Tag Archives: Bangkok

Business

Japan sees core inflation at highest in 40 years as Asia-Pacific stocks rise

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Philippines central bank expects economy to see “low growth” next year, not a recession

Central bank governor Felipe Medalla of Bangko Sentral ng Pilipinas (BSP) said the economy is expected to see “low growth” of under 5%, not a recession, next year.

Speaking to CNBC’s Sri Jegarajah in an interview, he said the central bank estimates the economy to grow by 6% next year, higher than the International Monetary Fund’s outlook of 5%.

That outlook may change by around 100 basis points depending on worsening global financial conditions, he added.

The BSP delivered its second 75-basis-point hike of the year on Thursday, raising its benchmark interest rates to 5%.

— Natalie Tham, Jihye Lee

Tencent, NetEase stocks rise after China approves game titles

Shares of Chinese tech companies Tencent and NetEase listed in Hong Kong rose after the companies were granted gaming licenses by China’s National Press and Publication Administration.

Tencent shares rose 3% at open, and NetEase rose more than 5%.

The regulator issued licenses for some 70 games for November, including Tencent’s Metal Slug: Awakening and NetEase’s A Chinese Odyssey: Homecoming.

On Thursday, NetEase shares plunged more than 11% after the company announced its license with Activision Blizzard will be ending in January 2023.

— Jihye Lee

Japan’s core inflation index rises 3.6%, higher than expected

The core consumer price index for Japan rose 3.6% in October on an annualized basis, beating expectations for a rise of 3.5% and the quickest pace since February 1982.

The index, which excludes fresh food but includes fuel costs, rose 3.0% in September compared with the same period a year ago.

The latest data marks the seventh consecutive month that the nation has seen inflation levels above the Bank of Japan’s target of 2%.

— Jihye Lee

CNBC Pro: JPMorgan says these Asian travel stocks are poised to pop

As travel in Asia resumes and continues to gain momentum, especially after China’s recent announcement to reduce quarantine time for international travelers, JPMorgan says it remains bullish on the region’s travel industry.

“Considering the high forward booking visibility and further upside arising from the final leg of re-opening in parts of the region, we stay positive on the Asia airlines & airports sectors,” it said in a Nov. 11 note.

CNBC Pro subscribers can click here to find out which stocks investors should pay attention to.

— Charmaine Jacob

The S&P 500, Nasdaq Composite close lower Thursday

The Dow Jones Industrial Average closed near the flat line on Thursday despite falling as much as 314 points in the session. The S&P 500 fell 0.31%. The Nasdaq Composite declined 0.35%.

— Sarah Min

CNBC Pro: ‘Bull case for semis is compelling’: BofA picks top chip stocks to buy

Chip stocks, once a hot favorite among investors, are doing poorly this year.

But BofA says that despite consumer demand remaining under pressure, the “bull case for semis is also compelling.”

Semiconductor sales could rebound in the second half of 2023, BofA predicted.

Here are some themes that chip stocks could ride on, says the bank, which also picks names to buy.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Fed’s Jefferson said low inflation is the best way to achieve prosperity

Keeping inflation under control is the best way to ensure a strong economy for everyone, Federal Reserve Governor Philip Jefferson said Thursday.

“Low inflation is key to achieving a long and sustained expansion — an economy that works for all,” the central bank official said during an event in Minneapolis. “Pursuing our dual mandate is the best way for the Federal Reserve to promote widely shared prosperity.”

Jefferson did not provide any direct comments on where he sees policy heading as the Fed looks to achieve both full employment and stable prices.

His comments from following a flurry of speeches from his colleagues, who universally say the Fed will need to raise interest rates more to bring down inflation still running around its highest levels since the early 1980s.

—Jeff Cox

Fed’s Bullard says monetary policy not yet ‘sufficiently restrictive’

St. Louis Federal Reserve President James Bullard said more tightening may be needed for the central bank to tame inflation.

He said Thursday that inflation remains unacceptably high, noting that policy isn’t “sufficiently restrictive” at current levels. The Fed has raised rates from zero to a range of 4%-4.25% this year, as U.S. inflation soars to levels not seen in decades.

“Thus far, the change in the monetary policy stance appears to have had only limited effects on observed inflation, but market pricing suggests disinflation is expected in 2023,” Bullard said.

— Fred Imbert

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Business

Japan sees core inflation at highest in 40 years as Asia-Pacific stocks trade mixed

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Alibaba saw delivery disruptions during Singles Day, CEO says

Alibaba CEO Daniel Zhang said, “The resurgence of Covid has affected one area after another, resulting in abnormal or suspended logistic service in different places,” according to a FactSet transcript of the company’s quarterly earnings call Thursday.

Zhang noted logistics disruptions took place through Nov. 11, while adding the company was “seeing improvements.”

Alibaba also announced it would increase its share buyback program by $15 billion.

Read the full story here.

— Evelyn Cheng

Morgan Stanley confirms job cuts in Asia-Pacific

Morgan Stanley’s Asia-Pacific CEO Gokul Laroia confirmed layoffs in the Asia-Pacific region are taking place.

