Indonesia books preliminary $4.9 billion trade surplus in May, finance minister says
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Diverging Reports Breakdown
Indonesia disburses less than 3% of budget for Prabowo’s flagship free meals programme
Indonesia spent 4.4 trillion rupiah ($270.35 million) by June 12 on President Prabowo Subianto’s flagship programme to give students and expectant mothers free meals. The programme has faced challenges, including concerns in financial markets about the government’s tight budgetary constraints. This year’s total budget for the programme is 171 trillion r upiah ($10.51 billion)
JAKARTA, June 17 (Reuters) – Indonesia spent 4.4 trillion rupiah ($270.35 million) by June 12 on President Prabowo Subianto’s flagship programme to give students and expectant mothers free meals, just 2.6% of this year’s allocation, finance ministry data showed on Tuesday.
Launched in January, the programme has faced challenges, including concerns in financial markets about the government’s tight budgetary constraints as well as cases of food poisoning in some regions.
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The programme had reached around 4.9 million recipients by June 12, served by 1,716 catering units, deputy finance minister Suahasil Nazara told a press conference.
This year’s total budget for the programme is 171 trillion rupiah ($10.51 billion), which assumes that authorities are gradually expanding outreach to eventually serve 82.9 million recipients from 32,000 catering units by the end of the year.
The programme was Prabowo’s key campaign promise during the 2014 presidential election. During rallies, Prabowo estimated the programme would cost 450 trillion rupiah per year when fully implemented.
($1 = 16,275 rupiah)
Reporting by Gayatri Suroyo; Editing by David Stanway
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Thai trade proposal to be submitted to US this week, finance minister says
Thailand faces a 36% U.S. tariff on its exports if a reduction cannot be negotiated. A 90-day pause that caps President Donald Trump ‘s “reciprocal” tariffs at a baseline of 10% expires in July. The United States was Thailand’s largest export market last year, accounting for 18.3% of total shipments worth $55 billion. Washington has put its trade deficit with Thailand at $45.6 billion, while Thailand has a trade deficit of $4.8 billion with the United States. The country’s finance minister said the first round of discussions will take place online.
BANGKOK, June 17 (Reuters) – Thailand’s formal trade proposal will be submitted to the U.S. this week, with the first round of discussions set to take place online, the country’s finance minister said on Tuesday, as it seeks to head off the threat of higher U.S. tariffs
The Southeast Asian nation faces a 36% U.S. tariff on its exports if a reduction cannot be negotiated before a 90-day pause that caps President Donald Trump ‘s “reciprocal” tariffs at a baseline of 10% expires in July.
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Formal trade negotiations with the United States will commence this week, starting with technical discussions at the official level, Finance Minister Pichai Chunhavajira told reporters.
“The latest formal proposal will be submitted following these discussions this week. After that, the first round of discussions with the U.S. will be conducted online,” he said, without giving a date.
Any potential in-person meetings would be considered after the initial talks, Pichai said.
The formal proposal to be submitted would be under the main criteria previously announced, he said.
Last month, Pichai said the country had submitted a proposal to Washington that aims to address the trade imbalance , and includes measures to enhance market access for U.S. exports and tackle transshipment violations, as well as Thai investment that would create U.S. jobs.
On Monday, the commerce minister expressed confidence that both countries could agree on good terms on tariffs , possibly as low as 10%.
The United States was Thailand’s largest export market last year, accounting for 18.3% of total shipments worth $55 billion. Washington has put its trade deficit with Thailand at $45.6 billion.
A meeting to consider a 157 billion baht ($4.8 billion) economic stimulus project will be held on Wednesday, Pichai said, to support a sluggish economy, which could grow by just over 1% this year due to the impact of U.S. tariffs.
Pichai also said he is open to working with any candidate
chosen as the next central bank governor from the list of applicants , leaving the decision to the selection committee.
He said he has already been closely engaging with the central bank on various collaborative matters.
