The India Meteorological Department (IMD) predicted severe heatwave conditions to continue over East and South Peninsular India for five days. Watch to know more.

Heatwave alert in Asia: Sweltering heat across South, Southeast Asia

Recently a study has revealed that dams holding vast amounts of uranium mine tailings above the fertile Fergana valley in Central Asia are unstable, threatening a possible Chernobyl-scale nuclear disaster. Watch the video to know more.

Nuclear waste threatens land: Unstable nuclear-waste dams threaten fertile Central Asia heartland

The World Meteorological Organization has stated that Asia was the world's most disaster-hit region by climate-related hazards last year. The body has also underlined that floods and storms caused the highest number of casualties.

Asia is world's disaster capital: Report

Let's look at how markets opened this morning. Markets looked directionless, with Asian benchmarks range-bound after wall street stocks extended their longest losing streak since January.

Dollar takes a breather as investors reassess FED's rate path

The United Nations has warned that more than 243 million children are at risk due to massive heat waves across East Asia and the Pacific. Watch in for more details!

UN: 2 billion children to be exposed to heatwave frequency by 2050

The battle for AI dominance is all set to heat up in Asia. Japan and the US are all set to announce closer cooperation in artificial intelligence, when President Joe Biden will host prime minister Fumio Kishida next month. According to Japanese media reports, the joint statement will advocate stronger cooperation in AI and semiconductors.

Japan & the US set to announce closer cooperation in AI

This week on Wings, we take you inside Asia’s Largest Tulip Garden in Srinagar From Shanghai to Seattle- Cherry Blossoms around the world A one-of-kind Hindu New Year Festival in Bali And hop on the helicopters and explore the beauty of Alula in Saudia Arabia and also fly over the Grand Canyon Only on WION, World Is One.

Asia’s Largest Tulip Garden in Srinagar and Cherry Blossoms Across the World

The Islamic State held about a third of Syria and 40% of Iraq. By 2017 ISIS had lost 95% of its territory including its two biggest properties. Watch in the report to know more about the ISIS terror group.

ISIS influence: Why India is often highlighted as an anomaly

ISIS terror group's presence in Africa, new tactics in Asia, explained

Explained: ISIS terror group's presence in Africa, new tactics in Asia

The United States, Thailand and the South Korean forces mark the end of Asia's largest military exercise.

US, Thailand & South Korea conclude Asia's largest military exercise

China has kicked off its 14th annual parliamentary meetings in which investors watch closely for signals of an economic stimulus. The meetings known as the two sessions release more details on policy plans such as the GDP Target for the year.

China: What could be in the government work report?

Music star Taylor Swift is back in the news. While her concerts have been a raging success, this time, she has become a viral sensation again for sharing a passionate kiss with her current boyfriend, Travis Kelce. Watch this latest episode of WION to find out more.

Will Taylor Swift's Love Story finally get a happy ending with Travis Kelce?

Asia's investment banking sector is facing a tumultuous period marked by job cuts and restructuring. As China's economic woes deepen, western banks operating in the region are implementing staff reductions amid market turbulence.

Asia investment banks brace for job cuts amid China turmoil

The Islamic State held about a third of Syria and 40% of Iraq. By 2017 ISIS had lost 95% of its territory including its two biggest properties. The terror group is attempting a comeback and a top US general's warning has set alarm bells.

ISIS terror group's presence in Africa, new tactics in Asia

Taylor Swift's deep-fake images have triggered a lot of backlash from across the world, with netizens demanding legal action against those who have created sexually explicit photos of the singer.

