’t know, and that’s the problem," said the second executive. (Reuters)

Asian car makers fret over uncertainty ahead after Brexit vote

Traders said central banks of India and Korea sold dollars to curb fall of their currencies

At least two Asian central banks were suspected of intervening in their currency markets on Friday, according to traders, as global financial markets went into a tailspin after Britain voted to leave the European Union in a historic vote. Multiple traders said the Bank of Korea was thought to have sold dollars to curb the won's fall as the local currency dropped, while the Reserve Bank of India likely sold dollars through state-owned banks to prevent the rupee from falling further. An official at the Bank of Korea declined to comment, but South Korea's Vice Finance Minister Choi Sang-Mok said the government will make all efforts to minimize the impact from Brexit. "Regarding foreign exchange trade, we will use all usable options to stabilize markets, including launching smoothing operations,” he said. A senior policymaker aware of the Reserve Bank of India's plans for Brexit-related market management said that the central bank is "prepared to deal with any volatility." Separately, Japan's finance minister Taro Aso said he is carefully monitoring market developments and will respond as and when needed in the currency markets. A statement from the G7 group of leading industrial economies was expected on Friday. The question will be whether there is any coordinated intervention to ease monetary policy by global central banks, though room for maneuver is modest. "The ECB has few additional options left, yet it could announce more targeted purchases of peripheral sovereign bonds in the case investors start betting against the euro again,” said Markus Schomer, chief economist at Pinebridge Investments. The yen surging to its strongest levels against the dollar in two-and-a-half years, briefly breaking through the 100-yen-to-the-dollar level. Sterling suffered its biggest one-day fall of more than 9 percent against the dollar, hitting its lowest level in three decades. Japanese stocks sank, pushing the Nikkei 225 index down more than 8 percent to its lowest since October 2014, and a similar decline in the Nikkei futures triggered circuit breakers. Money markets were volatile. Fed fund futures effectively moved to pricing in a tiny U.S. rate cut from a rate increase in July. Japan's Deputy Chief Cabinet Secretary Hiroshige Seko told reporters the government was worried about market moves, saying sudden shifts because of the British vote were undesirable. The yen's strength due to its safe-haven status has been a frustration for Japanese authorities, who want a weaker currency to support exports and the economy. But they have been unable to garner support for intervention to weaken it from other major economies, most notably the United States. The 100-yen-per-dollar level has been seen as a pivotal point to test the patience of Japan's monetary officials on intervention. Morgan Stanley expects the dollar to fall to 90 yen as investors seek the Japanese currency out as a relative safe haven, and a further 15-20 percent downside for European equities from current levels. The Australian dollar, often sold off in times of heightened market stress, fell heavily against the dollar and the yen. Traditional stress markers such as interbank dollar funding rates in Singapore and Hong Kong were broadly steady, but treasury bill and front end government bond yields fell. "Because of this matter, we have made preparation in many aspects. We have reserved sufficient liquidity and we are able to handle in different situations," Hong Kong Financial Secretary John Tsang told reporters in the airport on Friday morning before he flew out to Beijing. The Hong Kong Monetary Authority has asked banks to maintain ample cash conditions with them. No unscheduled monetary liquidity injection operations have been taken so far, according to an HKMA spokeswoman. The Singapore stock exchange played its part in trying to reduce volatility by raising margins on Nikkei futures traded on its exchange. The People's Bank of China injected 170 billion yuan ($25.9 billion) on Friday, taking the net injection for the week to 340 billion yuan, the biggest in two months. But that was seen more about averting a cash squeeze at the end of the half year next week, as has happened previously, rather than responding to the Brexit vote. Still, the yuan fell to its weakest level against the U.S. dollar since January 2011 while its offshore counterpart slipped to its weakest level in more than four months. The Philippines' central bank said on Friday it was closely monitoring the foreign exchange market and remains prepared to act to ensure orderly transactions and smooth volatility. (Reuters)

Asian central banks, policymakers wade in to calm markets after Brexit vote

Asian shares edged up and Sterling stood close to its peak for the year on Thursday, as investors were cautiously optimistic that British voters would opt to remain in the European Union at a referendum later in the session.&nbsp; 
 
Two opinion polls published late on Wednesday, a few hours before voters were due to begin to cast their votes, showed the &quot;Remain&quot; camp gaining momentum in the closely divided campaign. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan edged up 0.2 per cent in early trading, shrugging off modest overnight losses on Wall Street. 
 
Japan&#39;s Nikkei share average rose 0.3 per cent. 
 
&quot;Markets seem to have almost entirely priced in a &#39;Remain&#39; vote win, meaning that the market moves and volatility around the vote may be far less than many had been expected,&quot; wrote Angus Nicholson, market analyst at IG in Melbourne. 
 
&quot;Nonetheless, markets are still incredibly nervous and some sharp market moves are likely over the next 24 hours,&quot; he said. 
 
