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JAKARTA -- Indonesia allowed a resumption of palm oil exports from Monday after a three-week ban, but shipments were not expected to get underway until details emerge on new rules aimed at securing domestic supplies of the edible oil. The Southeast Asian country, the world's biggest palm oil producer, halted exports of palm oil from April 28 in an attempt to bring down soaring local prices of cooking oil, rattling global edible oil markets already struggling with sunflower oil supply shortages due to the war in Ukraine. President Joko Widodo announced the lifting of the ban on exports of crude palm oil and some derivative products last week, expressing confidence that bulk cooking oil prices were heading towards a target level of 14,000 rupiah ($0.9546) per litre, even if they were currently higher in some areas. Palm oil, used in everything from margarine to shampoo, comprises a third of the world's vegetable oil market, with Indonesia accounting for about 60% of supply. To … [Read more...] about Indonesia policy uncertainty hampers resumption of palm oil exports

The framework is a new kind of trade agreement focusing on an interconnected, clean, resilient, and fair economy. Vietnam’s Prime Minister Pham Minh Chinh highlighted multilateralism at the launch of the Indo-Pacific Economic Framework (IPEF). Vietnam’s Prime Minister Pham Minh Chinh attends the Indo-Pacific Economic Framework (IPEF) on May 23. Photo: VGP Chinh stressed the need of adjusting the growth model and economic connections towards sustainability and resiliency for the framework consisting of Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam, accounting for 40% of the global GDP. He emphasized the role of international unity on the basis of sincerity, trust, and responsibility at the hybrid event held in Tokyo with the attendance of Japan’s Prime Minister Fumio Kishida, India’s PM Narendra Modi, US President Joe Biden, South Korea’s President Yoon Suk-yeol, New … [Read more...] about Vietnam highlights multilateralism at Indo-Pacific forum

Vietnamese Prime Minister Phạm Minh Chính gave the speech at the launch of the Indo-Pacific Economic Framework for Prosperity on Monday. — VNS Photo HÀ NỘI — Việt Nam will join 12 countries in the region in the Indo-Pacific Economic Framework for Prosperity (IPEF) as US President Joe Biden launches the initiative on Monday during his visit to long-term ally Japan. The formal rollout of the IPEF was held in a hybrid format in Tokyo – with US President, Japanese Prime Minister Fumio Kishida, and Indian Prime Minister Narendra Modi taking part in person, and leaders from Australia, Brunei, Indonesia, Malaysia, New Zealand, Philippines, Singapore, South Korea, and Thailand joining remotely. The White House said this economic framework with an initial 13 countries represents 40 per cent of global GDP. The framework will focus on four key pillars – Connected Economy (including rules on digital economy, standards on cross-border data flows and data localisation, online privacy, … [Read more...] about Việt Nam joins Indo-Pacific Economic Framework for Prosperity

A hand-painted portrait of South Korean coach Park Hang-seo, who led Vietnam to the top of Southeast Asian football by clinching the trophy at the 2018 AFF Championship earlier this month, was sold for US$10,500 at an auction in Hanoi on Sunday. The oil painting, named Nguoi thay cua toi (My mentor), is a work by Vietnamese artist Tran The Vinh. It depicts Park on a red background with one hand on his heart, apparently singing to the national anthem of Vietnam during a match. Vu Quang Huy, a popular TV host and sports commentator in Vietnam, was invited to be the honorary auctioneer for the special event. The artwork was sold to the highest bidder for $10,500, half of which was immediately donated to a local charity fund at the auction. The winning bidder asks to remain anonymous. The remaining half of the money would be used to sponsor a foundation that provides financial support to young and rising artists in Vietnam, according to Nguyen Xuan Cuong, director of the … [Read more...] about Portrait of Vietnam football boss Park Hang-seo sells for $10,500

GENEVA — The World Economic Forum’s Community of Chief Economists expects lower economic activity, higher inflation, lower real wages and greater food insecurity globally in 2022, pointing to the devastating human consequences of the fragmentation of the global economy. Reversing previous expectations for recovery, the majority of respondents to the latest survey expect only a moderate economic outlook in the United States, China, Latin America, South Asia and Pacific, East Asia, sub-Saharan Africa and the Middle East and North Africa in 2022. In Europe, the majority expect the economic outlook to be weak. The choices of both business and government are expected to lead to greater fragmentation in the global economy and unprecedented shifts in supply chains, creating a perfect storm of volatility and uncertainty. These patterns are expected to create further difficult trade-offs and choices for policy-makers, and – without greater coordination – shocking human costs. These are the … [Read more...] about Chief economists outlook warns of dire human consequences from the fragmentation of the global economy