When asked if he could confirm reports of the firm’s plans to cut 10% of its staff of 500 in the region, Laroia told CNBC’s Emily Tan on Thursday the plans are already underway.

“I actually don’t know whether the number is 10%, but there is going to be a reduction in force,” he said. “In fact, that’s in progress.”

Laroia added China remains an important market for Morgan Stanley, despite slowing down more than expected this year, and that the firm expects to remain invested there.

— Jihye Lee

South Korean, Japanese defense stocks rise on North Korea’s missile launch

Shares of South Korean and Japanese defense-related companies rose in Friday’s morning session after North Korea was confirmed to have launched an inter-continental ballistic missile.

In South Korea, shares of Hanwha Aerospace rose 4.69%, Korea Aerospace gained 2.34%, and Victek climbed 2.3%.

In Japan, Mitsubishi Heavy Industries rose 0.93% while Hosoya Pyro-Engineering rose 1.7% in Asia’s afternoon session.

—Jihye Lee

CNBC Pro: While Muddy Waters bets against dLocal, here are the other fintech stocks that short sellers are eyeing

Philippines central bank expects economy to see “low growth” next year, not a recession

Central bank governor Felipe Medalla of Bangko Sentral ng Pilipinas (BSP) said the economy is expected to see “low growth” of under 5%, not a recession, next year.

Speaking to CNBC’s Sri Jegarajah in an interview, he said the central bank estimates the economy to grow by 6% next year, higher than the International Monetary Fund’s outlook of 5%.

That outlook may change by around 100 basis points depending on worsening global financial conditions, he added.

The BSP delivered its second 75-basis-point hike of the year on Thursday, raising its benchmark interest rates to 5%.

— Natalie Tham, Jihye Lee

Tencent, NetEase stocks rise after China approves game titles

Shares of Chinese tech companies Tencent and NetEase listed in Hong Kong rose after the companies were granted gaming licenses by China’s National Press and Publication Administration.

Tencent shares rose 3% at open, and NetEase rose more than 5%.

The regulator issued licenses for some 70 games for November, including Tencent’s Metal Slug: Awakening and NetEase’s A Chinese Odyssey: Homecoming.

On Thursday, NetEase shares plunged more than 11% after the company announced its license with Activision Blizzard will be ending in January 2023.

— Jihye Lee

Japan’s core inflation index rises 3.6%, higher than expected

The core consumer price index for Japan rose 3.6% in October on an annualized basis, beating expectations for a rise of 3.5% and the quickest pace since February 1982.

The index, which excludes fresh food but includes fuel costs, rose 3.0% in September compared with the same period a year ago.

The latest data marks the seventh consecutive month that the nation has seen inflation levels above the Bank of Japan’s target of 2%.

— Jihye Lee

CNBC Pro: JPMorgan says these Asian travel stocks are poised to pop

As travel in Asia resumes and continues to gain momentum, especially after China’s recent announcement to reduce quarantine time for international travelers, JPMorgan says it remains bullish on the region’s travel industry.

“Considering the high forward booking visibility and further upside arising from the final leg of re-opening in parts of the region, we stay positive on the Asia airlines & airports sectors,” it said in a Nov. 11 note.

CNBC Pro subscribers can click here to find out which stocks investors should pay attention to.

— Charmaine Jacob

The S&P 500, Nasdaq Composite close lower Thursday

The Dow Jones Industrial Average closed near the flat line on Thursday despite falling as much as 314 points in the session. The S&P 500 fell 0.31%. The Nasdaq Composite declined 0.35%.

— Sarah Min

CNBC Pro: ‘Bull case for semis is compelling’: BofA picks top chip stocks to buy

Chip stocks, once a hot favorite among investors, are doing poorly this year.

But BofA says that despite consumer demand remaining under pressure, the “bull case for semis is also compelling.”

Semiconductor sales could rebound in the second half of 2023, BofA predicted.

Here are some themes that chip stocks could ride on, says the bank, which also picks names to buy.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Fed’s Jefferson said low inflation is the best way to achieve prosperity

Keeping inflation under control is the best way to ensure a strong economy for everyone, Federal Reserve Governor Philip Jefferson said Thursday.

“Low inflation is key to achieving a long and sustained expansion — an economy that works for all,” the central bank official said during an event in Minneapolis. “Pursuing our dual mandate is the best way for the Federal Reserve to promote widely shared prosperity.”

Jefferson did not provide any direct comments on where he sees policy heading as the Fed looks to achieve both full employment and stable prices.

His comments from following a flurry of speeches from his colleagues, who universally say the Fed will need to raise interest rates more to bring down inflation still running around its highest levels since the early 1980s.

—Jeff Cox

Fed’s Bullard says monetary policy not yet ‘sufficiently restrictive’

St. Louis Federal Reserve President James Bullard said more tightening may be needed for the central bank to tame inflation.