Fake explicit Taylor Swift images swamp social media

Malaysia is exploring the possibility of initiating legal proceedings against foreign banks implicated in the massive 1Malaysia Development Berhad (1MDB) corruption scandal, according to Johari Abdul Ghani, the chairman of the 1MDB asset recovery task force.<o:p></o:p>

As per a Reuters report, Ghani did not disclose the names of the foreign banks but asserted that they failed to conduct adequate due diligence before facilitating fund transfers linked to the sovereign fund. The 1MDB scandal, involving an estimated $4.5 billion misappropriation, has ensnared figures such as former Malaysian Prime Minister Najib Razak, Goldman Sachs staff, and officials at the highest levels. Najib is currently serving a 12-year jail sentence for his role in the scandal.<o:p></o:p>

"The 1MDB task force is firmly committed to addressing the 1MDB matter transparently and holding all parties accountable," emphasised Ghani in a statement. <o:p></o:p>

In a related development, Ghani disclosed that Malaysia responded on November 8 to an arbitration request from Goldman Sachs. The two parties are presently in the process of agreeing on a procedural timetable. Goldman Sachs had previously agreed to a $3.9 billion settlement in 2020 to resolve Malaysia's criminal probe into its involvement in the 1MDB scandal. <o:p></o:p>

However, disputes have arisen over the settlement terms, particularly regarding an interim payment clause. Goldman insists on an interim payment if Malaysia fails to recover at least $500 million from the firm by August 2022. This discrepancy has led to legal actions, with Goldman suing Malaysia in a British court, alleging a breach of the settlement agreement. Malaysia vehemently denies these allegations.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Malaysia is exploring the possibility of initiating legal proceedings against foreign banks implicated in the massive 1Malaysia Development Berhad (1MDB) corruption scandal, according to Johari Abdul Ghani, the chairman of the 1MDB asset recovery task force.

Malaysia is exploring the possibility of initiating legal proceedings against foreign banks implicated in the massive 1Malaysia Development Berhad (1MDB) corruption scandal, according to Johari Abdul Ghani, the chairman of the 1MDB asset recovery task force. As per a Reuters report, Ghani did not disclose the names of the foreign banks but asserted that they failed to conduct adequate due diligence before facilitating fund transfers linked to the sovereign fund. The 1MDB scandal, involving an estimated $4.5 billion misappropriation, has ensnared figures such as former Malaysian Prime Minister Najib Razak, Goldman Sachs staff, and officials at the highest levels. Najib is currently serving a 12-year jail sentence for his role in the scandal. "The 1MDB task force is firmly committed to addressing the 1MDB matter transparently and holding all parties accountable," emphasised Ghani in a statement. In a related development, Ghani disclosed that Malaysia responded on November 8 to an arbitration request from Goldman Sachs. The two parties are presently in the process of agreeing on a procedural timetable. Goldman Sachs had previously agreed to a $3.9 billion settlement in 2020 to resolve Malaysia's criminal probe into its involvement in the 1MDB scandal. However, disputes have arisen over the settlement terms, particularly regarding an interim payment clause. Goldman insists on an interim payment if Malaysia fails to recover at least $500 million from the firm by August 2022. This discrepancy has led to legal actions, with Goldman suing Malaysia in a British court, alleging a breach of the settlement agreement. Malaysia vehemently denies these allegations. (With inputs from Reuters)

Malaysia contemplates legal action against foreign banks in 1MDB scandal fallout

Monday brought a uncertain start for Asian shares as China's central bank surprised markets by abstaining from a rate cut, leaving investors on edge ahead of crucial economic data, Reuters reported.<o:p></o:p>

With China set to report fourth-quarter economic growth figures and monthly data this week, apprehension looms over the fragile state of its economic recovery. <o:p></o:p>

Chinese blue chips dipped 0.5 per cent, hitting their lowest since early 2019. <o:p></o:p>

"For now, we think China is still focused on engineering economic stability," Reuters quoted Damien Boey, Chief Macro Strategist at Barrenjoey in Sydney as saying.<o:p></o:p>

While Asian shares faced headwinds, Japan's Nikkei bucked the trend, rising 0.6 per cent to a fresh 34-year peak after stellar gains last week. <o:p></o:p>

However, MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2 per cent, following a 0.8 per cent loss the previous week. <o:p></o:p>

Geopolitical tensions, highlighted by the victory of Taiwan's ruling Democratic Progressive Party, served as a reminder that global elections and Middle East conflicts could impact markets throughout the year.<o:p></o:p>