($1 = 32.50 baht)
Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by David Stanway and Jamie Freed
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China’s online literature expands overseas readership in cultural export push
China counted over a half billion consumers of online literature last year – a record. The number of overseas users also jumped as authorities promoted the industry as a cultural export and soft power tool. China’s online literature, which includes web novels in a variety of genres accessible via smart phones, tablets and e-readers, has seen a boom over the past decade with the number of authors and readers soaring. China has the largest readership in Asia, which accounts for about 80% of all readers globally and over 50% of global market share by value.
Summary
Companies Over a half billion Chinese citizens now read online literature
Industry counts more than 350 million overseas readers
HONG KONG, June 17 (Reuters) – China counted over a half billion consumers of online literature last year – a record – according to an official report, while the number of overseas users also jumped as authorities promoted the industry as a cultural export and soft power tool.
China’s online literature, which includes web novels in a variety of genres accessible via smart phones, tablets and e-readers, has seen a boom over the past decade with the number of authors and readers soaring.
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A report by the Chinese Literature Institute, under the Chinese Academy of Social Sciences, said on Sunday that the growth was driven by younger consumers.
Readers aged 26 to 45 accounted for half the total readership, the report said.
The number of online literature consumers in China grew 10.6% year on year in 2024 to 575 million, or nearly half of all citizens.
The number of overseas users, meanwhile, reached 352 million, including readers from more than 200 countries, with the market growing 16.5% year on year to a value of 5.07 billion yuan ($706.12 million).
The report called online literature a new channel for “telling Chinese stories well and deepening exchanges and mutual learning among civilisations”, adding that it had improved the “country’s cultural soft power.” Science fiction in particular was developing rapidly, it added.
With a growth rate of 180%, Japan was the fastest developing foreign market. Britain, Greece, Spain, Brazil, France and Germany also showed strong growth, it said.
Chinese online literature has the largest readership in Asia, which accounts for about 80% of all readers globally and over 50% of global market share by value, the report said.
China Literature Ltd (0772.HK) , opens new tab , a leading Chinese online literary reading and writing platform owned by Tencent (0700.HK) , opens new tab , has turned many of its online literature works into television and web series, movies and games. Its Hong Kong-listed shares have climbed 23% so far this year.
($1 = 7.1801 Chinese yuan renminbi)
Reporting by Farah Master and the Beijing newsroom; Editing by Joe Bavier
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Vietnam parliament approves extension of VAT cut until end-2026
Vietnam cut its VAT rate to 8% from 10% in early 2022 to support the COVID-19 pandemic. The lowered rate applies to most goods and services, with exceptions. The tax cut will cost 121.74 trillion dong ($4.7 billion)
Vietnam cut its VAT rate to 8% from 10% in early 2022 to support the economy after the COVID-19 pandemic, and has since extended it a number of times.
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The lowered rate applies to most goods and services, with exceptions for telecommunication, financial, insurance, real estate and stock trading services and metal products, Vietnam News Agency reported.
The tax cut will cost 121.74 trillion dong ($4.7 billion) in foregone revenue from July to the end of next year, the report cited a Finance Ministry report as saying.
U.S. President Donald Trump said earlier this year that value-added taxes in other countries carried a lot of blame for America’s trade deficit.
($1 = 26,060 dong)
Reporting by Khanh Vu; Editing by John Mair
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New Zealand house prices edge lower in May as market remains soft
New Zealand home prices fell slightly in May although the number of houses sold increased. The stability in interest rates has encouraged more buyers to enter the market, the Real Estate Institute of New Zealand said. Data showed that on a seasonally adjusted basis, excluding New Zealand’s largest city Auckland, house prices were unchanged.
WELLINGTON, June 17 (Reuters) – New Zealand home prices fell slightly in May although the number of houses sold increased, the Real Estate Institute of New Zealand (REINZ) said on Tuesday.
Seasonally adjusted median house prices fell 0.9% from April and were also down 0.9% year-on-year, data from the institute showed.
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“The stability in interest rates has encouraged more buyers to enter the market, though levels of confidence vary by region,” REINZ said in a statement. Data showed that on a seasonally adjusted basis, excluding New Zealand’s largest city Auckland, house prices were unchanged from May 2025.
Reporting by Lucy Craymer Editing by Shri Navaratnam
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