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<div class="KonaFilter image-container float_right"><div class="image on-image"><a href="http://www.flickr.com/photos/amandamacmarie/favorites">Yutaka Katayama</a></div></div><keyword id="31671" type="CITY" weightage="60" keywordseo="markets">Markets</keyword> in <keyword id="21718" type="ENTERTAINMENT" weightage="60" keywordseo="Asia">Asia</keyword> and were solidly higher in early Monday trading.
Japan's Nikkei was up 1.23%.
Australia's S&amp;P ASX 200 climbed 1.16%.
U.S. futures already <a href="http://www.businessinsider.com/market-open-october-28-2013-10">opened flat.</a>
Don't miss BI's Sam Ro's <a href="http://www.businessinsider.com/monday-scouting-report-oct-28-2013-2013-10">preview of what's happening in markets this week</a>, including FOMC day.

Markets In Asia Are Up

Top 10 richest people in Asia in 2024

<ul><li>The COVID-19 pandemic has set back the fight against poverty in <keyword id="21718" type="General" weightage="100" keywordseo="asia" source="Orion">Asia</keyword> and the Pacific by at least two years, Asian Developement Bank claims. </li><li>Prevalence of extreme poverty in <keyword id="119132" type="General" weightage="80" keywordseo="asia-pacific" source="Orion">Asia Pacific</keyword> is expected to come down below 1 per cent by 2030.</li><li>About 25 percent of Asia-Pacific population may reach at least the middle-class status, earning ₹1,197 per day. </li></ul> Had COVID-19 not struck, Asia Pacific could have brought down extreme poverty to a level achievable in 2020 itself, enabling more people to improve living standards from surviving at less than USD 1.90 per day, an <keyword id="6355976" type="General" weightage="80" keywordseo="adb" source="Orion">ADB</keyword> report said. People surviving with less than $ 1.90 (about ₹ 152) per day fall under extreme poverty. The COVID-19 pandemic has set back the fight against poverty in Asia and the Pacific by at least two years, said the latest report by <keyword id="50190" type="General" weightage="50" keywordseo="asian-development-bank" source="Orion">Asian Development Bank</keyword> (ADB). The Manila-headquartered multilateral funding agency said many living in the Asia Pacific region will likely find it harder than before to come out of extreme poverty. "The region's economic growth this year is expected to reduce extreme poverty -- defined as living off less than $ 1.90 a day -- to a level that would have been achieved in 2020 had the pandemic not happened," according to <keyword id="14801692" type="General" weightage="50" keywordseo="key-indicators-for-asia" source="Orion">Key Indicators for Asia</keyword> and the Pacific 2022 released on Wednesday. Citing data simulations, ADB said those with lower pre-pandemic levels of social mobility, the ability to escape poverty, may witness "longer-lasting setbacks". COVID-19 has interrupted a long trend of poverty reduction, it said, adding that despite the economies seeming to be recovering the progress remains uneven. The pandemic may also have worsened forms of poverty beyond income, such as food insecurity and inadequate access to health services and education, said the report. "The poor and the vulnerable have been hit hardest by COVID-19, and while economies are recovering, many people may find that getting out of poverty is even more difficult than before," ADB Chief Economist Albert Park stated. Park said governments in the region should focus on resilience, innovation and inclusiveness to provide more balanced economic opportunities and greater social mobility for everyone. Going ahead, the prevalence of extreme poverty in Asia Pacific is expected to come down below 1 per cent by 2030, while about 25 per cent population may reach at least the middle-class status, meaning to have income/consumption of USD 15 or more in a day (about ₹1,197 per day) adjusted to purchasing power parity. However, ADB said this outlook is threatened by differences in social mobility as well as other uncertainties. "Developing Asia faces the potential for stagflation, ongoing conflicts involving key global actors, increased food insecurity, and energy price shocks." ADB has a total of 68 members of which 49 are from the Asia Pacific region.