The thin trading due to a US holiday added to the cautious mood, with progress on a stopgap spending bill providing a glimmer of stability.<o:p></o:p>

Amid global uncertainties, the focus shifted to central bank actions. Futures pointed to a 75 per cent chance that the US Federal Reserve would lower interest rates as early as March, with weak producer price data countering a disappointing consumer price report.<o:p></o:p>

Barclays analysts adjusted their expectations for the first Fed cut from June to March, citing core personal consumption price index data running at or below 0.2 per cent m/m. <o:p></o:p>

The dovish outlook prompted speculation that Fed Governor Christopher Waller could pave the way for easing in a speech on Tuesday.<o:p></o:p>

As the World Economic Forum unfolded in Davos, European Central Bank speakers, including President Christine Lagarde, took centre stage. <o:p></o:p>

ECB Chief Economist Philip Lane suggested there would be enough data by June to decide on the first of a potential series of interest rate cuts. <o:p></o:p>

Markets, fully priced for an easing in April, implied a substantial 154 basis points of cuts over 2024. <o:p></o:p>

This dovish sentiment, coupled with global economic concerns, has limited the euro's gains against the dollar, which idled at $1.0950 on Monday.<o:p></o:p>

In the currency markets, the dollar held its ground against the yen, supported by subdued Japanese data keeping the Bank of Japan committed to its accommodative policies. <o:p></o:p>

The dollar edged up to 145.08 yen, moving closer to last week's peak of 146.41. <o:p></o:p>

Meanwhile, non-yielding gold stood firm at $2,050 an ounce, backed by the prospect of lower global interest rates. <o:p></o:p>

Oil prices experienced some volatility due to disruptions in the Red Sea but faced pressure from demand concerns.<o:p></o:p>

Brent eased to $78.10 a barrel, while US crude fell to $72.45 per barrel.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Monday brought a uncertain start for Asian shares as China's central bank surprised markets by abstaining from a rate cut, leaving investors on edge ahead of crucial economic data, Reuters reported.

Monday brought a uncertain start for Asian shares as China's central bank surprised markets by abstaining from a rate cut, leaving investors on edge ahead of crucial economic data, Reuters reported. With China set to report fourth-quarter economic growth figures and monthly data this week, apprehension looms over the fragile state of its economic recovery. Chinese blue chips dipped 0.5 per cent, hitting their lowest since early 2019. "For now, we think China is still focused on engineering economic stability," Reuters quoted Damien Boey, Chief Macro Strategist at Barrenjoey in Sydney as saying. While Asian shares faced headwinds, Japan's Nikkei bucked the trend, rising 0.6 per cent to a fresh 34-year peak after stellar gains last week. However, MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2 per cent, following a 0.8 per cent loss the previous week. Geopolitical tensions, highlighted by the victory of Taiwan's ruling Democratic Progressive Party, served as a reminder that global elections and Middle East conflicts could impact markets throughout the year. The thin trading due to a US holiday added to the cautious mood, with progress on a stopgap spending bill providing a glimmer of stability. Amid global uncertainties, the focus shifted to central bank actions. Futures pointed to a 75 per cent chance that the US Federal Reserve would lower interest rates as early as March, with weak producer price data countering a disappointing consumer price report. Barclays analysts adjusted their expectations for the first Fed cut from June to March, citing core personal consumption price index data running at or below 0.2 per cent m/m. The dovish outlook prompted speculation that Fed Governor Christopher Waller could pave the way for easing in a speech on Tuesday. As the World Economic Forum unfolded in Davos, European Central Bank speakers, including President Christine Lagarde, took centre stage. ECB Chief Economist Philip Lane suggested there would be enough data by June to decide on the first of a potential series of interest rate cuts. Markets, fully priced for an easing in April, implied a substantial 154 basis points of cuts over 2024. This dovish sentiment, coupled with global economic concerns, has limited the euro's gains against the dollar, which idled at $1.0950 on Monday. In the currency markets, the dollar held its ground against the yen, supported by subdued Japanese data keeping the Bank of Japan committed to its accommodative policies. The dollar edged up to 145.08 yen, moving closer to last week's peak of 146.41. Meanwhile, non-yielding gold stood firm at $2,050 an ounce, backed by the prospect of lower global interest rates. Oil prices experienced some volatility due to disruptions in the Red Sea but faced pressure from demand concerns. Brent eased to $78.10 a barrel, while US crude fell to $72.45 per barrel. (With inputs from Reuters)

Asia stocks waver as China opts against rate cut: Report

Myanmar has taken fresh steps to strengthen its economy, the Asian nation has imposed a new income tax rule. Those Myanmar nationals who are working abroad are now subjected to a 2% income tax.