He said Thursday that inflation remains unacceptably high, noting that policy isn’t “sufficiently restrictive” at current levels. The Fed has raised rates from zero to a range of 4%-4.25% this year, as U.S. inflation soars to levels not seen in decades.

“Thus far, the change in the monetary policy stance appears to have had only limited effects on observed inflation, but market pricing suggests disinflation is expected in 2023,” Bullard said.

— Fred Imbert

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Business

This digital nomad left the U.S. for Bangkok and lives on $8K a month

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Jesse Schoberg began plotting his escape from Elkhorn, Wisconsin, where he was born and raised, when he was a teenager. “It’s your typical small town in the Midwest: small, quiet, not too much adventure,” he tells CNBC Make It. “I always knew that I wanted to get out and explore the world.”

The 41-year-old entrepreneur has now been living abroad for 14 years, splitting his time among more than 40 countries — and he has no plans to return to the U.S. anytime soon. 

Schoberg bucked the traditional path of attending college and securing a 9-to-5 job, instead choosing to move to Madison when he was 19, sharpening his coding skills and helping businesses with their website design and development. 

By the time he turned 27, however, Schoberg began to feel restless. He decided to move to a new city and researched apartments in Austin and Denver, but his mind kept drifting to Panama City, the capital of Panama, where he had “one of the best vacations of his life,” as he recalls. 

He moved to Panama City in 2008 and lived there for six years before packing his bags to travel the world full time as a digital nomad, a movement he had learned about, and was inspired to try, during a work retreat in Curaçao. 

In between his travels, Schoberg now calls Bangkok home. He relocated to Thailand in December 2021 and shares a one-bedroom apartment with his fiancee, Janine. 

“The quality of life in Thailand compared to the United States, is much better for 90% of things and more stress-free,” he says. “It’s also a lot easier to afford a luxurious lifestyle.”

Becoming a digital nomad

Schoberg has built a formidable career as an entrepreneur and web developer, earning a six-figure salary each year — but his success didn’t happen overnight.

When he first moved to Panama, Schoberg brought the web design and development firm he established in the U.S. — and his list of clients — with him. 

In 2013, Schoberg and two of his friends who had worked with him on previous projects for the firm, Jason Mayfield and Laura Lee, created DropInBlog, a software start-up that helps website owners add an SEO-optimized blog to almost any platform in minutes. 

Today, DropInBlog has an all-remote staff of 12 employees, with Schoberg at the helm as CEO. 

Becoming his own boss gave Schoberg a more flexible schedule, and he used his newfound free time to travel: After visiting several countries in South America, including Colombia and Costa Rica, he decided to check out Asia, living for short stints in Taiwan, Japan and the Philippines (where he met his fiancee on a Tinder date). 

In 2015, Schoberg stopped in Thailand — and he immediately knew he found his new home. “When I got to Bangkok for the first time, it just had that pulse that felt familiar to Panama City … there’s just this incredible energy on the street and with the people,” he says. “I knew right away that Bangkok was going to be my Panama City 2.0.” 

Schoberg and his fiancee have been splitting their time between Mexico City and Bangkok as he waits for his Thai Elite Visa, a 5-year renewable visa that costs about $18,000 and gives you unlimited access to Thailand as well as entry and exit privileges. 

‘I live a lot better here than I did in the U.S.’ 

Since moving to Bangkok, Schoberg has been able to spend more on travel, dining and other hobbies as well as boost his savings. “While I can afford a pretty nice life in the U.S., I live a lot better here than I did in the U.S.,” he says. “The level of services that you get here — fancier movie theaters, nice cars — completely blow away what you get in the U.S.” 

As an entrepreneur and CEO, Schoberg earns about $230,000 per year. His biggest expenses are his rent and utilities, which together are about $2,710 each month. Schoberg and his fiancee live in a one-bedroom apartment in a building with a private gym, pool, co-working space, restaurant and daily cleaning service. 

He and Janine spend about $1,900 each month on takeout and dining out, often ordering food from local restaurants on a popular app called gopanda. Schoberg’s go-to meals are laos khao soi, a tomato noodle soup with ground meat, and pad krapow, a spicy basil chicken dish. Both meals usually cost $2-$3, Schoberg says, and local restaurants will often give long-term customers discounts. 

The food scene, he says, is a “huge plus” to living in Thailand, and one of the main reasons he chose to move to Bangkok. “Bangkok has an amazing culinary scene, you have pretty much every type of food in the world here,” Schoberg says. “Just around the corner from my apartment, there’s a Belgian sandwich shop and a Vietnamese barbeque joint.” 

Here’s a monthly breakdown of Schoberg’s spending (as of June 2022):

Rent and utilities: $2,709.52 

Food: $1,900.52

Transportation: $197

Phone: $40

Health insurance: $280.39

Subscriptions: $78.48

Discretionary: $2,669.37 

Total: $7,875.28

The Thai culture and people are “much friendlier and more relaxed” than in the U.S., Schoberg adds, and while English is spoken in the more popular tourist regions, like Bangkok, learning Thai has given Schoberg “a huge advantage” as a foreigner.

