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Oxfam Report Reveals Asian Governments Underfund Public Services, Exacerbating Inequality

Oxfam Report Reveals Asian Governments Underfund Public Services, Exacerbating Inequality

A new report by Oxfam highlights that Asian governments are significantly underfunding public services, leading to increased inequality across the region. The report, titled 'Rigged from Birth: How Inequality Steals Futures in Asia & Five Public Services,' examines spending on healthcare, education, social protection, care services, and digital access. It found that Asian governments spend an average of 9.4% of GDP on social protection, which is less than half the global average of 19.3%. Public education spending stands at 2.9% of GDP, falling below the international benchmark of 4-6%. In many debt-distressed economies in the region, governments allocate between seven and 25 times more to debt servicing than to social protection. This underfunding forces households to bear a substantial portion of costs, with nearly 38% of health costs paid out-of-pocket, almost double the average in OECD countries. The report cites examples like Bangladesh, where public healthcare spending is less than 1% of GDP, and hou...

U.S. Retrenchment Proposal in Asia Sparks Debate on Regional Stability and Nuclear Proliferation

U.S. Retrenchment Proposal in Asia Sparks Debate on Regional Stability and Nuclear Proliferation

Jennifer Kavanagh, a senior fellow at Defense Priorities, has proposed a fundamental shift in U.S. military posture in East Asia, advocating for a move from the 'first island chain' to the 'second island chain' and a reduction in commitments to regional allies. This proposal, outlined in her report 'A Second Island Chain Strategy for Asia,' has generated significant controversy within American foreign policy circles. While Kavanagh argues this shift serves American national interests by focusing resources on domestic development, critics and observers, including Chinese scholar Jia Min, warn of potential destabilizing consequences. Jia Min highlights that a diminished U.S. security presence could prompt Japan to acquire nuclear weapons or nuclear-powered submarines, a development China would view as an 'absolute red line' and a major disruption to the post-war order in Asia.

World economic growth to slow to 2.6% in 2026, UN trade body says

World economic growth to slow to 2.6% in 2026, UN trade body says

Oct 9 (Reuters) - Global economic growth will likely slow to 2.6% in 2026, down from 2.9% last year, as the energy shock from the crisis in the Middle East is putting the global economy to the test, the United Nations agency for trade and development said on Friday.

Central Asia and Azerbaijan Prioritize Strategic Independence Through Enhanced Connectivity and Economic Diversification

Central Asia and Azerbaijan Prioritize Strategic Independence Through Enhanced Connectivity and Economic Diversification

Central Asian countries and Azerbaijan are actively working to transform regional connectivity into strategic independence, moving beyond being mere transit zones or raw material suppliers. This initiative, highlighted by a meeting in Turkmenbashi, aims to expand economic options, strengthen political autonomy, and foster a more secure regional order. The focus is on creating political, institutional, and economic foundations for a modern, stable, and prosperous region, emphasizing secular governance, national sovereignty, regional security, education, technological development, and pragmatic diplomacy. The Middle Corridor, linking China with Europe through Central Asia, the Caspian Sea, Azerbaijan, Georgia, and Türkiye, is central to this strategy, offering diversified trade routes and reduced dependence on traditional networks. Azerbaijan's full participation is significant, acting as a bridge between Central Asia, the South Caucasus, and European markets through infrastructure investments, energy roles,...

Saint Laurent ends decade-long tenure of designer Vaccarello as part of wider Kering revamp

Saint Laurent ends decade-long tenure of designer Vaccarello as part of wider Kering revamp

PARIS, Oct 9 (Reuters) - Belgian designer Anthony Vaccarello is leaving Saint Laurent after a decade as the brand's creative director, its owner Kering said on Friday, adding that his successor would be announced soon.

Saint Laurent creative director Vaccarello leaves in latest Kering shake-up

Saint Laurent creative director Vaccarello leaves in latest Kering shake-up

PARIS, Oct 9 (Reuters) - Belgian designer Anthony Vaccarello is leaving Saint Laurent after a decade as the brand's creative director, its owner Kering said on Friday, adding his successor would be announced soon.

China's P2P Stablecoin Market Thrives Covertly, Exceeding Official Records

China's P2P Stablecoin Market Thrives Covertly, Exceeding Official Records

China's P2P Stablecoin Market Thrives Covertly, Exceeding Official Records

WTO upgrades goods trade forecast as AI boom offsets Middle East disruption

WTO upgrades goods trade forecast as AI boom offsets Middle East disruption

By Olivia Le Poidevin GENEVA, Oct 8 (Reuters) - The World Trade Organization upgraded its forecast for global merchandise trade growth on Thursday, saying demand for AI-related products had helped offset the impact of disruptions caused by the US-Israeli war with Iran.

World shares are mostly higher and crude prices fall after an unsettled day on Wall St

World shares are mostly higher and crude prices fall after an unsettled day on Wall St

Shares are mostly higher in Europe and Asia, while oil prices have fallen back from recent gains

IMF Warns of Global Economic Challenges from AI, Energy, and Debt

IMF Warns of Global Economic Challenges from AI, Energy, and Debt

IMF Warns of Global Economic Challenges from AI, Energy, and Debt

Uniqlo owner Fast Retailing posts record profit as Western sales overtake China

Uniqlo owner Fast Retailing posts record profit as Western sales overtake China

By Rocky Swift TOKYO, Oct 8 (Reuters) - Japan's Fast Retailing, owner of global clothing brand Uniqlo, reported a forecast-beating 32% rise in annual profit on Thursday, driven by strong sales in North America and Europe, which overtook China as its largest market for the first time.

Tennis-Djokovic backs Sinner's decision to end season early and focus on recovery

Tennis-Djokovic backs Sinner's decision to end season early and focus on recovery

Oct 8 (Reuters) - Novak Djokovic has backed Jannik Sinner's decision to shut down his 2026 season as the world number one continues his recovery from a knee injury, saying the Italian was right to prioritise his long-term future over a rushed return.