What’s Happening in Asia Today?
William Langley reporting from Hong Kong
South Korea: Economists predict that the Bank of Korea will maintain interest rates at 3.5% for the fourth consecutive meeting.
Meetings: The EU-Japan summit kicks off in Brussels, with the presence of European Council President Charles Michel, European Commission President Ursula von der Leyen, and Japan’s Prime Minister Fumio Kishida. Supporters of Pita Limjaroenrat’s Move Forward party display a three-finger salute, symbolizing resistance, during a protest in Bangkok on Wednesday.
Thailand: Parliament is set to vote on a new prime minister. Pita Limjaroenrat, whose progressive Move Forward party gained significant momentum in May’s general election, faces challenges in replacing the military-backed government, including allegations of a possible breach in election regulations.
Markets: Futures in Hong Kong indicate a positive trend on Thursday morning. US stocks and Treasuries experienced a rally on Wednesday, while the dollar weakened following lower-than-expected inflation rates in June, which eases the pressure on the Federal Reserve to raise interest rates. The S&P 500 stock index closed 0.7% higher, with the Nasdaq Composite gaining 1.2%.
Disney Extends CEO Bob Iger’s Contract Until End of 2026
Jaren Kerr reporting from New York
Disney has decided to extend the contract of its CEO Bob Iger until the end of 2026. This extension prolongs what was initially intended as a short-term stay for Iger, who returned to the entertainment giant in November last year. Iger previously led Disney for 15 years as CEO but had appointed Bob Chapek as his successor. Chapek’s tenure lasted only 33 months, plagued with challenges. Iger was originally tasked with finding a new successor before stepping down in 2024, but the board unanimously voted to extend his term by two years.
US Considering Sending Long-Range Missiles to Ukraine
Felicia Schwartz reporting from Vilnius
US President Joe Biden stated on Wednesday that the US is considering the possibility of sending long-range missiles to Ukraine, following the lead of France and the UK, who have already sent similar systems. This marks a potential shift in the US risk assessment in Ukraine as the conflict continues. Kyiv has long sought such weapons to enhance its ability to penetrate Russian defenses, but fears of Russian escalation have deterred the US from providing them. France recently announced its plans to send these weapons, and the UK has already dispatched its Storm Shadow missiles. President Biden mentioned the need for artillery shells, referring to the American long-range missiles, as he boarded a plane from Vilnius to Helsinki after attending a Nato summit.
Biden Reaffirms US Support for Ukraine
Felicia Schwartz reporting from Vilnius
At the end of a comprehensive speech concluding his visit to Lithuania for a Nato summit, President Joe Biden reiterated the United States’ commitment to supporting Ukraine for the long term. “We will not waver, we will not waver,” he emphasized. “I genuinely mean that. Our dedication to Ukraine will not falter. We will stand for liberty and freedom today, tomorrow, and for as long as it takes.”
BASF Adjusts Full-Year Outlook Due to Declining Demand
Alexandra White reporting from New York
German chemical producer BASF has revised its full-year outlook and expects a slowdown in global consumer demand, resulting in weaker sales and earnings than previously projected. The world’s largest chemical producer now forecasts sales between €73 billion and €76 billion, down from the previous range of €84 billion to €87 billion. Adjusted earnings are estimated to be between €4 billion and €4.4 billion, compared to the previous range of €4.8 billion to €5.4 billion. BASF reported preliminary second-quarter sales 25% lower than the previous year, with adjusted earnings declining by 57% compared to the same period last year.
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