He attends two Thai classes per week, which costs $269.44 a month, and stresses that “you can really engage in the culture and have a better life” in Bangkok if you’re able to understand Thai.

As a new resident, Schoberg is still exploring Bangkok and all that it has to offer, including its many malls, parks, restaurants and concert venues — one of the magical aspects of living in Bangkok, he adds, is that it can feel like you’re living in two different cities at once. 

“You’ve got the street-level city, which is your food vendors, people running to work, taxis and motorbikes,” he says. “And then there’s this sky city that’s happening in the skyscrapers, with fancy rooftop bars, working spaces and malls … here, you have the contrast of the Chanel store to the 20-cent pork skewer being grilled on the street.” 

Planning a life of travel 

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World

Latest news on Russia and the war in Ukraine

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McKinsey & Co. consulted a Russian weapons maker and the Pentagon at the same time

Superyacht Valerie, linked to chief of Russian state aerospace and defence conglomerate Rostec Sergei Chemezov, is seen at Barcelona Port in Barcelona city, Spain, March 9, 2022.

Albert Gea | Reuters

McKinsey & Co., a major global consulting firm, worked with both a Russian weapons maker and the Pentagon simultaneously, NBC News reported today.

An NBC investigation uncovered that McKinsey advised Rostec, a Russian state-owned manufacturing company in recent years. The company manufactures engines for missiles, including many of the weapons that Russia has fired on Ukraine since its February invasion.

The scope of McKinsey’s work with Rostec did not directly involve weapons, according to the report. Still, the consulting firm was working on national security contracts for the U.S. government, including the Defense Department and U.S. intelligence community.

It’s the latest accusation of conflicts of interest faced by McKinsey. The consulting firm previously worked with opioid manufacturers while advising officials at the U.S. Food and Drug Administration on opioids. Congress has also scrutinized the company for its work in China.

A McKinsey spokesman told NBC News that it has strict rules and firewalls to safeguard against conflicts of interest, and that its work abroad is walled off from its work in Washington.

— Carmen Reinicke

Portugal’s Prime Minister visits Kyiv, meets with Zelenskyy

Portuguese Prime Minister Antonio Costa, center, talks to media in Irpin, Ukraine, Saturday, May 21, 2022.

Efrem Lukatsky | AP Photo

António Costa, Portugal’s prime minister, visited Kyiv today and made a joint appearance with Ukrainian President Volodymyr Zelenskyy to discuss aid, the president’s office said in a statement.

“I once again felt such a closeness of values ​​and a common understanding by our nations of the future of Europe. Portugal has been helping Ukraine since the first days of Russia’s full-scale invasion of our land,” Zelenskyy said, according to a statement.

“I am grateful to your country and to you personally, Mr. Prime Minister, for your defensive, political and humanitarian assistance, as well as for the great support for our citizens, forcibly displaced Ukrainians who fled the war and are now on the European continent in various countries, in particular in Portugal,” he added.

Zelenskyy also called for Portugal’s support in Ukraine’s bid for accession to the European Union.

Costa is the latest of many world leaders to visit Kyiv or reach out to Zelenskyy to provide aid in recent weeks. In a tweet, he confirmed Portugal’s support of Ukraine.

“We are all moved by the European choice made by Ukraine and its people and we welcome it with open arms,” he said. “It is fundamental to accelerate Ukraine’s political and economic convergence with the EU.”

— Carmen Reinicke

Albania buys anti-tank Javelin missiles to strengthen army

A soldier holds a Javelin missile system during a military exercise in the training centre of Ukrainian Ground Forces near Rivne, Ukraine May 26, 2021. Picture taken May 26, 2021. 

Gleb Garanich | Reuters

Albania’s defense minister said Saturday the Western Balkan country has bought anti-tank Javelin missiles to strengthen its defenses.

Niko Peleshi said Albania signed a contract with U.S. Lockheed Martin, without specifying the number of missiles, how much they cost or when they would be delivered.

Peleshi said buying the missiles was part of the army’s modernization efforts.

Earlier this week, Lockheed Martin said the U.S. Army had awarded two production contracts for Javelin missiles and associated equipment and services with total value of $309 million. These contracts include more than 1300 Javelin missiles funded from the recent Ukraine Supplemental Appropriations Act and orders for several international customers including Norway, Albania, Latvia and Thailand.

“Not to create any panic, there is no concrete threat. We are a NATO member country and the national security issue resolved. We are protected,” the minister told journalists.

Peleshi also said NATO is not a threat to any country, including Russia. Tirana supports the alliance’s “open door” policy welcoming Finland and Sweden as new members, which Peleshi said were “two independent sovereign countries with high political, legal and also military standards.”

— Associated Press

Ukrainian forces modify ATVs for use in combat

Soldiers put camouflage atop a weaponized Geon Strike 1000 ATV on May 20, 2022 in Kharkiv Oblast, Ukraine. The commercially sold vehicle was modified by the Ukrainian Army for use against invading Russian soldiers. Troops from the 93rd brigade have been fighting to repel a Russian advance to the south from Izium.