Pandemic pushes back Asia Pacific's fight against extreme poverty by 2 years: ADB

Asia, home to some of the world's fastest-growing economies, is also a breeding ground for remarkable success stories. In 2023, Asia's wealthiest individuals continue to amass extraordinary fortunes, shaping the region's economic landscape. Here's a glimpse of the top ten <keyword id="7413734" type="General" weightage="20" keywordseo="richest-people-in-asia" source="Orion">richest people in Asia</keyword>, their home countries, and their net worth in billions of US dollars. 1. <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani" source="Orion">Mukesh Ambani</keyword> - India (Net Worth: $91.4 Billion) Mukesh Ambani, the chairman and largest shareholder of Reliance Industries, stands atop the list of Asia's richest individuals. His diverse business empire, which includes telecommunications, petrochemicals, and retail, has made him one of the most influential figures in the region. 2. Zhong Shanshan - China (Net Worth: $61.3 Billion) Zhong Shanshan, known as the "Lone Wolf" for his solitary and determined entrepreneurial journey, is the founder of Nongfu Spring, a leading bottled water company, and Beijing Wantai Biological Pharmacy. His swift rise to wealth has been noteworthy. 3. Gautam Adani - India (Net Worth: $53.2 Billion) Gautam Adani, the chairman of the Adani Group, is a prominent figure in India's infrastructure and energy sectors. His conglomerate has expanded significantly, with interests in renewable energy, ports, and logistics. 4. Zhang Yiming - China (Net Worth: $43.4 Billion) Zhang Yiming is the founder of ByteDance, the tech company behind the global sensation TikTok. His innovative approach to content creation and social media has made him one of the wealthiest tech entrepreneurs in Asia. 5. Colin Zheng Huang - China (Net Worth: $37.4 Billion) Colin Zheng Huang, the founder and CEO of Pinduoduo, a leading Chinese e-commerce platform, has redefined online shopping and garnered massive success in a competitive market. 6. Li Ka-shing - Hong Kong (Net Worth: $37.1 Billion) Li Ka-shing, often referred to as "Superman" in Hong Kong, has a diversified business portfolio, including real estate, utilities, and telecommunications. His influence extends far beyond Hong Kong, making him one of Asia's wealthiest tycoons. 7. Tadashi Yanai and Family - Japan (Net Worth: $35.3 Billion) Tadashi Yanai, the founder and chairman of Fast Retailing, which owns the popular clothing brand Uniqlo, has seen his fortune grow consistently. His contributions to the fashion industry are globally recognized. 8. William Ding - China (Net Worth: $33.4 Billion) William Ding is the founder of NetEase, a Chinese technology company known for its online gaming and e-commerce services. His pioneering work in the tech sector has been integral to his financial success. 9. Ma Huateng - China (Net Worth: $33.3 Billion) Ma Huateng, better known as "Pony" Ma, is the co-founder and chairman of Tencent Holdings. Tencent is a tech giant that has made significant strides in areas like social media, gaming, and artificial intelligence. 10. Shiv Nadar - India (Net Worth: $29.1 Billion) Shiv Nadar, the co-founder and chairman emeritus of HCL Technologies, has been instrumental in establishing one of India's leading IT services companies. His entrepreneurial journey and contributions to the tech industry have earned him a spot among Asia's wealthiest. These individuals, hailing from diverse backgrounds and industries, are a testament to the entrepreneurial spirit and economic dynamism of Asia. As they continue to shape their respective sectors and influence regional and global economies, their wealth underscores the remarkable opportunities and challenges the continent has to offer in the ever-evolving world of business and finance.