Sterling rose to $1.4847, its highest against the dollar in 2016, and was last up 0.6 per cent at $1.4798. 
 
The perceived safe-haven Yen also slipped on receding fears of the market turmoil that would likely follow if Britain were to pull out of the EU. 
 
The dollar added 0.2 per cent to 104.69 Yen , while the euro gained 0.5 percent to 118.54 yen . 
 
The euro rose 0.2 per cent to $1.1322 , while the dollar index, which tracks the greenback against a basket of six rival currencies, slipped 0.1 per cent to 93.582. 
 
On the US data front, home resales rose to a more than nine-year high last month against a backdrop of historically low mortgage rates, adding to recent upbeat second quarter data. 
 
Crude oil prices rose after settling down more than 1 per cent on Wednesday after the U.S. government reported a smaller-than-expected inventory drawdown. 
 
Brent added 0.7 per cent to $50.23 a barrel after shedding 1.5 per cent on Wednesday, while U.S. crude was up 0.8 per cent at $49.53 after giving up 1.4 per cent in the previous session. 
 
Spot gold plumbed a two-week low of $1,260.36 an ounce and was last down 0.4 per cent at $1,261.24. 
 
(Reuters) 
&nbsp;

Sterling rose to its highest against Dollar in 2016 and Yen slipped on diminishing fears of a market turmoil that would follow if Britain were to pull out of EU

Asian shares edged up and Sterling stood close to its peak for the year on Thursday, as investors were cautiously optimistic that British voters would opt to remain in the European Union at a referendum later in the session. Two opinion polls published late on Wednesday, a few hours before voters were due to begin to cast their votes, showed the "Remain" camp gaining momentum in the closely divided campaign. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 per cent in early trading, shrugging off modest overnight losses on Wall Street. Japan's Nikkei share average rose 0.3 per cent. "Markets seem to have almost entirely priced in a 'Remain' vote win, meaning that the market moves and volatility around the vote may be far less than many had been expected," wrote Angus Nicholson, market analyst at IG in Melbourne. "Nonetheless, markets are still incredibly nervous and some sharp market moves are likely over the next 24 hours," he said. Sterling rose to $1.4847, its highest against the dollar in 2016, and was last up 0.6 per cent at $1.4798. The perceived safe-haven Yen also slipped on receding fears of the market turmoil that would likely follow if Britain were to pull out of the EU. The dollar added 0.2 per cent to 104.69 Yen , while the euro gained 0.5 percent to 118.54 yen . The euro rose 0.2 per cent to $1.1322 , while the dollar index, which tracks the greenback against a basket of six rival currencies, slipped 0.1 per cent to 93.582. On the US data front, home resales rose to a more than nine-year high last month against a backdrop of historically low mortgage rates, adding to recent upbeat second quarter data. Crude oil prices rose after settling down more than 1 per cent on Wednesday after the U.S. government reported a smaller-than-expected inventory drawdown. Brent added 0.7 per cent to $50.23 a barrel after shedding 1.5 per cent on Wednesday, while U.S. crude was up 0.8 per cent at $49.53 after giving up 1.4 per cent in the previous session. Spot gold plumbed a two-week low of $1,260.36 an ounce and was last down 0.4 per cent at $1,261.24. (Reuters)

Asia stocks, Sterling rise as Brexit anxiety abates

China&#39;s Internet regulator has launched a new campaign to clean up the comments sections on websites to prevent the spread of what it calls harmful information and to encourage what it considers more helpful, well-intentioned comments to appear. 
 
The Chinese government already exercises widespread controls over the Internet and has sought to codify that policy in Law. 
 
In a statement late on Tuesday, the Cyberspace Administration of China said the crackdown on comments sections was aimed at tackling &quot;outstanding problems&quot;. 
 
Deputy head of the administration, Ren Xianliang, was quoted as saying in a statement that they wanted to carry out a large-scale &quot;cleanse&quot; of the comments sections and make it easier for people to report illegal or harmful content. 
 
&quot;Proactively foster a healthy, positive internet culture, and let cultured comment, rational posts and well-intentioned responses become the order of the day online,&quot; Ren said. 
 
Online media must make sure their stories are not simply &quot;click-bait&quot; and that they fulfil their responsibilities to society and make sure they properly control online comments to &quot;allow the Internet to better benefit the people&quot;, Ren added. 
 
Officials say internet restrictions, including the blocking of popular foreign sites like Google and Facebook, are needed to ensure security in the face of rising threats, such as terrorism. 
 
Foreign governments and business groups have pointed to restrictions on the Internet as a broader trade issue. 
 
