Raisina Dialogue, German Chancellor visits Japan and New Zealand expands reopening
Welcome to your week in Asia.
Major companies around the world are releasing their results this week. Apart from this, India will bring together political and business leaders in New Delhi for its first conference, the Raisina Dialogue. German Chancellor Olaf Scholz will travel to Japan to meet Prime Minister Fumio Kishida. New Zealand is set to open its doors to vaccinated visitors from more than 50 countries, starting at the weekend.
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India hosts Raisina Dialogue
The three-day Raisina Dialogue – India’s flagship annual conference on geopolitics and geoeconomics – kicks off. Organized jointly by the country’s Ministry of External Affairs and the New Delhi-based think tank, the Observer Research Foundation, the conference will be opened by Indian Prime Minister Narendra Modi. European Commission President Ursula von der Leyen will be the guest of honor at the opening session.
Speakers include U.S. Under Secretary of Defense for Indo-Pacific Affairs Ely Ratner; former Canadian and Australian prime ministers Stephen Harper and Anthony Abbott; and Hiroyuki Akita, Nikkei commentator on foreign affairs and international security.
Company income: ZTE, Hyundai, POSCO engine
Hong Kong Watch Press Freedom Report
UK-based advocacy group Hong Kong Watch will release a report on the state of press freedom in Hong Kong, amid a sweeping crackdown on civil liberties. The report is based on interviews with 10 exiled journalists and media reports on the events.
Hong Kong was once a bastion of press freedom in the region and an Asian base for many foreign news agencies. Today, more than a dozen journalists and editors have been arrested and at least three independent newsrooms closed since Beijing imposed a sweeping national security law. Authorities have also hinted that they will introduce a “fake news” law, allegedly to combat disinformation. Critics say such a move would further stifle media freedom.
South Korea announces its GDP for the first quarter
Company profits: AU Optronics, Nomura Holdings, Japan Exchange Group, Canon, Kweichow Moutai, new oriental education
The EGM of 51job will decide on the modified takeover offer
51job, a Chinese job search portal operator, is calling an extraordinary general meeting of shareholders to vote on a takeover bid made by a consortium including its co-founder and chief executive Rick Yan. The consortium’s latest proposal is to pay $61 per share to take the company off the Nasdaq. The bid price was cut from $79.05 in March amid deteriorating economic conditions and tighter regulatory policies in China. The company’s decision to seek a voluntary exit coincides with Washington listing more Chinese entities for possible forced ejection from the US stock market.
Company Benefits: MediaTek, UMC, LG, CATL, BYD, GAC, Sinopec, HKEX, Shenhua, SK Hynix, Shin-Etsu Chemical, Renesas Electronics, Oriental Land, Kikkoman, Luxshare
German Chancellor Scholz in Tokyo
German Chancellor Olaf Scholz is in Japan until Friday to meet Prime Minister Fumio Kishida. The pair are expected to discuss Russia’s invasion of Ukraine and other global issues. “Through Chancellor Scholz’s visit to Japan, we look forward to deepening our relationship with Germany, a country with which we share fundamental values and an important partner for us in responding to the problems of the international community,” he said. Japan’s chief cabinet secretary, Hirokazu Matsuno. at a press conference on April 22.
Japan updates its monetary policy
The Bank of Japan concludes a two-day monetary policy meeting, during which the central bank’s stance on inflation and the weaker yen will be closely watched. Inflation in Japan hit a 26-month high in March as more businesses passed on rising raw material and energy costs to consumers.
Taiwan announces Q1 GDP
Company income: Samsung Electronics, Apple, Intel, Twitter, AmazonWin Semiconductors, Murata Manufacturing, ANA Holdings, SMBC Nikko Securities, China Southern Air, SF, Air China, China Vanke, CNOOC
Shareholders have their say on the sale of Crown Resorts
Shareholders of Australia’s largest casino operator will meet to vote on whether to accept an A$8.9 billion ($6.6 billion) takeover bid from US private equity group Blackstone . The majority shareholders of the scandal-ridden group have already pledged their support, including James Packer, the former chairman. Packer’s family founded the company and still controls the largest stake.
Corporate Benefits: Wipro, DBS, UOB, China Eastern Airlines, PetroChina, SAIC Motor
New Zealand extends reopening
New Zealand, which has long enforced strict COVID-19 entry controls, will allow fully vaccinated travelers from more than 50 countries and other visa holders. Visitors will not need to self-quarantine but will be required to take two rapid antigen tests after arrival. The country plans to fully reopen in October.
China publishes its manufacturing PMI