Here are the top 10 richest people in Asia

<ul><li>The developing <keyword id="21718" type="General" weightage="100" keywordseo="asia" source="Orion">Asia</keyword>'s economy will grow 4.2 per cent this year and 4.6 per cent next year, <keyword id="6355976" type="General" weightage="80" keywordseo="adb" source="Orion">ADB</keyword> said.</li><li>The Asian Development Bank (ADB) has lowered its economic growth forecasts for the developing Asia region, amid a worsened global outlook.</li><li>Growth in China is expected to slow in 2022 to 3 per cent against a 3.3 per cent expansion predicted in a September report.</li></ul> The Manila-based bank maintained the gross domestic product growth projections for <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> at 7 per cent this fiscal year and 7.2 per cent next fiscal year. The Bank also added even with the downgraded forecast, developing Asia will still do better than other regions globally, both in terms of growth and inflation. The developing Asia's economy will grow 4.2 per cent this year and 4.6 per cent next year, ADB said in a regular supplement to the <keyword id="1006845" type="General" weightage="50" keywordseo="asian-development-outlook" source="Orion">Asian Development Outlook</keyword> (<keyword id="199985" type="General" weightage="50" keywordseo="ado" source="Orion">ADO</keyword>) 2022, released on Wednesday. ADB estimated in September that the economy of the region would grow 4.3 per cent in 2022 and 4.9 per cent in 2023. Monetary policy tightening by central banks globally and in the region, the protracted Russian invasion of Ukraine, and recurring lockdowns in the People's Republic of China (PRC) are slowing down developing Asia's recovery from the Covid-19 pandemic, ADB said. Restrictions under the "zero-Covid" approach, along with a struggling property market, have led to another downgrade of the PRC's growth outlook. "Asia and the Pacific will continue to recover, but worsening global conditions mean that the region's momentum is losing some steam as we head into the new year," said ADB Chief Economist <keyword id="128536" type="General" weightage="50" keywordseo="albert-park" source="Orion">Albert Park</keyword>. "Governments will need to work together more closely to overcome the lingering challenges of Covid-19, combat the effects of high food and energy prices--especially on the poor and vulnerable--and ensure a sustainable, inclusive economic recovery." ADB lowered its forecast for inflation in the developing Asia and the Pacific this year to 4.4 per cent from 4.5 per cent. However, the bank raised its projection for next year to 4.2 per cent from 4 per cent, due to lingering inflationary pressures from energy and food. Growth in China, which is the largest economy in Asia, is expected to slow in 2022 to 3 per cent against a 3.3 per cent expansion predicted in a September report. The forecast for next year was cut to 4.3 per cent from 4.5 per cent, due to the global slowdown, according to the Bank. Gross domestic product growth projections for India were maintained at 7 per cent this fiscal year and 7.2 per cent next fiscal year, according to the ADB. Even with the downgraded forecasts, the ADB expects developing Asia will still do better than other regions globally, both in terms of growth and inflation. ADB's growth forecast for <keyword id="53564" type="General" weightage="20" keywordseo="southeast-asia" source="Orion">Southeast Asia</keyword> this year was raised to 5.5 per cent from 5.1 per cent, amid robust consumption and tourism recovery in Malaysia, the Philippines, Thailand, and Vietnam. Projections for next year, however, were lowered to 4.7 per cent from 5 per cent due to weakening global demand. The growth forecast for the <keyword id="15779915" type="General" weightage="50" keywordseo="caucasus-and-central-asia" source="Orion">Caucasus and Central Asia</keyword> this year was upgraded to 4.8 per cent from 3.9 per cent, while the projection for the Pacific was raised to 5.3 per cent from 4.7 per cent, due to a strong tourism recovery in Fiji. ADO is published every April, with an update in September and brief supplements published normally in July and December. Developing Asia refers to the bank's 46 developing members. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-to-hike-prices-of-commercial-vehicles-by-up-to-2-from-january/articleshow/96193372.cms">Tata Motors to hike prices of commercial vehicles by up to 2% from January</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/not-good-for-govt-to-share-data-in-aggregated-form-g20-sherpa-amitabh-kant/articleshow/96192773.cms">'Not good' for govt to share data in aggregated form: G20 Sherpa Amitabh Kant</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/five-women-newsmakers-in-2022-in-india-droupadi-murmu-madhabi-puri-buch-samantha-ruth-prabhu-in-the-list/slidelist/96191677.cms">Droupadi Murmu, Madhabi Puri Buch, Samantha Ruth Prabhu and more: Five women newsmakers of 2022</a>

ADB trims economic growth forecast for developing Asia; retains India FY23 GDP growth at 7%

MUMBAI: In his latest visit to India, AirAsia founder Tony Fernandes pointed to an air hostess and announced the company will help her "realise her dream" of becoming a pilot. By his side sat <keyword id="1583080" type="COMPANY" weightage="40" keywordseo="AirAsia-India">AirAsia India</keyword> CEO <keyword id="1674460" type="UNKNOWN" weightage="40" keywordseo="Mittu-Chandilya">Mittu Chandilya</keyword>, a former model, and among the audience was India finance chief Vijay Gopalan, who has previously sung for and acted in Tamil movies. 
 