(Reuters)

Beijing says the idea is to 'proactively foster a healthy, positive internet culture'

China's Internet regulator has launched a new campaign to clean up the comments sections on websites to prevent the spread of what it calls harmful information and to encourage what it considers more helpful, well-intentioned comments to appear. The Chinese government already exercises widespread controls over the Internet and has sought to codify that policy in Law. In a statement late on Tuesday, the Cyberspace Administration of China said the crackdown on comments sections was aimed at tackling "outstanding problems". Deputy head of the administration, Ren Xianliang, was quoted as saying in a statement that they wanted to carry out a large-scale "cleanse" of the comments sections and make it easier for people to report illegal or harmful content. "Proactively foster a healthy, positive internet culture, and let cultured comment, rational posts and well-intentioned responses become the order of the day online," Ren said. Online media must make sure their stories are not simply "click-bait" and that they fulfil their responsibilities to society and make sure they properly control online comments to "allow the Internet to better benefit the people", Ren added. Officials say internet restrictions, including the blocking of popular foreign sites like Google and Facebook, are needed to ensure security in the face of rising threats, such as terrorism. Foreign governments and business groups have pointed to restrictions on the Internet as a broader trade issue. (Reuters)

China Internet regulator to eliminate online comments

Asia stocks were largely up today, building on gains at the end of last week as polls suggest Britain&#39;s upcoming referendum vote will result in the country staying in the European Union. 
 
Markets across the region plunged last week amid concern about a possible &quot;Brexit&quot; -- or British decision to leave the EU -- but showed some improvement on Friday as the &#39;Remain&#39; camp gained ground. 
 
The average of the last six British EU referendum polls put the &#39;Remain&#39; and &#39;Leave&#39; camps level at 50-50, excluding undecided voters, according to the What UK Thinks website. 
 
The &#39;Leave&#39; camp had been a few percentage points ahead in recent polling, but fresh surveys brought the average back to neck-and-neck, after campaigning was suspended for three days following the murder of pro-EU British lawmaker Jo Cox on Thursday. 
 
A Survation poll conducted on Friday and Saturday put &#39;Remain&#39; at 45 per cent and &#39;Leave&#39; at 42 per cent -- the reverse of its previous findings on Thursday. 
 
Tokyo was up 2.2 per cent by the break today, adding to gains of 1.07 per cent at the end of last week, and Hong Kong rose 0.73 per cent in early morning trade. Singapore and Seoul were both up more than one per cent. 
 
But in China, the Shanghai Composite Index eased 0.46 per cent while the Shenzhen Composite Index, which tracks stocks on the country&#39;s second exchange, fell 0.30 per cent. 
 
Gold was down 1.12 per cent today, having hit a near two-year peak on Friday as investors sought the safe haven commodity on fears of the impact of a &#39;leave&#39; vote on the world economy. 
&#39;Risk-on move&#39; - 
The Yen eased slightly to 104.71 to the Dollar in early morning trade in Tokyo, from 104.19 Yen in New York late Friday. 
 
The Japanese currency, often seen as a safe haven, had also strengthened as concerns grew that the &quot;Leave&quot; camp was headed to victory. 
 
&quot;We are seeing a risk-on move after the latest Brexit poll,&quot; Niv Dagan, executive director at Peak Asset Management LLC in Melbourne, told Bloomberg. 
 
&quot;It may be short-lived and volatility is likely to remain high until Thursday&#39;s vote. This really could still go either way.&quot; 
 
Aside from the EU vote, eyes were on the Bombay stock exchange ahead of opening, after the popular Reserve Bank of India governor Raghuram Rajan announced on Friday that he would step down when his term ends in September. 
 
Oil prices extended gains on a weaker Dollar, driving up demand for the commodity. 
 
US benchmark West Texas Intermediate was up 45 cents, or 0.94 per cent, trading at $48.43 a barrel while North Sea Brent was up 35 cents, or 0.71 per cent, trading at $49.52 a barrel. 
 
&nbsp;Key figures around 0230 GMT - 
Tokyo - Nikkei 225: UP 2.2 per cent at 15,943.76 (break) 
 
Shanghai - Composite: DOWN 0.46 per cent at 2871.84 
 
Hong Kong - Hang Seng: UP 0.73 per cent at 20,316.31 
 
Euro/Dollar: UP at $1.1360 from $1.1280 late Friday 
 
Pound/Dollar: UP at $1.4585 from $1.4348 
 
Dollar/Yen: UP at 104.71 Yen from 104.19 yen 
 
New York - DOW: DOWN 0.33 per cent at 17,675.16 (close) 
 
London - FTSE 100: UP 1.19 per cent at 6,021.09 (close) 
(AFP)

Markets across the region had plunged last week amid concerns that the UK might leave the European Union

