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good morning. Welcome to FirstFT Asia. In today’s newsletter we’ll cover:
Former Indian Prime Minister dies
Korean impeachment case
Foreign investment trapped in China
Manmohan Singh, the former Indian prime minister who liberalized India’s economy and then led a period of strong economic growth, has died.
The All India Institute of Medical Sciences in New Delhi announced Singh’s death yesterday, saying the 92-year-old had been receiving treatment for an age-related condition.
An Oxford University-educated economist, he served as finance minister from 1991 to 1996, opening India further to foreign trade and private investment and putting it on the path to becoming a fast-growing economy.
However, Singh was unexpectedly elected prime minister by the Nationalist Congress Party, which won the 2004 parliamentary elections.
Mr. Singh’s 10 years as prime minister, along with a nearly 7 percent growth rate, were marred by widespread corruption allegations against party leaders.
Plus, this is what you’ll see later today and this weekend:
South Korean impeachment case: A day after South Korea’s main opposition party called for the impeachment of the acting president, the country’s Constitutional Court will hold hearings today on whether to formally remove impeached President Yun Seok-Yeol from office.
Russia’s unemployment rate: Data on unemployment, wages and retail sales will be released today.
Georgia’s new president: Mikheil Kavelashvili, a pro-Russian firebrand, will be sworn in on Sunday.
Croatian elections: Voting begins on Sunday for the first round of presidential elections.
5 more top articles
1. Russian anti-aircraft fire may have brought down a plane in Kazakhstan on Christmas Day, U.S. and regional officials say. The Azerbaijan Airlines passenger plane was en route from Azerbaijan’s capital Baku to Grozny in southern Russia when it turned around and crash-landed in Kazakhstan. Here’s what we know so far about the accident:
2. The World Bank has raised its forecast for next year’s GDP growth rate for China by 0.4 percentage points to 4.5 percent. He also reiterated his call on President Xi Jinping to pursue fundamental reforms to address lagging confidence and structural problems in the world’s second-largest economy. Read more about the multilateral lender’s report.
3. Türkiye’s central bank lowered its key interest rate for the first time in almost two years. The central bank cut interest rates by 250 basis points (bp), more than expected, due to a slowdown in consumer demand and a strong lira. Analysts said the government’s recent decision to raise the minimum wage by just 30% next year may also have influenced the central bank’s decision.
4. Finland is investigating a Russian oil tanker for allegedly damaging underwater electricity and communications cables. The Eagle S, part of Russia’s shadow fleet, was captured yesterday, a day after the Estlink 2 submarine power cable in the Gulf of Finland was severed, according to people familiar with the exploration. Read the full text here.
5. A member of Syria’s new police force was killed in clashes in Tartus province, marking the most violent night since Assad’s overthrow. Syria’s interim government said its forces were ambushed by supporters of ousted President Bashar al-Assad during a security operation on Wednesday night.
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detailed news
China’s economic slowdown and the Chinese government’s crackdown on initial public offerings (IP) have left foreign investors’ capital trapped in the country. For the first time in a decade, the world’s 10 largest private equity groups operating in China have listed Chinese companies or sold their stakes outright through M&A deals this year, according to Dealogic statistics. There isn’t.
I’m also reading. . .
Fine wine in the red: Investors have little to toast to as prices for fine Burgundy and vintage Champagne fall due to slowing demand in China.
Underground war: As South Africa’s gold mines are taken over by criminal gangs, authorities resort to siege tactics to “eliminate” the miners.
Cocoa Alternatives: Rising commodity prices and pressure for sustainability are driving confectionery companies to look for alternative ingredients in sweet treats.
Demographic crisis: China is stepping up a nationwide campaign to persuade single people to date, marry and have children, by phoning married women and asking universities to introduce so-called dating courses.
chart of the day
Sales of electric cars are expected to surpass those with internal combustion engines in China next year for the first time. The changes mark a historic turning point that puts the world’s biggest car market years ahead of its Western rivals.
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Take a break from the news
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