Defining Moments

Hi there! Welcome to this week's edition of Asia News Pot. We're mixing things up a bit this time – due to some behind-the-scenes reshuffling, we're bringing you just one power-packed issue this week instead of our usual two. But don't worry, we've made sure it's brimming with all the essential updates from across Asia. Let’s go!

MARKETS
YTD Update*

BUSINESS
Q3 Overview

🇸🇬 Singapore's Economy Grows 4.1% in Q3

Singapore's economy expanded by 4.1% year-on-year in Q3 2024, its fastest growth in two years. The rebound in electronics manufacturing played a key role in this economic acceleration, surpassing economists' expectations.

🇨🇳 China's Q3 GDP Growth Slows to 4.6%

China's economy grew by 4.6% in Q3 2024, its slowest pace in 18 months. Despite recent stimulus measures, the world's second-largest economy continues to grapple with a property sector crisis and weak consumer spending.

🇹🇭 Thailand Cuts Interest Rate for First Time Since 2020

Thailand's central bank unexpectedly reduced its key interest rate to 2.25%, marking the first cut since 2020. The move aims to stimulate economic growth amid challenges including floods and factory closures.

🇰🇷 Hyosung Plans $4 Billion Investment in Vietnam

South Korean conglomerate Hyosung announced plans to invest an additional $4 billion in Vietnam. The investment will focus on various projects including data centers and high-tech industrial materials production.

🇻🇳 Vietnam Targets 7.5% Economic Growth for 2025

Vietnam has set an ambitious GDP growth target of 7-7.5% for 2025. The country aims to expand its economy to $500 billion and increase per capita income to about $4,900.

🇸🇬 Singapore Ranks Second in Global Cross-Border Capital Source

Singapore has emerged as the second-largest source of cross-border capital globally, investing over S$14.3 billion worldwide. This ranking underscores Singapore's growing importance in international finance.

🇲🇾 Malaysia's Stock Market Shows Strong Recovery

Malaysia's stock market has experienced a significant resurgence, with its benchmark index rising 17% in the past year. This revival is attributed to strong economic growth and increased foreign investment.

POLITICS
Big Moves Detected

🇮🇩 Prabowo Subianto Sworn in as Indonesia's New President

Former defense minister and ex-general Prabowo Subianto becomes Indonesia's new president, promising 8% economic growth and nationwide free school lunches. His inauguration marks a significant shift in leadership for Southeast Asia's largest economy.

🇹🇭 Thailand Applies to Join BRICS

Thailand is pushing ahead with its application to join BRICS, the group of developing countries that includes Brazil, Russia, India, China, and South Africa. The move is seen as part of Thailand's efforts to strengthen its role on the global stage.

🇮🇱 The War Will Go On

Israeli Prime Minister Netanyahu declared the war will continue after Israeli forces killed Hamas leader Yahya Sinwar in Gaza. Hezbollah in Lebanon announced an escalation in its war against Israel, while Iran stated the "spirit of resistance will be strengthened."

TECH
Semiconductors are Rocking it

🇹🇼 TSMC Reports 36% Revenue Surge on AI Demand

Taiwan Semiconductor Manufacturing Co. (TSMC) reported a 36% year-on-year increase in Q3 revenue, driven by strong demand for AI chips. The world's largest contract chipmaker serves major clients like Apple and Nvidia.

🇺🇸 Amazon AWS CEO Enforces Five-Day Office Policy

Amazon Web Services CEO defended a new policy requiring employees to work from the office five days a week, suggesting those who disagree should consider leaving the company. The policy is set to take effect in January.

🇹🇭 Thailand Invites China to Build 6G Satellite Launch Base

Thai Prime Minister Paetongtarn Shinawatra has invited China to construct a satellite launch base in Thailand for 6G technology. This invitation is part of efforts to strengthen economic cooperation between the two countries.

🇸🇬 DBS Introduces Blockchain-Powered Banking Services

Singapore's DBS bank has announced new blockchain-powered banking services for institutions, including treasury tokens and programmable rewards. This move aims to optimize liquidity management and streamline operational workflows.

SPORTS
US Grand Prix Weekend

🏎️ Norris Secures Pole for US Grand Prix, Title Race Heats Up

Lando Norris clinched pole position for the US Grand Prix in Austin, marking his seventh career pole, sixth this season, and second consecutive. He'll share the front row with Max Verstappen, while Sainz and Leclerc occupy the second row. This result intensifies the championship battle, with Norris's recent form challenging Verstappen's dominance. As the season enters its final stretch, the question looms: Can Norris maintain this momentum to mount a serious challenge for the world title, or will Verstappen's consistency prevail? The US Grand Prix could be a pivotal moment in this year's thrilling championship fight.

🎾 Sinner Crowned Champion at Inaugural Six Kings Slam

Jannik Sinner defeated Carlos Alcaraz to become the first Six Kings Slam champion. This innovative tournament, held in Riyadh, Saudi Arabia, featured six of the world's top male players competing in a unique format. The event showcased intense matchups between tennis royalty including Novak Djokovic, Rafael Nadal, and Daniil Medvedev, alongside rising stars Sinner and Alcaraz. Sinner's victory underscores his growing prominence in the tennis world and sets the stage for an exciting 2025 season.

INTERESTING FACT

🇹🇭 Thailand is the only Southeast Asian country never colonized by a European power.