Asia stocks were largely up today, building on gains at the end of last week as polls suggest Britain's upcoming referendum vote will result in the country staying in the European Union. Markets across the region plunged last week amid concern about a possible "Brexit" -- or British decision to leave the EU -- but showed some improvement on Friday as the 'Remain' camp gained ground. The average of the last six British EU referendum polls put the 'Remain' and 'Leave' camps level at 50-50, excluding undecided voters, according to the What UK Thinks website. The 'Leave' camp had been a few percentage points ahead in recent polling, but fresh surveys brought the average back to neck-and-neck, after campaigning was suspended for three days following the murder of pro-EU British lawmaker Jo Cox on Thursday. A Survation poll conducted on Friday and Saturday put 'Remain' at 45 per cent and 'Leave' at 42 per cent -- the reverse of its previous findings on Thursday. Tokyo was up 2.2 per cent by the break today, adding to gains of 1.07 per cent at the end of last week, and Hong Kong rose 0.73 per cent in early morning trade. Singapore and Seoul were both up more than one per cent. But in China, the Shanghai Composite Index eased 0.46 per cent while the Shenzhen Composite Index, which tracks stocks on the country's second exchange, fell 0.30 per cent. Gold was down 1.12 per cent today, having hit a near two-year peak on Friday as investors sought the safe haven commodity on fears of the impact of a 'leave' vote on the world economy. 'Risk-on move' - The Yen eased slightly to 104.71 to the Dollar in early morning trade in Tokyo, from 104.19 Yen in New York late Friday. The Japanese currency, often seen as a safe haven, had also strengthened as concerns grew that the "Leave" camp was headed to victory. "We are seeing a risk-on move after the latest Brexit poll," Niv Dagan, executive director at Peak Asset Management LLC in Melbourne, told Bloomberg. "It may be short-lived and volatility is likely to remain high until Thursday's vote. This really could still go either way." Aside from the EU vote, eyes were on the Bombay stock exchange ahead of opening, after the popular Reserve Bank of India governor Raghuram Rajan announced on Friday that he would step down when his term ends in September. Oil prices extended gains on a weaker Dollar, driving up demand for the commodity. US benchmark West Texas Intermediate was up 45 cents, or 0.94 per cent, trading at $48.43 a barrel while North Sea Brent was up 35 cents, or 0.71 per cent, trading at $49.52 a barrel. Key figures around 0230 GMT - Tokyo - Nikkei 225: UP 2.2 per cent at 15,943.76 (break) Shanghai - Composite: DOWN 0.46 per cent at 2871.84 Hong Kong - Hang Seng: UP 0.73 per cent at 20,316.31 Euro/Dollar: UP at $1.1360 from $1.1280 late Friday Pound/Dollar: UP at $1.4585 from $1.4348 Dollar/Yen: UP at 104.71 Yen from 104.19 yen New York - DOW: DOWN 0.33 per cent at 17,675.16 (close) London - FTSE 100: UP 1.19 per cent at 6,021.09 (close) (AFP)

Asian stocks up, opinion polls show Britain may remain in EU

Last&nbsp;year &ndash; 2015 &ndash; was the worst year ever to be a journalist in South Asia.&nbsp;&nbsp;&nbsp;

Reporters are routinely threatened, attacked, jailed, and murdered every year in the region according to a new Reporters Without Borders report.&nbsp;&nbsp;&nbsp;

Working with the constant fear of being killed or hurt is no easy task. The feeling that something bad could happen at any time&nbsp;affects every aspect of your life. And you suddenly start feeling unsafe everywhere&nbsp;and all the time.&nbsp;&nbsp;&nbsp;

According to the World Press Freedom Index 2016,&nbsp;there has been a &ldquo;deep and disturbing&rdquo; decline in media freedom around the world.&nbsp;&nbsp;&nbsp;

The news from South Asia is particularly bad. &ldquo;The media freedom situation worsened significantly or stagnated&rdquo; in the region the report says.&nbsp;&nbsp;

The Maldives came in at 112 out of 180 countries on the index. It turns out the country is not just an earthly paradise of palms and coral. Radical Islam has been gaining in strength in the archipelago; freedom of the press has been one of its victims.&nbsp;&nbsp;

The Communication Authority of the Maldives&nbsp;which controls all communication in the country,&nbsp;including the media,&nbsp;launched the first attack on the press in 2011 by shutting down journalist Ismail&nbsp;Khilath&nbsp;Rasheed&#39;s blog accusing him of producing anti-Islamic material.&nbsp;&nbsp;

Rasheed fought back&nbsp;by&nbsp;organising&nbsp;a small rally in the capital&nbsp;Mal?&nbsp;in support of the freedom of expression. He was attacked by a group of men armed with stones.&nbsp;They ended up fracturing his skull. A year later, while he was walking near his home, a man tried to slit his throat. Fortunately, the attacker missed a vital artery and Rasheed survived,&nbsp;but his attacker remains unidentified and at large.&nbsp;&nbsp;&nbsp;

The situation has not improved since. This April, the Maldivian police attacked a rally&#39;s participants demanding greater press freedom. Sixteen journalists were arrested.&nbsp;Four other reporters covering demonstrations against the imprisonment of former&nbsp;president&nbsp;Mohamed&nbsp;Nasheed&nbsp;were imprisoned.&nbsp;&nbsp;

