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Every weekend, Asia Pacific Daily will provide you with a run-down of the latest hot news.
This week, the following hot news you should know:
Top 1 | China is like a magnet to attract global investors: NDB President
China is like a magnet to attract investors and is creating opportunities for emerging markets and developing countries, Marcos Troyjo, president of the New Development Bank, said at a forum during the World Economic Forum (WEF) Annual Meeting 2022 in Davos.
"China will keep on being one of the top destinations for foreign direct investors for a long time to come," Troyjo said.
The country's huge economic scale and strong economic resilience make it the center of many new value chains, Troyjo said. He added that China's commitment to globalization will continue to provide opportunities for global stakeholders.
Top 2 | UK government approves Chelsea takeover by Boehly group
The UK government has approved the sale of Premier League football club Chelsea to a consortium led by Los Angeles Dodgers part-owner Todd Boehly.
It came a day after the Premier League board approved his purchase of the London club.
The reigning FIFA Club World Cup winners and 2021 European champions will be sold for 2.5 billion pounds ($3.1 billion) — the highest price ever for a sports team, bringing a close to Russian billionaire Roman Abramovich's near 20-year ownership of the football club.
Chelsea has been operating under a government license since Abramovich's assets were frozen in March and it expires on May 31.
Top 3 | UN General Assembly resolution calls for efforts to mitigate food security crisis
The UN General Assembly on Monday adopted a resolution that calls for international efforts to mitigate the current food security crisis.
The resolution calls on the international community to urgently support countries affected by the crisis through coordinated actions, including the provision of emergency food supplies, food programs, financial support, and increased and diversified agricultural production.
It calls for the promotion of a universal, rules-based, open, non-discriminatory and equitable multilateral trading system under the World Trade Organization.
Top 4 | WEF applauds China's commitment to combat COVID-19 pandemic
Shyam Bishen, head of Shaping the Future of Health and Healthcare at the World Economic Forum (WEF), welcomed China's call for building "a community of common health for mankind" amid the global public health crisis caused by the COVID-19 pandemic.
He also underlined the problems of access to COVID-19 vaccines in developing countries, naming it a problem that links to health equity.
He said China has made a significant contribution with its at least three listed COVID-19 vaccines approved for emergency use by the World Health Organization (WHO).
Top 5 | Russian lawmakers give initial approval to bill allowing foreign asset takeover
Russian lawmakers on Tuesday gave the initial approval to a bill that would allow Russian entities to take over foreign companies that have left the market in opposition to Moscow's actions in Ukraine, the government's online portal showed.
Scores of foreign companies have announced temporary shutdowns of stores and factories in Russia or said they were leaving for good since the Russia-Ukraine conflict started in late February.
The bill, passed in the first reading by the lower house of parliament, or Duma, would allow the state development bank VEB or other entities approved by a commission to act as external administration at companies where foreign ownership, specifically from countries that Moscow deems "unfriendly," exceeds 25 percent.
Top 6 | Biden starts Japan tour as protesters take to streets
U.S. President Joe Biden arrived in Japan on Sunday, as about 750 protesters took to the streets of Tokyo against the planned U.S.-Japan summit and the summit of the Quadrilateral Security Dialogue (the Quad).
Tokyo authorities beefed up security and traffic control, mobilizing around 18,000 police officers.
A series of meetings are scheduled during Biden's three-day visit to Japan, following his trip to South Korea, including the summit of the Quad group involving Japan, Australia and India, during which the United States is expected to hustle the Indo-Pacific Economic Framework (IPEF).
Top 7 | Shanghai reopens some public transport routes
With Shanghai's COVID-19 situation easing, local authorities have given the green light for the reopening of four metro lines and 273 bus routes from Sunday.
One of the resumed metro lines is Line 3, which goes to the Shanghai Railway Station and the Shanghai South Railway Station.
Despite the reopening, it seems it will take some time for passenger numbers to return to normal. Around a dozen passengers got off each train at the metro station linked to the Shanghai Railway Station on the first day.
Top 8 | US sees risk of COVID supply rationing without more funds
The White House is planning for “dire” contingencies that could include rationing supplies of vaccines and treatments this fall if Congress doesn’t approve more money for fighting COVID-19.
In public comments and private meetings on Capitol Hill, Dr. Ashish Jha, the White House coronavirus coordinator, has painted a dark picture in which the U.S. could be forced to cede many of the advances made against the coronavirus over the last two years and even the most vulnerable could face supply shortages.
Biden administration officials have been warning for weeks that the country has spent nearly all the money in the $1.9 trillion American Rescue Plan that was dedicated directly to COVID-19 response.
Top 9 | Ukraine Won't End the War Against Russia on the Battlefield: Zelensky
Ukrainian President Volodymyr Zelensky insisted on Saturday that diplomacy is the only way to end the Russian invasion of his country, even as peace talks continue to stall.
"There are things that can only be reached at the negotiating table," Zelensky said in an interview with a Ukrainian news channel.
Ukraine has so far been able to keep Russia from attaining its initial military goals, beating back the invading forces from the capital city of Kyiv and the northern city of Kharkiv. The fighting is now focused on the eastern Donbas region, which has for several years been gripped by pro-Russian separatist forces. As Zelensky made his comments on Saturday, the Times of Israel reported that Russian forces had destroyed a shipment of weaponry bound for Ukraine from ally nations.
Top 10 | Judge delays rollback of restrictions at border for asylum seekers
A federal judge in Louisiana on Friday ordered the Biden administration to continue implementing pandemic-related restrictions at the border that effectively close humanitarian relief options for asylum seekers.
The restrictions were slated to end on Monday.
The restrictions were first implemented under the Trump administration by the Centers for Disease Control and Prevention which issued an order that derives its authority from a decades-old public health law known as Title 42.
The White House said it “disagreed” with the decision but would comply with it.
(ASIA PACIFIC DAILY)