KHARKIV OBLAST – MAY 20: Soldiers put camouflage atop a weaponized Geon Strike 1000 ATV on May 20, 2022 in Kharkiv Oblast, Ukraine. The commercially sold vehicle was modified by the Ukrainian Army for use again invading Russian soldiers. Troops from the 93rd brigade have been fighting to repel a Russian advance to the south from Izium. (Photo by John Moore/Getty Images)

John Moore | Getty Images News | Getty Images

KHARKIV OBLAST – MAY 20: Ukrainian Army Major Oleh “Serafim” Shevchenko checks the steering on an amphibious Argo 8X8 ATV on May 20, 2022 in Kharkiv Oblast, Ukraine. Shevchenko modified the Canadian made vehicle, as well as the Ukrainian made Geon Strike 1000 (L) for military use against invading Russian forces. Soldiers from the Ukrainian Army’s 93rd brigade have been fighting to repel a Russian advance to the south from Izium. (Photo by John Moore/Getty Images)

John Moore | Getty Images News | Getty Images

Soldiers put camouflage atop a weaponized Geon Strike 1000 ATV on May 20, 2022 in Kharkiv Oblast, Ukraine. T

John Moore | Getty Images

KHARKIV OBLAST – MAY 20: Camouflage covers Ukrainian military ATVs on May 20, 2022 in Kharkiv Oblast, Ukraine. Ukrainian Army troops from the 93rd brigade have been fighting to repel a Russian advance to the south from Izium. (Photo by John Moore/Getty Images)

John Moore | Getty Images News | Getty Images

— John Moore | Getty Images

Biden signs $40 billion for Ukraine assistance during Asia trip

U.S. President Joe Biden speaks during a joint news conference with South Korean President Yoon Suk-yeol at the Presidential office in Seoul, South Korea, May 21, 2022. 

Jeon Heon-Kyun | Reuters

President Joe Biden signed legislation to support Ukraine with another $40 billion in U.S. assistance as the Russian invasion approaches its fourth month.

The legislation, which was passed by Congress with bipartisan support, deepens the U.S. commitment to Ukraine at a time of uncertainty about the war’s future. Ukraine has successfully defended Kyiv, and Russia has refocused its offensive on the country’s east, but American officials warn of the potential for a prolonged conflict.

The funding is intended to support Ukraine through September, and it dwarfs an earlier emergency measure that provided $13.6 billion.

The new legislation will provide $20 billion in military assistance, ensuring a steady stream of advanced weapons that have been used to blunt Russia’s advances. There’s also $8 billion in general economic support, $5 billion to address global food shortages that could result from the collapse of Ukrainian agriculture and more than $1 billion to help refugees.

Biden signed the measure under unusual circumstances. Because he’s in the middle of a trip to Asia, a U.S. official brought a copy of the bill on a commercial flight to Seoul for the president to sign, according to a White House official.

— Associated Press

Zelenskyy outlines formal proposal on Russian compensation

Ukrainian President Volodymyr Zelenskyy has proposed a formal deal with allies outlining how to get compensation from Russia for the immense damage it has caused to Ukraine with its invasion.

“We invite partner countries to sign a multilateral agreement and create a mechanism ensuring that everybody who suffered from Russian actions can receive compensation for all losses incurred,” Zelenskyy said in a video address Friday.

Under such a deal, Russian funds and property in nations which are part of the agreement would be confiscated and allocated to a compensation fund.

Ukraine’s president says he will be addressing the World Economic Forum in Davos on May 23.

Ole Jensen | Getty Images News | Getty Images

“That would be fair. And Russia will feel the weight of every missile, every bomb, every shell which it has fired at us,” he said, stressing that such a mechanism would prove that countries that act as invaders would have to pay for their aggression.

Several countries are discussing changing their laws to allow the redistribution of seized foreign assets for compensating war victims or rebuilding countries after war. Canada has already said it would change its laws to enable this.

— Natasha Turak

Boris Johnson spoke with Turkey’s Erdogan about NATO concerns

U.K. Boris Johnson spoke with his Turkish counterpart Recep Tayyip Erdogan on Friday, focusing on their two countries’ cooperation and the war in Ukraine.

Johnson raised the issue of Turkey’s opposition to Sweden and Finland’s NATO membership applications, and “encouraged” Erdogan to work with both countries and NATO leaders to address his concerns, a U.K. government statement said. The 30-member alliance will be meeting in Madrid in June.

Sweden and Finland have made the decision to apply for NATO membership, which would mean a significant enlargement for the alliance along Russia’s western border, as the two countries reassessed their security requirements amid Russia’s war in Ukraine.

NATO requires unanimous consent to admit new members, and so far Turkey is the only state standing in the way, citing the Nordic states’ support for Kurdish groups that Ankara classifies as terrorists.