There was good news,&nbsp;at least on paper,&nbsp;from Sri Lanka. The country moved 24 positions up the rankings as compared to 2014. Newly-elected President&nbsp;Maithripala&nbsp;Sirisena&#39;s government seems to be better for journalists. It lifted restrictions on foreign journalists visiting the country &ndash; they are now free to move about and no longer have to get their visas cleared by the&nbsp;defence&nbsp;ministry. And all exiled journalists have been invited to return to the country.&nbsp;

During the 10 years that Mahinda Rajapaksa was president, reporters allegedly received constant threats,&nbsp;and as many as 34 lost their lives. The murder of&nbsp;Lasantha&nbsp;Manilal&nbsp;Wickrematunge, founder of the newspaper The&nbsp;Sunday&nbsp;Leader, remains unsolved. In 2009, while he was driving to office, armed motorcyclists flanked his car and shot him. The Sirisena government has now decided to reopen the case and, interestingly, his brother has been appointed Sri Lanka&#39;s consul general in Sidney.&nbsp;&nbsp;

Pakistan remains the most dangerous place to work. Journalists in the country are faced with threats from all fronts &ndash; extremist groups,&nbsp;hardline&nbsp;Islamist&nbsp;organisations&nbsp;and government institutions. The resulting atmosphere of fear often leads to high levels of self-censorship.&nbsp;&nbsp;

Bangladesh,&nbsp;too,&nbsp;has become increasingly deadly for journalists. Several bloggers critical of Islamist extremists have recently been hacked to death; fundamentalist groups claimed responsibility for a number of the killings.&nbsp;&nbsp;

India is also surprisingly bad for reporters. Despite a lively media scene, the world&#39;s largest democracy does not seem to be a good place for a free press. India ranked 133rd on the World Press Freedom Index.&nbsp;&nbsp;

It is also among the top 15 countries in which a reporter is most likely to face abuse&nbsp;and even Afghanistan fares better. The report states: &ldquo;The governments of India&hellip; took little action in response to violence against media personnel and were sometimes directly involved in violations of their freedom.&rdquo;&nbsp;&nbsp;

The report&#39;s findings are not just bad news for journalists, they&nbsp;are bad news for everybody.&nbsp;&nbsp;

Journalists&nbsp;can end up self-censoring if they&nbsp;find&nbsp;themselves threatened. That is perhaps the most dangerous threat to journalism.&nbsp; A journalist must question, verify versions, and find discrepancies. And if he does his job honestly and professionally&nbsp;it should be made public. Sometimes&nbsp;this means exposing influential people. A reporter who fears for his or her life might decide to look away, to pretend something just did&nbsp;not happen. That is exactly what ruins a good investigation. Fortunately, some journalists have been brave enough to continue reporting despite having&nbsp;been&nbsp;badly&nbsp;threatened,&nbsp;but this cannot&nbsp;and should not&nbsp;be the norm.&nbsp;&nbsp;

Media is useful to society so long as it is independent and safe -- rights that any democratic government should protect.&nbsp;Media&nbsp;needs to be free to do its job without fear&nbsp;and&nbsp;to be effective.&nbsp;&nbsp;

Journalists in India more likely to face abuse than those in Afghanistan: Reporters Without Borders

