 | Hello from Tokyo. Will Sept. 30 2022 be remembered as a day of infamy? Russian President Vladimir Putin declared the annexation of four regions in Ukraine on this day. In 2014, Russia annexed Crimea in a similar way -- the international community could not stop that invasion. We must never repeat the same mistake.
As United Nations Secretary-General Antonio Guterres said on Thursday, "Any decision to proceed with the annexation of Donetsk, Luhansk, Kherson and Zaporizhzhia regions of Ukraine would have no legal value and deserves to be condemned." He went on to say, "Any annexation of a state's territory by another state resulting from the threat or use of force is a violation of the principles of the U.N. Charter and international law." I could not agree more.
Russia's invasion of Ukraine has already rippled out to a world still reeling from the COVID pandemic. One of the countries that has been tipped over the edge by the surge in fuel prices is Sri Lanka. Our Big Story this week focuses on Asia's debt crisis and in particular, the canary in the coal mine that is Sri Lanka.
We also examine other heavily indebted nations such as Laos and Bangladesh. On the other side of the coin, China, one of the biggest lenders to the region, is facing a financial system plagued with rising bad loans.
Our Business Spotlight from Bengaluru focuses on the aggressive move by one of the world's richest people, Mukesh Ambani, into India's retail and consumer goods market. Reliance, the mammoth conglomerate led by him, can now make its own brands of products from soap and shampoo to cookies and cola.
Our reporter Sayan Chakraborty points out, "Stealing a march over incumbents in consumer goods is easier said than done." Yet, Reliance has deep pockets, good e-commerce platforms, and a long-term vision. We will be keen to watch developments in this space.
In Asia Insight, our diplomatic correspondent Ken Moriyasu and New Delhi correspondent Kiran Sharma dive deep into a military version of China's Belt and Road Initiative, dubbed "String of Pearls." Beijing has sold, gifted or is in talks to deliver submarines to Pakistan, Bangladesh, Myanmar, and Thailand. These countries that surround India could become the potential outposts for the Chinese navy, experts speculate.
Our new Hong Kong correspondent Echo Wong presents her first Market Spotlight, looking at the plunge in new listings in the city. Decoupling of the U.S. and China markets has obviously cast a shadow over the future of Hong Kong. Geopolitical uncertainty and a lack of clarity around a full opening of the city are two key factors impacting the stock market, experts say.
From our Life and Arts section, "Southeast Asia leads vintage Chinese jazz revival" by Marco Ferrarese uncovers jazz culture in Malaysia and Singapore that have their roots in the Shanghai of a century ago.
In our Tea Leaves column titled "Why Britain's royal succession resonates in Asia," our writer Michael Vatikiotis points out "all monarchies in the 21st century are anachronistic." It is true that inequalities often create anti-monarchist sentiment. But in my view as a Japanese, a monarchy reinforces a country's national identity and can provide a sense of national pride, for better or worse.
Last, I hope you enjoy as much as I did our story on a Japanese sake brand, Dassai. The word means "otters' festival" and in this case, it refers to a charming habit that otters have of lining up their catch on the shore before they dig in. I hope this factoid can draw you into this story, as it did me.
What to watch next week
The first week of October is sometimes dubbed "Nobel Prize Week." Researchers who created mRNA vaccines that saved many lives from COVID-19 would be strong candidates for the Physiology or Medicine prize. Japanese novelist Haruki Murakami is always considered to be a candidate for the Literature prize.
We will also continue to watch the global reaction to Russian aggression in Ukraine.
Stay safe and healthy, and have a wonderful weekend!
Shigesaburo Okumura
Editor-in-chief, Nikkei Asia
Follow me on Twitter @ShigesaburoO
|