Myanmar Junta announces new tax rules for nationals living abroad, step to boost foreign currency

Asia's manufacturing sector had a poor year-end to 2023 as demand for the goods produced in the region was depressed by a weak global economy. According to S&P Global's manufacturing PMI data released on Tuesdays, much of Asia experienced a slowdown in new orders and output as input costs increased.

Asia's manufacturing activity ended 2023 on a weak note

Adverse weather conditions are gripping the capital city of india, Delhi, and its surrounding areas. This as a thick blanket of fog enveloped the city, causing visibility to plummet to nearly zero. The relentless cold wave continued to persist as the minimum temperature in the national capital region dropped to 7 degrees Celsius. The dense fog drastically reduced visibility, creating an environment where navigating through the streets became really difficult.

Dense fog grips Asian countries: Thick fog reduces visibility in Beijing, New Delhi | WION

Let's also take a quick look at how different parts of the world are celebrating the Festival of Christmas on the 25th of December.

DRC marks Christmas amid unrest following elections

The recent ban on onion exports by India, the world's largest onion exporter, has created a ripple effect across Asia, causing a surge in prices and forcing countries to seek alternative sources. &nbsp;

Implemented on December 8 due to a significant domestic price hike, the ban has impacted traditional buyers such as Bangladesh, Malaysia, Nepal, and the United Arab Emirates. As India grapples with soaring onion prices, Asian consumers are facing the challenge of higher costs and limited alternatives.&nbsp;

For Asian consumers, especially in countries like Bangladesh, where onions are a culinary staple, the sudden spike in prices is proving difficult to cope with. &nbsp;

Reuters cited Mousumi Akhtar, a Dhaka resident who expressed the impact, stating, "Onions are needed for almost everything we cook. This sudden price hike is tough to swallow. I've had to cut back on how much I buy." &nbsp;

The dependence on Indian onions for various regional dishes, from Malaysian belacan shrimp paste to Nepali chicken chillies, has led to a serious setback as India's ban disrupts the supply chain.&nbsp;

Traders estimate that India contributes over half of all onion imports by Asian countries, emphasising its pivotal role in meeting the demand for this essential ingredient. The ban, has prompted importing nations like Bangladesh to explore alternative sources such as China, Egypt, and Turkey to overcome shortages. Bangladesh, anticipating general elections, has even initiated the sale of subsidised onions to mitigate the impact of the 50 per cent surge in prices caused by India's ban.&nbsp;

Nepal, heavily reliant on onion imports, faces a particularly challenging situation. Tirtharaj Chiluwal from Nepal's commerce ministry highlighted the scarcity. "Since the ban by India, we have monitored the supply situation at different places. There are no onions on sale," Reuters quoted him as saying.&nbsp;

Nepal is considering imports from China and may seek an exception from India to resume exports, according to ministry spokesperson Gajendra Kumar Thakur.&nbsp;

The ban has prompted importing nations to turn to more expensive alternatives from China, Iran, Pakistan, and Turkey, leading to a hike in prices. &nbsp;

Ajit Shah, an Indian exporter, emphasised the significance of India's role in maintaining its global market position. He suggested that India, with an abundant domestic supply, should reconsider the ban to stabilise prices. &nbsp;

However, the likelihood of lifting the ban before next year's general elections appears slim, given the Indian government's priority to curb food prices.&nbsp;

(With inputs from Reuters)&nbsp;

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<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The recent ban on onion exports by India, the world's largest onion exporter, has created a ripple effect across Asia, causing a surge in prices and forcing countries to seek alternative sources.