— Natasha Turak

U.S. and other countries walk out of Asia-Pacific Economic Cooperation meeting amid Russian minister’s speech

Representatives from the U.S., Canada, Australia, New Zealand and Japan walked out of a meeting of ministers during the Asia-Pacific Economic Cooperation summit in Bangkok, Thailand. The walk-out was done while  Russian economy minister Maxim Reshetnikov was speaking, in protest to Russia’s military offensive in Ukraine.

The act was” an expression of disapproval at Russia’s illegal war of aggression in Ukraine and its economic impact in the APEC region,” Reuters quoted one diplomat as saying.

— Natasha Turak

Russia is using Syria-style ‘reconnaissance strike’ tactics, but may not have enough drones for it: UK MoD

Russia is using ‘reconnaissance strike’ tactics which it previously used in Syria, finding targets via reconnaissance drones and then striking them with aircraft or artillery.

But Russia is “likely experiencing a shortage of appropriate reconnaissance UAVs for this task, which is exacerbated by limitations in its domestic manufacturing capacity resulting from sanctions,” the U.K.’s Ministry of Defence wrote in its daily intelligence update on Twitter.

Unmanned aerial vehicles (UAVs) have played a key role for both sides of the Russia-Ukraine war but suffer a high rate of attrition, the ministry wrote, as they are frequently shot down or electronically jammed.

“If Russia continues to lose UAVs at its current rate, Russian forces intelligence, surveillance and reconnaissance capability will be further degraded, negatively impacting operational effectiveness,” the ministry wrote.

— Natasha Turak

Siege ends at Ukraine’s Mariupol steelworks, Russia seeks control of Donbas

A view shows Azovstal steel mill during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine May 20, 2022.

Alexander Ermochenko | Reuters

The last Ukrainian forces holed up in Mariupol’s smashed Azovstal steelworks surrendered, Russia’s defense ministry said, ending the most destructive siege of the war as Moscow fought to cement control over the Donbas region.

Hours before Russia’s announcement on Friday, Ukrainian President Volodymyr Zelenskiy said the last defenders at the steelworks had been told by Ukraine’s military that they could get out and save their lives.

Russia said there were 531 members of the last group that had given up. “The territory of the Azovstal metallurgical plant… has been completely liberated,” the ministry said in a statement, adding that a total of 2,439 defenders had surrendered in the past few days.

The Ukrainians did not immediately confirm those figures.

Russia also launched what appeared to be a major assault to seize the last remaining Ukrainian-held territory in the province of Luhansk, one of two southeastern Ukrainian provinces Moscow proclaims as independent states.

— Reuters

U.S. State officials urge Russia to grant access to detained U.S. citizens

A close up shot of Brittney Griner #42 of the Phoenix Mercury at practice and media availability during the 2021 WNBA Finals on October 11, 2021 at Footprint Center in Phoenix, Arizona.

Michael Gonzales | National Basketball Association | Getty Images

The State Department called on the Kremlin to grant “consistent and timely consular access” to all U.S. citizens detained in Russia.

“One off visits are not sufficient, and we will continue to call on Moscow to uphold its commitments under the Vienna Convention for consistent and timely access as well,” State Department spokesman Ned Price said during a daily press briefing.

Price said that a U.S. consular officer was granted permission to visit detained WNBA star Brittney Griner on Thursday.

“The consular officer found her continuing to do as well as could be expected under these exceedingly challenging circumstances. But again, our message is a clear and simple one we continue to insist that Russia allow consistent and timely consular access to all U.S. citizen detainees,” Price added.

In February, the Olympian was arrested on drug charges after a search of her luggage at the Sheremetyevo International Airport near Moscow allegedly turned up vape cartridges with cannabis oil, Russian authorities said.

The offense could carry a maximum sentence of 10 years in prison.

 — Amanda Macias

Finnish gas supplies from Russia to be cut from Saturday

A photo taken on May 12, 2022 shows pipes at the Gasum plant in Raikkola, Imatra, Finland.

Vesa Moilanen | AFP | Getty Images

Gasum, Finland’s state-owned gas wholesaler, said in a statement that natural gas imports from Russia will be halted on Saturday.

“Starting from tomorrow, during the upcoming summer season, Gasum will supply natural gas to its customers from other sources through the Balticconnector pipeline. Gasum’s gas filling stations in the gas network area will continue in normal operation,” Gasum’s CEO Mika Wiljanen said in a statement.

“It is highly regrettable that natural gas supplies under our supply contract will now be halted. However, we have been carefully preparing for this situation and provided that there will be no disruptions in the gas transmission network, we will be able to supply all our customers with gas in the coming months.”

Gasum gave no reason for the move, but Finland has also reportedly refused to pay for Russian gas in rubles. It also comes just two days after Finland formally applied to join NATO.

Read the full story here.

—Matt Clinch

Read CNBC’s previous live coverage here:

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World

At flooded restaurant near Bangkok, the special is a splash

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NONTHABURI, Thailand (AP) — A flood-hit riverside restaurant in Thailand has become an unlikely dining hotspot after fun-loving foodies began flocking to its waterlogged deck to eat amid the lapping tide.