While, AirAsia India's fate in a turbulent sky of cut-throat competition is unknown, its quirky hiring has certainly caught the industry's attention. "It's true AirAsia has made some unusual choices," said Manish Sabharwal, chairman of staffing firm Teamlease Services. "This is something that AirAsia does globally too, and a different pair of eyes always makes things interesting," he added. Out-of-the-box appointments across the board have been integral to the AirAsia story, almost as much as its aggressive fares. 
 Bo Lingam, <keyword id="86568" type="COMPANY" weightage="40" keywordseo="Air-Asia">Air Asia</keyword>'s chief of operations, Kathleen Tan, its former regional commercial director, and Tassapon Bijleveld, CEO of Thai AirAsia, have all joined the airline from Warner Music International, the music company that Fernandes quit as Southeast Asian regional vice-president to launch AirAsia back in 1993. The airline abounds with stories of ground staff elevated to the levels of cabin crew and pilots. 
 Fernandes himself often narrates the story of a loader he spotted just before the take-off of a Cebu-Kota Bharu flight. The loader struck him as brighter than the rest and he asked him whether he aspired to be a pilot. the loader scored record marks at the academy and in seven years has graduated to being the <keyword id="1411" type="POSITION" weightage="40" keywordseo="captain">captain</keyword> of a brand new A320 plane. 
 
In fact, 11 out of AirAsia's first crew of 18 pilots had joined the airline as baggage handlers, cabin crew, cabin assistants or store boys. 
 Sonal Agrawal, managing partner at CEO search firm <keyword id="2438457" type="COMPANY" weightage="40" keywordseo="Accord-India">Accord India</keyword>, said Fernandes "relies on his instincts". But, is it a sound strategy, particularly in a highly competitive industry? Or, is it just that the AirAsia founder is so immensely lucky to have got most his quirky calls right?

Air Hostesses, Loaders Turn Pilots At AirAsia

The Board of Control for Cricket in India (BCCI) on Monday announced a strong 17-member squad for the upcoming <keyword id="10955288" type="General" weightage="80" keywordseo="Asia-Cup-2023" source="Orion">Asia Cup 2023</keyword> which will begin on August 30 with <keyword id="1627109" type="General" weightage="80" keywordseo="jasprit-bumrah" source="Orion">Jasprit Bumrah</keyword>, <keyword id="982208" type="General" weightage="80" keywordseo="shreyas-iyer" source="Orion">Shreyas Iyer</keyword>, <keyword id="6355454" type="General" weightage="80" keywordseo="kl-rahul" source="Orion">KL Rahul</keyword> returning to the squad and Tilak Verma also getting a place in the team The 2023 <keyword id="22687" type="General" weightage="80" keywordseo="asia-cup" source="Orion">Asia Cup</keyword> will be co-hosted by Pakistan and Sri Lanka with the tournament running from August 30 to September 17. Asia Cup will serve as an important benchmark for India's preparations for the World Cup starting in October and will also help selectors make choices for the marquee event. India will open their Asia Cup campaign with an iconic clash against Pakistan on September 2 in Kandy, Sri Lanka. Star all-rounder Hardik Pandya has been appointed Rohit Sharma's deputy in Asia Cup 2023. The squad also marks the return of Jasprit Bumrah to ODI cricket after a gap of more than one year. After proving his fitness in the ongoing T20I series against Ireland, Bumrah is set to test himself in the 50-over format heading into the World Cup. India's pace attack will be boosted by the return of Mohammed Siraj, who was not the in the team for some time due to a sore ankle. <keyword id="8327524" type="General" weightage="80" keywordseo="tilak-varma" source="Orion">Tilak Varma</keyword> made it to India's Asia Cup squad on the back of his strong performance against West Indies during the tour that ended this month. A big question ahead of Team India's selection meeting for the Asia Cup 2023 was the fitness of KL Rahul and Shreyas Iyer. Both have made it to the squad. Bowling all-rounders Kuldeep Yadav and Axar Patel are also in the squad to give the captain more diversity in choices. Apart from Pandya, Ravindra Jadeja is also in the team as an all-rounder. The tournament will kick off with a clash between Pakistan and Nepal in Multan, Pakistan. Pakistan, India and Nepal are in Group A while Bangladesh, Afghanistan and Sri Lanka are in Group B. The tournament will follow a hybrid model with Pakistan hosting four matches across two venues and Sri Lanka hosting the remaining games. The six group-stage matches will be followed by the Super fours, beginning September 6. The final will be played by the top two teams at the end of the Super fours on September 17 in Colombo. Squad: Rohit Sharma (captain), Shubman Gill, Virat Kohli, Shreyas Iyer, KL Rahul, Suryakumar Yadav, Tilak Varma, Ishan Kishan, Hardik Pandya (vice-captain), Ravindra Jadeja, Axar Patel, Shardul Thakur, Jasprit Bumrah, Mohammad Shami, Mohammed Siraj, Kuldeep Yadav, Prasidh Krishna.