The recent ban on onion exports by India, the world's largest onion exporter, has created a ripple effect across Asia, causing a surge in prices and forcing countries to seek alternative sources. Implemented on December 8 due to a significant domestic price hike, the ban has impacted traditional buyers such as Bangladesh, Malaysia, Nepal, and the United Arab Emirates. As India grapples with soaring onion prices, Asian consumers are facing the challenge of higher costs and limited alternatives. For Asian consumers, especially in countries like Bangladesh, where onions are a culinary staple, the sudden spike in prices is proving difficult to cope with. Reuters cited Mousumi Akhtar, a Dhaka resident who expressed the impact, stating, "Onions are needed for almost everything we cook. This sudden price hike is tough to swallow. I've had to cut back on how much I buy." The dependence on Indian onions for various regional dishes, from Malaysian belacan shrimp paste to Nepali chicken chillies, has led to a serious setback as India's ban disrupts the supply chain. Traders estimate that India contributes over half of all onion imports by Asian countries, emphasising its pivotal role in meeting the demand for this essential ingredient. The ban, has prompted importing nations like Bangladesh to explore alternative sources such as China, Egypt, and Turkey to overcome shortages. Bangladesh, anticipating general elections, has even initiated the sale of subsidised onions to mitigate the impact of the 50 per cent surge in prices caused by India's ban. Nepal, heavily reliant on onion imports, faces a particularly challenging situation. Tirtharaj Chiluwal from Nepal's commerce ministry highlighted the scarcity. "Since the ban by India, we have monitored the supply situation at different places. There are no onions on sale," Reuters quoted him as saying. Nepal is considering imports from China and may seek an exception from India to resume exports, according to ministry spokesperson Gajendra Kumar Thakur. The ban has prompted importing nations to turn to more expensive alternatives from China, Iran, Pakistan, and Turkey, leading to a hike in prices. Ajit Shah, an Indian exporter, emphasised the significance of India's role in maintaining its global market position. He suggested that India, with an abundant domestic supply, should reconsider the ban to stabilise prices. However, the likelihood of lifting the ban before next year's general elections appears slim, given the Indian government's priority to curb food prices. (With inputs from Reuters) WATCH WION LIVE HERE

India's onion export ban sends shockwaves across Asia. Here's why

India's onion ban has an impact in the Asian markets. Buyers feel the pinch of onion export ban as prices rise across Asia. The export ban will likely continue until after 2024 General Elections. Watch to know more!

Asia in tears amid onion ban

The economic crisis in China deepens, with retail investors abandoning mutual funds in favour of hoarding cash. Investors are disillusioned with the performance of China's mutual funds this year. Previously, mutual funds were the favoured investment vehicle for investors.

China's mutual funds flows drop

As Indonesia approaches its national elections in February 2024, the resilience of the rupiah is under scrutiny, with analysts predicting a potential weakening trend in the currency.<o:p></o:p>

According to a Bloomberg report, BNY Mellon Corp., HSBC Holdings Plc., and PT Bank Mandiri project the rupiah to trade around 15,800 against the dollar in the first quarter of the coming year, citing historical trends and concerns over the change of leadership after a decade.<o:p></o:p>

Historically, the rupiah has exhibited underperformance compared to its emerging market peers leading up to elections. Analysts point to worries about political stability and policy continuity, especially as Indonesia is on the brink of selecting a successor to President Joko Widodo after his decade-long tenure. <o:p></o:p>

Bloomberg cited Joey Chew, the head of Asian FX research at HSBC, who noted, "During the past three elections, the rupiah consistently underperformed select EM peers in the four to six weeks prior."<o:p></o:p>

The impact of election uncertainty is already evident in the rupiah's performance. Despite being Asia's best performer earlier this year, the currency has weakened the most against the dollar this quarter. Foreign investors withdrew nearly $600 million from Indonesian equities since October, but a cushion was provided by inflows of about $900 million in bonds. <o:p></o:p>