Now, instead of empty chairs and vacant tables, the Chaopraya Antique Café is as full as ever, offering an experience the canny owner calls “hot-pot surfing.”

If you like your food washed down with plenty of water, this is the place for you.

Shortly after the water tops the parapet, the first diners arrive. Before long, the deck is crammed with carefree customers happily tucking in as if dining in a deluge is the norm.

The wait staff — some clad in rubber boots — step gingerly through the swirl that quickly rises to more than 50 centimeters (20 inches).

The restaurant, in Nonthaburi near Bangkok, opened in February in a riverside location that perfectly complements its antique architecture and décor.

But a recent severe tropical storm and heavy monsoon rains combined to raise the river’s water level. Add in the tides and the result has been daily inundation.

Coming straight after a monthslong coronavirus shutdown, it could have spelled disaster. Instead — boosted by publicity in the Thai media — it’s now so popular that customers need to make reservations.

“This is a great atmosphere. During this flood crisis this has became the restaurant’s signature attraction. So I wanted to challenge myself and try out this new experience,” 24-year-old Siripoj Wai-inta said as he munched his food with the water creeping up his shins.

The owner has dubbed the experience “hot-pot surfing.” When a passenger boat motors past you find out why. The delighted scramble to avoid a soaking from the wave is the moment everyone waits for, and with one passing every 15 minutes, no one goes home disappointed.

It’s TV presenter Titiporn Jutimanon’s first restaurant venture. He says he was worried what would happen when the floods came.

“It turns out the customers have a great reaction. They are happy. We can see the atmosphere of customers enjoying the experience of eating in the water. So a crisis has turned into an opportunity. It encourages us to keep the restaurant open and keep customers happy.”

Best of all, he says, it means he can keep his staff happy by keeping them employed. So, even amid harsh economic times, the only thing that needs a bailout is the restaurant itself.

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World

Thai anti-govt protesters clash with police in Bangkok

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BANGKOK, Aug 7 (Reuters) – More than a thousand Thai anti-government protesters clashed with police on Saturday, as they demonstrated against the government’s failure to handle coronavirus outbreaks and its impact on the economy.

About a hundred police officers in riot gear sealed off a road near Victory Monument in the capital Bangkok with containers and used water cannon, tear gas and rubber bullets to stop a march toward Government House, the office of Prime Minister Prayuth Chan-ocha.

“Tear gas and rubber bullets were used for crowd control. Our goal is to maintain order,” Krisana Pattanacharoen, a police spokesman, told reporters.

The demonstrators threw ping pong bombs, stones and marbles, he added.

Dozens of protesters were seen being carried away on motorcycles and in ambulances. The Erawan Emergency Medical Centre said at least two civilians and three officers had been injured.

Demonstrators react to tear gas during a clash with police at a protest against what they call the government’s failure in handling the coronavirus disease (COVID-19) outbreak, in Bangkok, Thailand, August 7, 2021. REUTERS/Soe Zeya Tun

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“We want Prayuth to resign because people aren’t getting vaccines,” said a 23-year-old male protester, who only gave his first name “Aom”, for fear of repercussions.

“We don’t have jobs and income, so we have no choice but protest.”

Some 6% of Thailand’s population of more than 66 million has been fully vaccinated and most of the country including Bangkok is under lockdown with a night-time curfew. Gatherings of more than five people are currently banned.

Nonetheless, street protests against the government have been held in recent weeks by several groups, including Prayuth’s former political allies, as frustrations mount over its management of the health crisis. read more

Thailand reported on Saturday a record of nearly 22,000 new COVID-19 infections in a single day and the highest deaths, 212 fatalities.

The Southeast Asian country has reported 736,522 total cases and 6,066 deaths from the coronavirus since the pandemic began last year.

Additional reporting by Panarat Thepgumpanat; Editing by Jacqueline Wong, Kirsten Donovan

Our Standards: The Thomson Reuters Trust Principles.

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World

Lockdowns in Asia as some nations see 1st major virus surges

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BANGKOK (AP) — Several countries around Asia and the Pacific that are experiencing their first major surges of the coronavirus rushed to impose tough restrictions, a year and a half into a pandemic that many initially weathered well.

Faced with rapidly rising numbers of infections in recent months, authorities in such countries as Thailand, South Korea and Vietnam announced or imposed measures Friday that they hope can slow the spread before health care systems are overwhelmed.

It’s a rhythm familiar in much of the world, where repeated surges deluged hospitals and led to high numbers of deaths. But many Asian countries avoided that cycle by imposing stiff travel restrictions combined with tough measures at home.

Now some are seeing record numbers of new cases and even deaths, blamed in part on the highly contagious delta variant combined with low rates of vaccination and decisions to ease restrictions that have hit economies hard. Though overall numbers are nowhere yet near those seen during outbreaks in hotspots in Europe and the United States, the rapid rise set off alarm bells just as many Western countries with high vaccine rates began to breathe a sigh of relief.