India announces Asia Cup squad — Jasprit Bumrah, Shreyas Iyer, KL Rahul return

The <keyword id="14545209" type="General" weightage="20" keywordseo="consumer-IT" source="Orion">consumer IT</keyword> spending in the Asia-Pacific region, already taking the brunt in the ongoing tight market conditions, is set to further slide in 2023, depending on the severity of the economic slowdown, according to an IDC report. The risk of recession worldwide has continued to rise amid increasing inflation and the expectation of a tightening monetary policy. The rising inflation is driven by ongoing supply chain constraints, geopolitical tensions, growing food and energy prices, and early 2022 lockdowns in China. The second-order impact of these disruptions on Asia-Pacific economies is now being felt, the report mentioned. "One in two businesses in the region expect that IT cost price increase stemming from inflation will impact their spending plans for the rest of 2022,a said <keyword id="157894" type="General" weightage="50" keywordseo="vinay-gupta" source="Orion">Vinay Gupta</keyword>, Research Director, IT <keyword id="14545207" type="General" weightage="50" keywordseo="spending-guides" source="Orion">Spending Guides</keyword>, IDC <keyword id="4520299" type="General" weightage="20" keywordseo="asia/pacific" source="Orion">Asia/Pacific</keyword>. "If the situation persists, businesses will either delay projects or adjust spends to focus on strategic initiatives essential for future business functions and needs," he added. However, demand from enterprises and service providers for IT investments remains stable so far in Asia-Pacific. Any further worsening of the financial situation will also impact enterprise and service providers' spending. Consumer IT spending (related to purchase of mobiles, tablets, PCs, wearables, and peripherals) slowed in the first half of 2022 because many device purchases have already happened in the last two years to enable work from home or online classes. According to the report, the expectations were that 2022 would not be that great a year. However, due to rising inflation, even the remaining growth prospect is taking a hit. Enterprise IT spending has been stable as businesses continue to protect IT budgets in the short term, the report noted. "Some capital spending is vulnerable along with investments in new projects because the focus will shift to keeping the lights on rather than putting money on new initiatives," it added. However, the willingness and ability to increase IT budgets in line with rising prices is more uncertain today. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-to-remain-volatile-as-they-await-cues-from-the-fed/articleshow/93099823.cms">Markets to remain volatile as they await cues from the Fed</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/infosys-reports-profit-decline-in-q1-fy23-increases-revenue-margin-guidance-for-fy23/articleshow/93092886.cms">Infosys reports a sequential decline in net profit, but increases revenue &amp; margin guidance for FY23</a>

Consumer IT spending to slide further amid recession fears in Asia-Pacific

<ul><li>The Grow with Google initiative has trained 50 million people in Asia Pacific to date.</li><li>Google said that it will continue to make ad credits available to small businesses in Asia Pacific, as part of a broader, $340 million global commitment. </li><li>Google said it is focusing on three areas: Expanding direct support for small businesses, helping people get <keyword id="1458566" type="PERSON" weightage="20" keywordseo="digital-skills">digital skills</keyword> for the <keyword id="46126" type="ORGANIZATION" weightage="20" keywordseo="economic-recovery">economic recovery</keyword>, and working to make the recovery inclusive.</li></ul>The Grow with Google initiative has trained 50 million people in Asia Pacific to date, empowering small businesses and jobseekers who are facing uncertainty and looking for digital skills training to help them increase their economic potential, the company announced on Thursday. Google said that it will continue to make ad credits available to small businesses in Asia Pacific, as part of a broader, $340 million global commitment. "We'll keep adding new forms of support across all our tools and platforms. But where we believe we can make the biggest, most sustained impact is in digital skills," said Scott Beaumont, President, Asia Pacific. For example, Krishne Tassels, an ornamental tassels company led by a husband and wife from Bengaluru, has been able to weather the <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">Covid-19 pandemic</keyword>. When the pandemic began to affect their operations, owners Raghu and Amita developed a new kind of lace that customers can stitch themselves, then uploaded YouTube tutorials to show them what to do, keeping sales up and building a sense of community at the same time. "Every day, I hear more stories like this one, testifying to the resilience and ingenuity of family business owners across the region. We want to help them adjust and succeed as Asia's economies reopen," said Beaumont. While its economic impacts have been widespread, Covid-19 has cast an especially harsh light on entrenched inequalities around the worldincluding in Asia Pacific. "Not everyone in the region has the same access to the opportunities the internet creates, and we're determined to help change that," said the company. Google said it is focusing on three areas: Expanding direct support for small businesses, helping people get digital skills for the economic recovery, and working to make the recovery inclusive. Earlier this week, backed by funding from Google.org and support from ASEAN, <keyword id="5257777" type="COMPANY" weightage="20" keywordseo="The-Asia-Foundation">The Asia Foundation</keyword> announced a new grassroots programme that will bring skills training to 200,000 people in marginalized communities across Southeast Asia.