However, Bloomberg's scorecard ranks the nation's sovereign debt near the bottom among emerging economies.<o:p></o:p>

The upcoming elections hold the key to the rupiah's trajectory, with the results indicating whether the new government will adhere to President Widodo's policies that supported export earnings and reduced the current account deficit. <o:p></o:p>

While leading candidates Prabowo Subianto and Ganjar Pranowo pledge to continue Widodo's economic policies, rival contestant Anies Baswedan has expressed intentions to revisit some, including plans for a new capital.<o:p></o:p>

President Widodo, widely known as Jokowi, will complete his 10-year term next year. His fiscal policies successfully narrowed the fiscal deficit from pandemic-induced highs, and the economy outpaced regional peers. The official declaration of the winner is expected in March, but a runoff poll in June could occur if no candidate secures more than 50 per cent of the votes.<o:p></o:p>

Aninda Mitra, head of Asia macro and investment strategy at BNY Mellon, highlights potential risks from an extended lag between elections and new government formation, which could expose the rupiah to policy uncertainty. He adds that the central bank is expected to remain on hold through the elections, providing a buffer against political uncertainty in the months ahead.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

As Indonesia approaches its national elections in February 2024, the resilience of the rupiah is under scrutiny, with analysts predicting a potential weakening trend in the currency.

As Indonesia approaches its national elections in February 2024, the resilience of the rupiah is under scrutiny, with analysts predicting a potential weakening trend in the currency. According to a Bloomberg report, BNY Mellon Corp., HSBC Holdings Plc., and PT Bank Mandiri project the rupiah to trade around 15,800 against the dollar in the first quarter of the coming year, citing historical trends and concerns over the change of leadership after a decade. Historically, the rupiah has exhibited underperformance compared to its emerging market peers leading up to elections. Analysts point to worries about political stability and policy continuity, especially as Indonesia is on the brink of selecting a successor to President Joko Widodo after his decade-long tenure. Bloomberg cited Joey Chew, the head of Asian FX research at HSBC, who noted, "During the past three elections, the rupiah consistently underperformed select EM peers in the four to six weeks prior." The impact of election uncertainty is already evident in the rupiah's performance. Despite being Asia's best performer earlier this year, the currency has weakened the most against the dollar this quarter. Foreign investors withdrew nearly $600 million from Indonesian equities since October, but a cushion was provided by inflows of about $900 million in bonds. However, Bloomberg's scorecard ranks the nation's sovereign debt near the bottom among emerging economies. The upcoming elections hold the key to the rupiah's trajectory, with the results indicating whether the new government will adhere to President Widodo's policies that supported export earnings and reduced the current account deficit. While leading candidates Prabowo Subianto and Ganjar Pranowo pledge to continue Widodo's economic policies, rival contestant Anies Baswedan has expressed intentions to revisit some, including plans for a new capital. President Widodo, widely known as Jokowi, will complete his 10-year term next year. His fiscal policies successfully narrowed the fiscal deficit from pandemic-induced highs, and the economy outpaced regional peers. The official declaration of the winner is expected in March, but a runoff poll in June could occur if no candidate secures more than 50 per cent of the votes. Aninda Mitra, head of Asia macro and investment strategy at BNY Mellon, highlights potential risks from an extended lag between elections and new government formation, which could expose the rupiah to policy uncertainty. He adds that the central bank is expected to remain on hold through the elections, providing a buffer against political uncertainty in the months ahead. (With inputs from Bloomberg) WATCH WION LIVE HERE

Rupiah faces testing times as Indonesia gears up for elections

Amid an ongoing real estate crisis, a privately run aluminium producer in Guangdong, China's manufacturing hub, has thrust the challenges faced by private businesses into the spotlight. Golden World Innovation Aluminium, overwhelmed by the economic headwinds, has suspended production, compelling its staff to take five months of leave with reduced salaries, the South China Morning Post reported.<o:p></o:p>