Last year – 2015 – was the worst year ever to be a journalist in South Asia. Reporters are routinely threatened, attacked, jailed, and murdered every year in the region according to a new Reporters Without Borders report. Working with the constant fear of being killed or hurt is no easy task. The feeling that something bad could happen at any time affects every aspect of your life. And you suddenly start feeling unsafe everywhere and all the time. According to the World Press Freedom Index 2016, there has been a “deep and disturbing” decline in media freedom around the world. The news from South Asia is particularly bad. “The media freedom situation worsened significantly or stagnated” in the region the report says. The Maldives came in at 112 out of 180 countries on the index. It turns out the country is not just an earthly paradise of palms and coral. Radical Islam has been gaining in strength in the archipelago; freedom of the press has been one of its victims. The Communication Authority of the Maldives which controls all communication in the country, including the media, launched the first attack on the press in 2011 by shutting down journalist Ismail Khilath Rasheed's blog accusing him of producing anti-Islamic material. Rasheed fought back by organising a small rally in the capital Mal? in support of the freedom of expression. He was attacked by a group of men armed with stones. They ended up fracturing his skull. A year later, while he was walking near his home, a man tried to slit his throat. Fortunately, the attacker missed a vital artery and Rasheed survived, but his attacker remains unidentified and at large. The situation has not improved since. This April, the Maldivian police attacked a rally's participants demanding greater press freedom. Sixteen journalists were arrested. Four other reporters covering demonstrations against the imprisonment of former president Mohamed Nasheed were imprisoned. There was good news, at least on paper, from Sri Lanka. The country moved 24 positions up the rankings as compared to 2014. Newly-elected President Maithripala Sirisena's government seems to be better for journalists. It lifted restrictions on foreign journalists visiting the country – they are now free to move about and no longer have to get their visas cleared by the defence ministry. And all exiled journalists have been invited to return to the country. During the 10 years that Mahinda Rajapaksa was president, reporters allegedly received constant threats, and as many as 34 lost their lives. The murder of Lasantha Manilal Wickrematunge, founder of the newspaper The Sunday Leader, remains unsolved. In 2009, while he was driving to office, armed motorcyclists flanked his car and shot him. The Sirisena government has now decided to reopen the case and, interestingly, his brother has been appointed Sri Lanka's consul general in Sidney. Pakistan remains the most dangerous place to work. Journalists in the country are faced with threats from all fronts – extremist groups, hardline Islamist organisations and government institutions. The resulting atmosphere of fear often leads to high levels of self-censorship. Bangladesh, too, has become increasingly deadly for journalists. Several bloggers critical of Islamist extremists have recently been hacked to death; fundamentalist groups claimed responsibility for a number of the killings. India is also surprisingly bad for reporters. Despite a lively media scene, the world's largest democracy does not seem to be a good place for a free press. India ranked 133rd on the World Press Freedom Index. It is also among the top 15 countries in which a reporter is most likely to face abuse and even Afghanistan fares better. The report states: “The governments of India… took little action in response to violence against media personnel and were sometimes directly involved in violations of their freedom.” The report's findings are not just bad news for journalists, they are bad news for everybody. Journalists can end up self-censoring if they find themselves threatened. That is perhaps the most dangerous threat to journalism. A journalist must question, verify versions, and find discrepancies. And if he does his job honestly and professionally it should be made public. Sometimes this means exposing influential people. A reporter who fears for his or her life might decide to look away, to pretend something just did not happen. That is exactly what ruins a good investigation. Fortunately, some journalists have been brave enough to continue reporting despite having been badly threatened, but this cannot and should not be the norm. Media is useful to society so long as it is independent and safe -- rights that any democratic government should protect. Media needs to be free to do its job without fear and to be effective.

2015 worst year for press freedom in South Asia

Asian stocks slipped on Tuesday ahead of the US Federal Reserve&#39;s two-day meeting that begins later in the day&nbsp;amid growing worries that this month&#39;s referendum in Britain could see it exit the European Union. 
 
The Pound and Euro have suffered in recent sessions as economists fear a so-called Brexit would tip Europe back into recession. Voters appear divided ahead of the June 23-referendum, with the &quot;Out&quot; campaign widening its lead over the &quot;In&quot; camp, according to two opinion polls published by ICM on Monday. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan was down 0.6 per cent&nbsp;after Wall Street lost ground for the third straight session. 
 
Japan&#39;s Nikkei stock index skidded 1.5 per cent after tumbling 3.5 per cent on Monday. 
 
&quot;Short-term hedge funds have started betting on Brexit&nbsp;and futures players will likely dominate the market&#39;s move today,&quot; said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. 
 
The benchmark 10-year Japanese government bond yield fell to as low as minus 0.175 per cent, a fresh record, before edging back to minus 0.170 per cent. 
 
Uncertainty over this week&#39;s Federal Reserve policy meeting has weighed on markets, even while the US central bank is widely expected to leave rates unchanged after the much weaker-than-expected May non-farm payrolls report. 
 
&quot;The committee was actively preparing markets for a June-July rate hike until the release of the May employment report and is unlikely to give up its tightening bias absent additional information that labour markets are weakening,&quot; analysts at Barclays wrote. 
 
&quot;Nevertheless, the abrupt slowing in employment and falling long-run inflation expectations should raise alarm bells, and risk management concerns suggest delaying action until after the outcome of the UK referendum,&quot; they said. 
 
The Bank of England, Swiss National Bank and the Bank of Japan will also meet this week, and are similarly expected to stand pat on policy with the Brexit vote looming. 
 
The dollar index, which tracks the greenback against a basket of six rival currencies, edged up slightly to 94.395, moving back toward the overnight high of 94.750. That was its highest since the downbeat US jobs report toppled the dollar on June 3. 
 
The perceived safe-haven Yen has benefited from investors&#39; risk aversion. The dollar was down 0.2 per cent at 105.99 Yen, moving back toward Monday&#39;s low of 105.735, its weakest level since early May. 
 
Japanese Finance Minister Taro Aso issued a fresh warning against renewed strength in the Yen, saying that he would &quot;firmly respond&quot; if rapid and speculative moves persisted in the foreign exchange market. 
 
The Euro was slightly lower at $1.1290. Against the Yen, it skidded 0.3 per cent to 119.69, moving back toward a more than three-year low plumbed in the previous session. 
 
Sterling also notched a three-year low against the Yen on Monday, and was last down 0.8 per cent at 150.35 Yen. Against the Dollar, the Pound dropped 0.6 per cent to $1.4180. 
 
Crude oil prices continued to slip, pressured by the strong US dollar and worrying economic prospects in Europe and Asia, though losses were contained by ongoing supply outages in Nigeria. 
 