Thailand reported a record number of new deaths on Thursday with 75 — and they came in at 72 on Friday. South Korea set a record for number of new cases on Thursday, only to break it on Friday with 1,316 infections, according to the Korea Disease Control and Prevention Agency. For the first time, Indonesia is seeing a surge that has hospitals turning patients away and oxygen supplies running out.

Of Thailand’s 317,506 confirmed cases and 2,534 deaths since the pandemic started, more than 90% have come since the start of April.

Prime Minister Prayuth Chan-ocha’s handling of the surge has been widely criticized, including the decision to allow people to travel for April’s Songkran festival celebrating Thailand’s New Year.

Thailand already has strict regulations on wearing masks and other rules to prevent the spread of COVID-19, but the government announced even more stringent measures Friday for Bangkok and the surrounding area, including closing spas, limiting the hours of public transit, and restricting the opening times of markets and convenience stores.

“There is something wrong with the government policies, our vaccinations are too slow, and we should get better vaccines,” said resident Cherkarn Rachasevet, a 60-year-old IT analyst, who hustled to the grocery store to stock up on supplies after hearing new restrictions were coming, wearing four masks and a face shield.

She lamented that she isn’t due for her first shot until the end of the month.

Across the Asia-Pacific region, immunization rates have lagged for a variety of reasons, including production and distribution issues as well as an initial wait-and-see attitude from many early on when numbers were low and there was less of a sense of urgency.

In South Korea — widely praised for its initial response to the pandemic that included extensive testing and contact-tracing — critics are now blaming a current spike in cases on the government’s push to ease social-distancing because of economic concerns. Meanwhile, a shortage in vaccine supplies has left 70% of the population still waiting for their first shot.

The recent death toll has been low, however, and authorities attribute that to the fact that many who have been vaccinated were at-risk older Koreans.

Amid a spike in infections in the Seoul area, authorities announced Friday that starting next week they would impose the strongest restrictions yet. Those include prohibiting private social gatherings of three or more people after 6 p.m., shutting down nightclubs and churches, banning visitors at hospitals and nursing homes and limiting weddings and funerals to family-only gatherings.

No country has been worse hit in the region recently than Indonesia. The seven-day rolling averages of daily cases and deaths both more than doubled over the past two weeks.

Health experts say a partial lockdown imposed July 3 was too little too late and warned the current wave, which is mostly on the islands of Java, Bali, and a few cities on the island of Sumatra, will soon start to spread across the vast archipelago — and the health system is already buckling under the pressure.

Despite a strict national lockdown in nearby Malaysia under which residents are confined to their homes, with only one person per household allowed out to purchase groceries, new cases since it began June 1 continued to shoot up, and a record 9,180 daily cases were reported Friday. The total death toll more than doubled to 5,903 since June 1.

It’s the second national lockdown over the past year and the government said it will stay in place until daily infections fall below 4,000 and at least 10% of the population is vaccinated — but it comes at a tremendous cost, deepening economic hardships, with scores of businesses forced to shutter and thousands losing their jobs.

Vietnam also imposed tighter restrictions on Friday, locking down Ho Chi Minh City, the country’s largest metropolis and its economic and financial hub, for two weeks. The southern city’s 9 million residents are only permitted to leave home to buy food, medicine and for other urgent matters during that time.

Vietnam was able to limit its total coronavirus cases to 2,800 during the first year of the pandemic, and reported almost no new cases in the three months up to the end of April when they began to climb rapidly. In the last two months, the country has recorded some 22,000 new cases, and the less stringent restrictions imposed so far have been unable to stem the rise.

“It is a difficult decision to lock down the city, but it is necessary to curb the pandemic and get back to normalcy,” Prime Minister Pham Minh Chinh said during a government meeting Thursday evening.

Currently, about 4% of the population has received at least one dose of the vaccine, though the Health Ministry said it hopes to inoculate 70% of the country’s 96 million people by the end of the year.

One exception to the regional rule appears to be India, where the delta variant was first detected — perhaps because its surge came first. The country has slowly emerged from a traumatic April and May, when a devastating spike in infections tore through the nation, hospitals ran out of beds and oxygen supplies, and overwhelmed crematoria were forced to burn bodies in pyres outdoors.

New cases and deaths are now decreasing, but with less than 5% of the country’s eligible population fully vaccinated, authorities are scrambling to distribute more shots and are investing heavily in field hospitals and ICU beds, and stockpiling oxygen supplies.

Japan and Australia also announced new restrictions this week. Japan is particularly being watched since its state of emergency means spectators will be banned at most venues a the upcoming Olympics.

With the detection of the delta variant last month in Australia’s New South Wales, state Premier Gladys Berejiklian said Friday that this is now the “scariest period” of the pandemic yet as she announced new restrictions in Sydney after the city reported 44 new cases, in line with the country’s approach to move quickly with targeted measures to stamp out new outbreaks.

“New South Wales is facing the biggest challenge we have faced since the pandemic started,” she said. “And I don’t say that lightly.”

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Associated Press writers from around the region contributed to this report.

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