Unemployment pressures mount despite official figures<o:p></o:p>

China's economy showed few positive signs in 2023, defying support measures and putting significant pressure on employment. Official unemployment figures remain within the government target of 5.5 per cent, but signs of companies implementing unpaid leave or reductions indicate underlying challenges. Analysts call for more policy support to revive domestic demand and stabilise manufacturing production. The Foshan government's labour market report in November pointed to hefty pressure on manufacturing industries due to economic headwinds.<o:p></o:p>

Private sector struggles impact China's economic growth<o:p></o:p>

The private sector, historically the backbone of China's economic growth, is yet to fully recover. Fixed-asset investment in the private sector contracted by 0.5 per cent in the first 11 months of the year, in contrast to a rise of 6.5 per cent in the state sector. <o:p></o:p>

Golden World Innovation Aluminium, once thriving during the property sector's heyday, is now grappling with declining orders amid the real estate crisis. The slump has become a major drag on the economy, affecting various sectors.<o:p></o:p>

Real estate crisis hits multiple sectors<o:p></o:p>

The slump in the real estate market has had a cascading effect on industries beyond aluminium production. Yaxin Iron and Steel Group in Henan announced a suspension of production, and Raymond Zheng, owner of a piling company, placed most of his staff on unpaid leave. <o:p></o:p>

The funding chain in various industries is broken, leading to solvency problems and compromising the quality of construction projects. Despite these widespread issues, China is still on track to meet its growth target for the year.<o:p></o:p>

Challenges persist despite economic growth pledges<o:p></o:p>

China's top leadership, at the central economic work conference, emphasised development as the top political priority and pledged efforts to consolidate economic growth. However, challenges such as high youth unemployment, weak business expectations, a drop in exports, a bleak manufacturing sector recovery, and rising local government debts loom large.<o:p></o:p>

According to the South China Morning Post, Peng Peng, the executive chairman of the Guangdong Society of Reform, urged increased supportive policies to address the severity of the economic situation.<o:p></o:p>

Wide-ranging impact on various sectors<o:p></o:p>

The economic slowdown is not confined to specific industries; electronics, plastics producers, and the printing industry have also felt the pinch. Simatelex, a Hong Kong-based electronics producer, closed its Shenzhen factory after 38 years, affecting hundreds of workers. <o:p></o:p>

Plastics manufacturers Shenli and Forward, as well as Good Printing, have closed their Shenzhen factories, impacting thousands of jobs. The closures have not only economic ramifications but also affect nearby businesses relying on the workers.<o:p></o:p>

China struggles to replace real estate as economic pillar<o:p></o:p>

The challenge lies in finding emerging industries powerful enough to replace real estate as a pillar for the national economy. Paris-based investment bank Natixis highlights this concern, emphasising that China has yet to identify industries capable of filling the void left by the real estate sector. <o:p></o:p>

The Guangzhou Institute of Greater Bay Area warns of investment conditions' deterioration and funding difficulties for private businesses in 2024 if confidence is not revived.<o:p></o:p>

Policy room available, but challenges loom<o:p></o:p>

While China maintains a growth target for the year, concerns persist about a protracted weakness in private investment. A report by the Guangzhou Institute of Greater Bay Area urges caution, stating that if confidence isn't revived, private entrepreneurs may continue to face challenges.<o:p></o:p>

&nbsp;Xu Qiyuan from the Chinese Academy of Social Sciences emphasised the need for additional gauges beyond the urban surveyed unemployment rate to better reflect the real job pressures.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Amid an ongoing real estate crisis, a privately run aluminium producer in Guangdong, China's manufacturing hub, has thrust the challenges faced by private businesses into the spotlight.