Brent was down 1 per cent at $49.84 per barrel, while US crude shed 1.1 per cent to $48.34.

The Pound and Euro have both suffered over fears that UK leaving the EU will cause another European recession

Asian stocks slipped on Tuesday ahead of the US Federal Reserve's two-day meeting that begins later in the day amid growing worries that this month's referendum in Britain could see it exit the European Union. The Pound and Euro have suffered in recent sessions as economists fear a so-called Brexit would tip Europe back into recession. Voters appear divided ahead of the June 23-referendum, with the "Out" campaign widening its lead over the "In" camp, according to two opinion polls published by ICM on Monday. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6 per cent after Wall Street lost ground for the third straight session. Japan's Nikkei stock index skidded 1.5 per cent after tumbling 3.5 per cent on Monday. "Short-term hedge funds have started betting on Brexit and futures players will likely dominate the market's move today," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. The benchmark 10-year Japanese government bond yield fell to as low as minus 0.175 per cent, a fresh record, before edging back to minus 0.170 per cent. Uncertainty over this week's Federal Reserve policy meeting has weighed on markets, even while the US central bank is widely expected to leave rates unchanged after the much weaker-than-expected May non-farm payrolls report. "The committee was actively preparing markets for a June-July rate hike until the release of the May employment report and is unlikely to give up its tightening bias absent additional information that labour markets are weakening," analysts at Barclays wrote. "Nevertheless, the abrupt slowing in employment and falling long-run inflation expectations should raise alarm bells, and risk management concerns suggest delaying action until after the outcome of the UK referendum," they said. The Bank of England, Swiss National Bank and the Bank of Japan will also meet this week, and are similarly expected to stand pat on policy with the Brexit vote looming. The dollar index, which tracks the greenback against a basket of six rival currencies, edged up slightly to 94.395, moving back toward the overnight high of 94.750. That was its highest since the downbeat US jobs report toppled the dollar on June 3. The perceived safe-haven Yen has benefited from investors' risk aversion. The dollar was down 0.2 per cent at 105.99 Yen, moving back toward Monday's low of 105.735, its weakest level since early May. Japanese Finance Minister Taro Aso issued a fresh warning against renewed strength in the Yen, saying that he would "firmly respond" if rapid and speculative moves persisted in the foreign exchange market. The Euro was slightly lower at $1.1290. Against the Yen, it skidded 0.3 per cent to 119.69, moving back toward a more than three-year low plumbed in the previous session. Sterling also notched a three-year low against the Yen on Monday, and was last down 0.8 per cent at 150.35 Yen. Against the Dollar, the Pound dropped 0.6 per cent to $1.4180. Crude oil prices continued to slip, pressured by the strong US dollar and worrying economic prospects in Europe and Asia, though losses were contained by ongoing supply outages in Nigeria. Brent was down 1 per cent at $49.84 per barrel, while US crude shed 1.1 per cent to $48.34.

Asian shares slip as Brexit vote looms

Asian stocks were on a weak footing on Wednesday as a slip in crude oil prices dampened investors&#39; appetite for riskier assets, while the recently bullish dollar stalled against the Euro and Yen following a mixed bag of U.S. economic data.

Spreadbetters also expected a shaky start for European shares, forecasting Britain&#39;s FTSE, Germany&#39;s DAX and France&#39;s CAC to open flat to slightly lower.

Japan&#39;s Nikkei lost more than one percent as the yen firmed. Other decliners included Australian stocks&nbsp;which fell 1.0 percent.

Hong Kong&#39;s Hang Seng and South Korea&#39;s KOSPI stood little changed.

Shanghai see-sawed in and out of negative terrain, and was last up 0.1 percent, after rallying on Tuesday on expectations MSCI could add China&#39;s mainland stocks to its emerging market benchmark for the first time.

David Dai, Shanghai-based investor director at Nanhai Fund Management Co, said any market rally was unlikely to be sustainable at this stage.

&quot;The economy is still weak, and the Fed will likely raise rates soon. I don&#39;t think the market will go up much further. The best strategy now is to take profit.&quot;

There was little market reaction to the official and private surveys on China&#39;s manufacturing activity, which were roughly in line with expectations, suggesting the world&#39;s second-largest economy is still struggling to regain traction.

The Caixin/Markit Manufacturing Purchasing Managers&#39; index (PMI) showed activity at China&#39;s factories shrank for a 15th straight month in May. The official manufacturing May PMI painted a slightly more optimistic picture and stood unchanged from the previous month at 50.1

MSCI&#39;s broadest index of Asia-Pacific shares outside Japan recovered from an earlier dip and crawled up 0.1 percent.

The Dow shed 0.5 percent and the S&amp;P 500 dipped 0.1 percent on Tuesday, as energy shares weakened in the wake of a slip in oil prices and offset a rise in safe-haven utilities.