'Grow with Google' trains 50 million people in Asia Pacific

<ul><li>Digital payments in Southeast Asia will cross $1 trillion by 2025 according to the e-Conomy SEA 2019 report.</li><li>E-wallets will grow at a faster rate to hit $114 billion by 2025.</li><li>Digital remittances, lending, investments and insurance are expected to piggyback on the success of digital payments.</li></ul>Digital payments in Southeast Asia have reached their inflection point, and are set to cross $1 trillion mark by 2025. That means almost one in every $2 spent in the region is an online transaction according to Google, Tamasek and Bain &amp; Company's e-Conomy <a href="http://think.storage.googleapis.com/docs/e-Conomy_SEA_2019_report.pdf">SEA 2019 report</a>. "These technology-enabled business models are best positioned to give Southeast Asia's underbanked population access to financial services," it said. The report also estimates that e-wallets, a subset of digital payments, will grow even faster to reach $114 billion by 2025 — a five-fold increase over the current value of e-wallets at $22 billion. 
	
 <div type="image" title="googlesea_edited" msid="71575402" hostid="261" caption="&amp;lt;p&amp;gt;Growth trajectory of digital payments in Southeast Asia &amp;lt;/p&amp;gt;"></div>





 Other digital financial services like remittances, lending, investments and insurance are expected to grow at least two to three times their current value, in the next five years. "While new entrants and established players are competing and partnering to tackle this opportunity, supportive regulations will play a critical role," said the report. No monopoly in the fintech space Not only are digital financial services set to grow along with digital payments, they also involve a diverse set of players with no clear leader. Banks, remittance companies and insurance companies have the most experience in the area, but are struggling with the new-age digital services. They're also held back by legacy IT systems that have been in place for years, taking away agility. In comparison to the traditional players, challengers like e-commerce companies, telecos, social media platforms and ride hailing services are comfortable with the technology. But, their customer acquisition costs are higher as they penetrate new markets. Their ability to scale and stay financially sustainable is also yet to be proven. "Digital payments are rapidly spreading online and offline. But talent remains a pressing constraint despite all efforts by Internet economy companies to 'fill the gap'," noted the report. Improvement over last year Until last year, digital payments were a challenge in the Southeast Asian Internet economy. The lack of adoption was hindering the growth of other digital goods like gaming and music subscription services. Last year's e-Conomy SEA report stated that the digital payments ecosystem was largely fragmented, since the solutions weren't compatible with each other and merchants were reluctant to adopt the solution for both online and offline transactions. This year, not only are digital payments expected to grow but digital remittances, lending, investments and insurance are expected to piggyback on its success. See also: <a href="https://www.businessinsider.in/business/news/india-global-competitiveness-index-rank-fall-and-comparison-with-other-countries/articleshow/71574678.cms">India falls 10 places in Global Competitive Index as others race ahead in technology</a> <a href="https://www.businessinsider.in/india-is-as-prepared-as-us-or-australia-to-welcome-the-5g-era/articleshow/71499916.cms">India is as prepared as US or Australia to welcome 5G era</a> <a href="https://www.businessinsider.in/digital-india-mckinsey-report-analysis-of-indias-digital-economy/articleshow/68686474.cms">India is digitising but the pace is leaving many behind</a>

Old players and new challengers battle it out for Southeast Asia's $1 trillion digital payments market

