Jan 6 2025: Indonesia officially launched its ambitious free meal program on Monday, with the initiative providing meals to 570,000 people on its first day. Spearheaded by President Prabowo Subianto, the program aims to address child malnutrition and stimulate regional economic growth by eventually feeding over 83 million Indonesians, nearly a third of the country’s population, by 2029. Despite its prominence in Prabowo’s election campaign, the program’s rollout was low-key, involving 190 kitchens preparing meals for schoolchildren and pregnant women across more than 20 provinces. Massive Costs and Logistical Challenges The program is estimated to cost $28 billion over five years,…
Author: editor2
Jan 6 2025: The dollar eased slightly on Monday but remained near a two-year high as markets awaited U.S. economic data, including December’s nonfarm payrolls report, for insights into the Federal Reserve’s interest rate plans. The Canadian dollar gained 0.36% against the U.S. dollar to C$1.4395 following reports suggesting Canadian Prime Minister Justin Trudeau may announce his resignation soon. Analysts believe markets have largely priced in the potential for new elections, which could bring clarity to Canada’s political landscape. Chinese Yuan Weakens Further The Chinese yuan fell to a 16-month low, with the onshore yuan sliding to 7.3289 per dollar, while…
Jan 6 2025: Gold prices edged lower in Asian trading on Monday, pressured by a stronger dollar amid expectations that the Federal Reserve will adopt a slower pace of monetary easing in 2025. The yellow metal has faced consistent selling pressure since late December, following the Fed’s indication of a cautious rate-cutting approach next year. By 00:12 ET (05:12 GMT), spot gold was down 0.1%, trading at $2,635.81 an ounce, while February gold futures dropped 0.3% to $2,646.51 an ounce. Fed’s Hawkish Tone Boosts Dollar, Hurts Gold The dollar surged to its highest level since November 2022 after hawkish comments from…
Jan 6 2025: Bitcoin extended its winning streak to a seventh consecutive session on Monday, recovering from a year-end downturn as investors await clarity on U.S. crypto regulations ahead of President-elect Donald Trump’s inauguration. By 01:35 ET (06:35 GMT), Bitcoin had gained 1.1%, trading at $99,513.7. Over the past week, the cryptocurrency has appreciated by 6%. In December 2024, Bitcoin achieved an all-time high of $108,244.9, driven by institutional adoption and expectations of favorable regulatory developments under the incoming administration. However, the latter part of December saw a sharp price correction, triggered by profit-taking and the U.S. Federal Reserve’s hawkish monetary…
Jan 6 2025: Taiwanese stocks edged higher on Monday, buoyed by strong performances in the Computers & Peripherals, Oil, Gas & Electricity, and Semiconductor sectors. The Taiwan Weighted Index rose by 0.33% at the close. Top Performers: Global Brands Manufacture Ltd (TW:6191): Surged 9.97%, adding 6.30 points to close at 69.50. Universal Inc (TW:1325): Climbed 9.90%, gaining 2.85 points to finish at 31.65. Spirox Corp (TW:3055): Increased 9.89%, up 6.20 points to end at 68.90. Lagging Performers: Chroma ATE Inc (TW:2360): Declined 9.94%, losing 39.00 points to close at 353.50. Goldsun Building Materials Co Ltd (TW:2504): Dropped 9.90%, down 5.20 points…
Jan 3 2025: Millions of government workers across China received unexpected wage increases this week, as Beijing seeks to boost consumer spending to counter the nation’s slowing economy. The cumulative payout, if extended to all 48 million public-sector workers, could inject between $12 billion and $20 billion into the economy, according to terms shared with Reuters. This marks the first nationwide salary hike for civil servants since 2015, when pay was raised by over 30% to combat corruption and enhance spending power. Although no official announcement was made, reports suggest an average monthly pay increase of 500 yuan ($68.50), with junior…
Jan 3 2025: Asian currencies traded within a flat-to-low range on Friday, under pressure from a strong dollar as markets braced for a more gradual pace of interest rate cuts by the Federal Reserve in 2025. Regional trading volumes remained subdued due to New Year holidays, with Japanese markets closed until next week. Chinese Yuan Drops Amid PBOC Rate Cut Signals The Chinese yuan emerged as one of Asia’s weakest performers, hitting its lowest point in nearly 16 months after a report by the Financial Times suggested that the People’s Bank of China (PBOC) would implement further interest rate cuts in…
Jan 3 2025: Oil prices remained steady on Friday, hovering near their highest levels in over two months as optimism grew that global policy measures could stimulate economic growth and drive fuel demand. Brent crude futures inched up by 1 cent to $75.94 per barrel by 0720 GMT, following Thursday’s close, which marked the highest level since October 25. Similarly, U.S. West Texas Intermediate (WTI) crude edged higher by 1 cent to $73.14 per barrel, its best close since October 14. Both benchmarks are set for a second consecutive weekly gain, supported by improved trade liquidity as investors returned from holiday…
Jan 3 2025: Bitcoin climbed on Friday, continuing its recovery from a sharp New Year sell-off as traders anticipated a clearer U.S. regulatory landscape under President Donald Trump. The spotlight remained on stablecoin Tether (USDT), which saw its market capitalization experience its steepest decline since the 2022 FTX collapse. This drop came in the wake of the European Union’s Markets in Crypto-Assets (MiCA) law, which took full effect in late December. Compliance concerns led several European exchanges and Coinbase Global Inc (NASDAQ:COIN) to delist Tether. Crypto Market Recovers Amid Mixed Sentiment The broader cryptocurrency market faced heavy selling pressure in the…
Jan 3 2025: Tesla (NASDAQ:TSLA) reported a record 8.8% rise in China sales in 2024, delivering over 657,000 cars in the world’s largest automotive market. This robust performance contrasts with a global 1.1% decline in Tesla’s deliveries, marking the first annual drop in the company’s history. In December alone, Tesla sold 83,000 vehicles in China, a 12.8% increase from November, according to Tesla China. The country accounted for 36.7% of Tesla’s total deliveries in 2024, solidifying its position as Tesla’s second-largest market. Global Challenges Amid Chinese Competition Globally, Tesla delivered 1.79 million cars, narrowly maintaining its lead over China’s BYD (SZ:002594),…