Crude pulled back from eight-month highs reached last week amid expectations that a global glut was easing, falling overnight to profit taking. U.S. crude was last down 0.7 percent at $48.76 a barrel and Brent fell 0.8 percent to $49.51.

The fall in oil prices was exacerbated after United Arab Emirates Oil Minister Suhail bin Mohammed al-Mazroui said he was happy with the oil market, noting that prices had been correcting higher.

The UAE oil minister&#39;s comments touched a nerve in a market wary that an OPEC meeting on Thursday may not pave the way for a production freeze.

&quot;The political will of the OPEC countries to enact a production freeze is clearly waning. A production freeze is unlikely to come up as an agenda at the June meeting,&quot; wrote Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities in Tokyo.

&quot;A sense of crisis among the oil producing countries appears to have receded following the recent spike in crude oil prices.&quot;

In currencies, the dollar was down 0.6 percent at 110.010 yen, having come off a one-month high of 111.455 struck on Monday after Federal Reserve Chair Janet Yellen&#39;s comments raised expectations for a near-term U.S. rate hike.

The Euro was at $1.1120, putting some distance between a 2-1/2-month low of $1.1097 touched on Monday.

U.S. data overnight saw personal income-related and housing indicators come in strong, while the Chicago manufacturing PMI and consumer confidence data proved disappointing.

The Australian Dollar was up 0.6 percent to $0.7277 helped by stronger-than-expected first quarter economic growth, which pushed it further away from last week&#39;s three-month low of $0.7145.

Sterling was on the defensive, last trading little changed at $1.4490 after dropping more than one percent on Tuesday, after polls showing those who support Brexit may be increasing.

investors lose hope as the price of oil slips further

Asian stocks were on a weak footing on Wednesday as a slip in crude oil prices dampened investors' appetite for riskier assets, while the recently bullish dollar stalled against the Euro and Yen following a mixed bag of U.S. economic data. Spreadbetters also expected a shaky start for European shares, forecasting Britain's FTSE, Germany's DAX and France's CAC to open flat to slightly lower. Japan's Nikkei lost more than one percent as the yen firmed. Other decliners included Australian stocks which fell 1.0 percent. Hong Kong's Hang Seng and South Korea's KOSPI stood little changed. Shanghai see-sawed in and out of negative terrain, and was last up 0.1 percent, after rallying on Tuesday on expectations MSCI could add China's mainland stocks to its emerging market benchmark for the first time. David Dai, Shanghai-based investor director at Nanhai Fund Management Co, said any market rally was unlikely to be sustainable at this stage. "The economy is still weak, and the Fed will likely raise rates soon. I don't think the market will go up much further. The best strategy now is to take profit." There was little market reaction to the official and private surveys on China's manufacturing activity, which were roughly in line with expectations, suggesting the world's second-largest economy is still struggling to regain traction. The Caixin/Markit Manufacturing Purchasing Managers' index (PMI) showed activity at China's factories shrank for a 15th straight month in May. The official manufacturing May PMI painted a slightly more optimistic picture and stood unchanged from the previous month at 50.1 MSCI's broadest index of Asia-Pacific shares outside Japan recovered from an earlier dip and crawled up 0.1 percent. The Dow shed 0.5 percent and the S&P 500 dipped 0.1 percent on Tuesday, as energy shares weakened in the wake of a slip in oil prices and offset a rise in safe-haven utilities. Crude pulled back from eight-month highs reached last week amid expectations that a global glut was easing, falling overnight to profit taking. U.S. crude was last down 0.7 percent at $48.76 a barrel and Brent fell 0.8 percent to $49.51. The fall in oil prices was exacerbated after United Arab Emirates Oil Minister Suhail bin Mohammed al-Mazroui said he was happy with the oil market, noting that prices had been correcting higher. The UAE oil minister's comments touched a nerve in a market wary that an OPEC meeting on Thursday may not pave the way for a production freeze. "The political will of the OPEC countries to enact a production freeze is clearly waning. A production freeze is unlikely to come up as an agenda at the June meeting," wrote Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities in Tokyo. "A sense of crisis among the oil producing countries appears to have receded following the recent spike in crude oil prices." In currencies, the dollar was down 0.6 percent at 110.010 yen, having come off a one-month high of 111.455 struck on Monday after Federal Reserve Chair Janet Yellen's comments raised expectations for a near-term U.S. rate hike. The Euro was at $1.1120, putting some distance between a 2-1/2-month low of $1.1097 touched on Monday. U.S. data overnight saw personal income-related and housing indicators come in strong, while the Chicago manufacturing PMI and consumer confidence data proved disappointing. The Australian Dollar was up 0.6 percent to $0.7277 helped by stronger-than-expected first quarter economic growth, which pushed it further away from last week's three-month low of $0.7145. Sterling was on the defensive, last trading little changed at $1.4490 after dropping more than one percent on Tuesday, after polls showing those who support Brexit may be increasing.

Asia wavers as oil slip sinks sentiment, dollar stalls

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