Every year, nearly 6,500 <keyword id="20068743" type="General" weightage="100" keywordseo="adolescent-girls" source="keywords">adolescent girls</keyword> in <keyword id="19897710" type="General" weightage="20" keywordseo="South-Asia" source="keywords">South Asia</keyword> die giving birth. Most of them are minors <keyword id="19895006" type="General" weightage="20" keywordseo="WHO" source="keywords" meta.keywordsubtype="org" meta.entityname="WHO" meta.hostid="261" meta.entityid="WHO">who</keyword> have limited power over their reproductive health or lives, according to a joint analysis done by <keyword id="20018080" type="General" weightage="20" keywordseo="UNICEF" source="keywords" meta.keywordsubtype="org" meta.entityname="UNICEF" meta.hostid="261" meta.entityid="UNICEF">UNICEF</keyword>, WHO and <keyword id="20802066" type="General" weightage="20" keywordseo="UNFPA" source="keywords" meta.keywordsubtype="org" meta.entityname="UNFPA" meta.hostid="261" meta.entityid="UNFPA">UNFPA</keyword>. South Asia accounts for 290 million <keyword id="22387193" type="General" weightage="20" keywordseo="child-brides" source="keywords">child brides</keyword> - nearly half of the world's burden. In three countries in South Asia, they are also four times more likely to be out of school than their unmarried peers, as per the analysis done by United Nations International Children's Emergency Fund (UNICEF), <keyword id="19902256" type="General" weightage="20" keywordseo="world-health-organisation" source="keywords">World Health Organisation</keyword> (WHO) and United Nations Fund for Population Activities (UNFPA). At the two-day regional dialogue on adolescent pregnancy in South Asia, which concluded on Friday, the <keyword id="20679678" type="General" weightage="20" keywordseo="SAARC" source="keywords" meta.keywordsubtype="org" meta.entityname="SAARC" meta.hostid="261" meta.entityid="SAARC">SAARC</keyword> countries, UNICEF South Asia, UNFPA and WHO called for increased commitment to critical services for over 2.2 million adolescent girls that give birth yearly in South Asia, a joint press release issued by the agencies said. "I appreciate the role of governments, UN agencies, NGOs and civil society for the improvements made by the SAARC region over the years in reducing <keyword id="22387194" type="General" weightage="20" keywordseo="teenage-pregnancy" source="keywords">teenage pregnancy</keyword>," said Ambassador Golam Sarwar, the Secretary General of SAARC. "But the region still has a long way to go. I call upon everyone to resolutely address the root causes including child marriage, access to adolescent health education, and removing social stigma in managing the teenage population of the SAARC region," he said. Every year, nearly 6,500 adolescent girls die in childbirth in South Asia, according to the analysis by UNICEF, WHO and UNFPA. Most of them are child brides who have limited or negligible power and autonomy over their reproductive health or lives. When young girls give birth, their lives can be at risk as they are not yet physically ready to give birth. Thousands more girls are forced to drop out of school, face stigma, rejection, violence, unemployment as well as lifelong social challenges. Forty-nine per cent of young girls in South Asia are not in education, employment or training - the highest in the world, the press release said. "We must do better for adolescent girls, particularly those who are married, pregnant or parents. In addition to hurdles to learn, get good healthcare and eat nutritious food, they are denied the opportunity to build skills and start businesses -- everything they need as parents to thrive and fulfil their potential," said Sanjay Wijesekera, UNICEF Regional Director for South Asia. "We must work together and invest in opportunities to unleash the promise of more than 170 million adolescent girls in South Asia. Doing so would be transformative for this region," he said. Government and UN officials, adolescent girls, as well as civil society representatives from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka have participated in the dialogue and reaffirmed their commitment to providing better services to support pregnant adolescent girls and young mothers. This includes opportunities to learn, set up their businesses, and earn a living. The event held in Kathmandu over July 11-12 was jointly organised by SAARC, WHO, UNICEF, and UNFPA and was inaugurated by the Secretary General of SAARC, Ambassador Golam Sarwar. Adolescent mothers have a much higher risk of dying from maternal causes, compared to women in their 20s and 30s. "It is high time that we reverse this trend. The unique physical, cognitive, social, emotional, and sexual development during adolescence necessitates special attention in national and international policies. Effective strategies to tackle adolescent pregnancy require cross-sectoral collaboration and equitable access to a variety of services," said Saima Wazed, Regional Director, WHO South-East Asia.