Amid an ongoing real estate crisis, a privately run aluminium producer in Guangdong, China's manufacturing hub, has thrust the challenges faced by private businesses into the spotlight. Golden World Innovation Aluminium, overwhelmed by the economic headwinds, has suspended production, compelling its staff to take five months of leave with reduced salaries, the South China Morning Post reported. Unemployment pressures mount despite official figures China's economy showed few positive signs in 2023, defying support measures and putting significant pressure on employment. Official unemployment figures remain within the government target of 5.5 per cent, but signs of companies implementing unpaid leave or reductions indicate underlying challenges. Analysts call for more policy support to revive domestic demand and stabilise manufacturing production. The Foshan government's labour market report in November pointed to hefty pressure on manufacturing industries due to economic headwinds. Private sector struggles impact China's economic growth The private sector, historically the backbone of China's economic growth, is yet to fully recover. Fixed-asset investment in the private sector contracted by 0.5 per cent in the first 11 months of the year, in contrast to a rise of 6.5 per cent in the state sector. Golden World Innovation Aluminium, once thriving during the property sector's heyday, is now grappling with declining orders amid the real estate crisis. The slump has become a major drag on the economy, affecting various sectors. Real estate crisis hits multiple sectors The slump in the real estate market has had a cascading effect on industries beyond aluminium production. Yaxin Iron and Steel Group in Henan announced a suspension of production, and Raymond Zheng, owner of a piling company, placed most of his staff on unpaid leave. The funding chain in various industries is broken, leading to solvency problems and compromising the quality of construction projects. Despite these widespread issues, China is still on track to meet its growth target for the year. Challenges persist despite economic growth pledges China's top leadership, at the central economic work conference, emphasised development as the top political priority and pledged efforts to consolidate economic growth. However, challenges such as high youth unemployment, weak business expectations, a drop in exports, a bleak manufacturing sector recovery, and rising local government debts loom large. According to the South China Morning Post, Peng Peng, the executive chairman of the Guangdong Society of Reform, urged increased supportive policies to address the severity of the economic situation. Wide-ranging impact on various sectors The economic slowdown is not confined to specific industries; electronics, plastics producers, and the printing industry have also felt the pinch. Simatelex, a Hong Kong-based electronics producer, closed its Shenzhen factory after 38 years, affecting hundreds of workers. Plastics manufacturers Shenli and Forward, as well as Good Printing, have closed their Shenzhen factories, impacting thousands of jobs. The closures have not only economic ramifications but also affect nearby businesses relying on the workers. China struggles to replace real estate as economic pillar The challenge lies in finding emerging industries powerful enough to replace real estate as a pillar for the national economy. Paris-based investment bank Natixis highlights this concern, emphasising that China has yet to identify industries capable of filling the void left by the real estate sector. The Guangzhou Institute of Greater Bay Area warns of investment conditions' deterioration and funding difficulties for private businesses in 2024 if confidence is not revived. Policy room available, but challenges loom While China maintains a growth target for the year, concerns persist about a protracted weakness in private investment. A report by the Guangzhou Institute of Greater Bay Area urges caution, stating that if confidence isn't revived, private entrepreneurs may continue to face challenges. Xu Qiyuan from the Chinese Academy of Social Sciences emphasised the need for additional gauges beyond the urban surveyed unemployment rate to better reflect the real job pressures. WATCH WION LIVE HERE

China's economic woes deepen as private sector struggles with challenges surrounding unemployment

Sydney, Tokyo, Copenhagen, and many more cities around the world are ready for the Christmas season with vast decorations and twinkling lights shining bright. Keep watching to know more.

The world twinkles with Christmas lights as the season kicks off

China's pneumonia surge is spreading beyond borders. Thsi brings back the memories of dreaded COVID-19. Asian countries are also putting themselves on guard.

China's pneumonia outbreak: Children around the world falling sick, cases rise globally

This morning, global markets reflected the aftermath of Wall Street's tech-fueled surge, with Asian shares generally on the rise as investors awaited the pivotal US Inflation report scheduled for Tuesday. Japanese and Hong Kong stocks experienced gains, contrasting with modest declines in mainland Chinese and Australian markets. The positive momentum followed Friday's NASDAQ 100 upswing of over 2%, driven by Microsoft's new high. However, early Asian trading hours saw a dip in US Market futures. Note: Singapore and Malaysian markets are closed today due to holidays.

Global markets in morning hours: Asia responds to tech-driven wall street gains

Asian markets are under pressure after US Federal Reserve hinted that interest rates may need to rise further.

Global markets roundup | Asian markets under pressure

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