Over 6,500 adolescent girls die giving birth every year across South Asia, says a recent study

<ul class="summary-list"><li>New York chain <keyword id="1441253" type="PERSON" weightage="60" keywordseo="Shake-Shack">Shake Shack</keyword> is ramping up expansion in <keyword id="21718" type="ENTERTAINMENT" weightage="60" keywordseo="Asia">Asia</keyword>, according to its CEO. </li><li>CEO Randy Garutti told CNBC that Asia will become one of its most important markets.</li><li>It has over 45 restaurants in Asia with more locations in China and Singapore opening imminently. </li></ul>New York chain <a href="https://www.businessinsider.com/shake-shack-shackmeister-burger-ingredients-2020-1">Shake Shack</a> has its sights set on expansion in Asia. The CEO of the restaurant chain said in an interview with <a href="https://www.cnbc.com/2021/04/15/shake-shack-has-big-plans-for-asia-as-it-expands-in-china-macao.html">CNBC</a> on Thursday that the company has "big plans" for Asia and believes that by 2025 it will become one of its most important positions."Our business has been incredibly resilient in Asia," CEO Randy Garutti told CNBC on Thursday morning. Shake Shack has more than 45 locations in China, Japan, South Korea, Singapore, and the Philippines; it plans to open several locations in South China and Singapore in the next few months. Garutti said the company works with local partners to launch in each new area: "We say one shake at a time, one burger at a time, one community at a time," he said, adding that once the company has success with one location, there is opportunity to grow their presence there.Garutti also insisted the dining-in experience would continue to be a strong part of its offering, despite testing new <a href="https://www.businessinsider.com/shake-shack-launches-its-own-in-app-delivery-service-2021-3">delivery options</a> during the pandemic. "We have learned that people are craving to be together with friends," he said.

Shake Shack CEO has revealed its plans for rapid expansion in Asia

<div class="image-container float_right"><div class="image">REUTERSJapan's then Finance Minister Kiichi Miyazawa (L) chats with then U.S. Treasury Secretary-designate Lawrence Summers in the northern Malaysian island of Langkawi, May 15, 1999.</div></div>The weekend is over, Larry Summers<a href="http://www.businessinsider.com/larry-summers-withdraws-name-2013-9"> has withdrawn his nomination for Fed Chair</a>, and Asian markets are up.
<keyword id="6355478" type="COUNTRY" weightage="60" keywordseo="Australia">Australia</keyword>'s ASX 200 is 0.25% higher.
<keyword id="43918" type="COUNTRY" weightage="60" keywordseo="Korea">Korea</keyword>'s Kospi is up 1.08%.
Japan is closed for a holiday.
"Larry Summers' withdrawal from the race for Fed chair will likely be interpreted by markets as bullish for US interest rate curve trades, duration more generally, and risk assets (including credit and equities)," wrote <a href="http://www.businessinsider.com/el-erian-market-reaction-to-summers-2013-9">PIMCO's Mohamed El-Erian for Business Insider</a>. "It may also impact the manner in which the outcome of this week's important Fed policy meeting is interpreted by markets."
This is is Federal Open Market Committee (FOMC) week, so you'll want to keep it here for all your Fed coverage.

Markets Are Rallying In Asia

<div class="KonaFilter image-container float_right"><div class="image">REUTERSSouthern Bluefin Tuna, the primary catch for the luxury Japanese sashimi trade, is inspected at a Tokyo fish market.</div></div>Good morning!
It was an ugly night in Asia, as fears of something bad happening in China seem to be rippling through the region.
The price of copper got clobbered. The Hang Seng index was off 1.6%. Japan was down 2.6%.
US futures, at this point, are only pointing to slight losses though it will be interesting to see what develops during the day. Yesterday was ugly for some of the hottest stocks on the market: Plug Power, Fannie Mae, Freddie Mac, and Tesla. It will be interesting to see if those momentum names keep breaking down.
There is no major economic data coming in the US today.

An Ugly Night In Asia

After a bit of a drop in the US, things are pretty quiet in Asia, though lower.
The Nikkei is modestly lower
<div class="image-container display-table"><div><div class="image"><a href="http://e.nikkei.com/e/fr/marketlive.aspx">Nikkei.com</a></div></div></div>
Meanwhile, Australia is down 0.7%, and Korea is down 1.0%.

You Searched For "asia" and got 15 results

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