THE US economy faces risks from President-elect Donald Trump’s policy proposals on trade, immigration, tax and fiscal spending, as well as regulation, said a top expert of JP Morgan. 

The US economy probably would grow by around two per cent in 2025, lower than that in the previous two years, said Joyce Chang, chair of JP Morgan Global Research, on Sunday at a show organized by the US National Retail Federation (NRF). 

Speaking at NRF 2025: Re tail’s Big Show, Chang said the United States could lose about 100,000 payrolls each month if the country has lower immigration, and lower immigration flows also mean lower productivity and less consumer spending. 

The trajectory of US fiscal spending is unsustainable and US treasury yield is going to stay elevated, said Chang.

 “We have treasury (yield) trading in a completely different range of four per cent to five per cent,” Chang added. 

She noted the US treasury market could face a test like what happened in August 2023 when treasury yields ticked up and the US dollar gained.

 Moreover, Trump’s tariff proposals on Mexico, Canada and China would lift US inflation by one percentage point and reduce US economic growth by 0.7 percentage points, according to Chang. 

If the United States imposes a 10-per-cent universal tariff, it would add about US$1,250 of costs to an average US household, added Chang. 

A lot of people think the tariff proposals are used to gain negotiation leverage, “but it raises the level of uncertainty”, she said. 

Consumer discretionary bears the most substantial headwinds related to tariff and immigration policies with toys, consumer electronics and home furnishings at the top of a list demonstrated by Chang. 

With the tariffs now being talked about to be expanded to other parts of the world, “the whole issue of how do you diversify your supply chain is gonna be much more of a question mark going forward,” said Chang. — Xinhua

THE year 2024 became a real turning point for Bitcoin. Donald Trump’s election victory and his promises to make the US the “crypto capital” of the world have sent Bitcoin soaring, with several other factors driving the bullish streak.
Bitcoin’s price is primed for new record highs after topping $107,780 in December. It is currently trading at approximately $94,282.07, but under an optimistic scenario, Bitcoin could reach upwards of $120,000 in Q1 2025, crypto experts told Russian media.
Since crypto-friendly Donald Trump’s US presidential election win on 5 November, there has been anticipation of a further favourable environment for Bitcoin. Total assets in Bitcoin exchange traded funds (ETFs) reached around $113 billion in December driven by post-election tailwinds, according to Bloomberg analysis.
The token went on a streak of highs on Trump’s promise to set up a strategic US Bitcoin reserve. Trump’s pick of digital-asset supporter Paul Atkins as his new Securities and Exchange Commission (SEC) chair in early December lifted Bitcoin to $100,000 for the first time.
The token trended higher for most of 2024 after the launch of several US spot Bitcoin ETFs in January. This allowed trading on traditional market exchanges rather than cryptocurrency exchanges. —SPUTNIK

Source: The Global New Light of Myanmar

Senior General Min Aung Hlaing noted that if these power plants which started in 2005 achieved success, the country would have sufficient electrification.
State Administration Council Chairman Prime Minister Senior General Min Aung Hlaing yesterday morning met micro-, small- and medium-sized enterprise (MSME) businesspeople at the city hall in PyinOoLwin to talk about regional development and promotion of manufacturing domestic products.

In his speech, the Senior General underlined that MSME businesspersons can generate electricity from solar energy on a manageable scale for their manufacturing industries as the government encourages generating electricity from solar energy. He continued that power plants are difficult to supply electricity at full capacity while terrorists destroy power plants and towers, declining supply of electricity, and adding power plant projects implemented by the State were halted due to various objections.
The Senior General explained that the government encouraged the projects of generating electricity from solar energy implemented a short term due to difficulties in the electric power sector to supply sufficient electricity upon completion of these projects.
He pointed out that the operation of MSME businesses in PyinOoLwin needs to use domestic raw materials which is essential for production as policies have been adopted for MSME products.
The Senior General stressed that farmland owners have to submit proposals for using the farmlands in other forms under laws and regulations by seeking approvals at different levels.
He urged businesspersons to improve the quality of dairy products, wine, coffee and foodstuffs which are trademarks of PyinOoLwin for local consumption and export purposes if these are surplus.
The Senior General highlighted that residents have to participate in shaping PyinOoLwin as a flower city, a green city, an education city and a healthy city with the prevalence of peace and prosperity.
Local authorities and businesspersons reported on agriculture and livestock farming processes, operation of MSME industries, development of PyinOoLwin, difficulties in operations and subsidies for the coffee industry.
Union ministers and the Mandalay Region Chief Minister discussed plans to coordinate dairy production with relevant ministries, holding the MSMAE product exhibition in Nay Pyi Taw, farmland utilization measures, implementation of the green economy in the city, 18.87 per cent forest coverage of PyinOoLwin and conservation of beauties in the city, fulfilment of the regional government for development of MSME industries.
Also present at the meeting were SAC Joint Secretary General Ye Win Oo, Union Ministers Admiral Moe Aung, U Khin Maung Yi and Dr Charlie Than, senior Tatmadaw officers from the Office of the Commander-in-Chief and officials.
After the meeting, the Senior General and party cordially interestingly viewed round the domestic coffee products and foodstuffs.
At National Kandawgyi Garden, he looked into holding the 17th flower festival to mark the 100th anniversary of the garden and cordially greeted the visitors.
After inspecting the 100-year-old Ginkgo Biloba tree, the Senior General instructed officials to systematically conserve the tree. The Ginkgo Biloba tree is a famous species in China, Japan and Western countries. Ginkgo trees are covered with yellow leaves in autumn in many provinces of China, and some of them last for thousands of years.
The Senior General and his wife planted a cherry tree to mark the centenary celebration of the garden and fed fish and geese in the lake after visiting the Kandawgyi Garden.
Chief Executive Officer U Yazar Htwe of the company as well as in-charge of the garden reported on grandly holding the flower festival, efforts for the existence of the garden and plans to build new fences. The Senior General gave guidance on systematically keeping the documentary photos of the 17th flower festival and their display at a gallery, greening of the garden and beautification, and proper flow of water at the lake.
The company CEO presented a gift to mark the centennial celebration of the garden to the Senior General. — MNA/TTA

Source: The Global New Light of Myanmar

THE Customs Department announced weekly foreign exchange rates to be exercised in levying Customs tariffs and a US dollar is set to be exchanged at K3,588.
The exchange rates for Customs duty from 12 to 18 January are K3,588 against a US dollar, K2,636.59 for a Singapore dollar, K105.11 against a Thai baht and K491.545 for a yuan, the Customs Department announced.
Notification 90/2024 of the Ministry of Planning and Finance stated that the Customs Department will amend the weekly exchange rate as per the online trading rate, instead of the rate based on the reference rate of the CBM, while collecting customs tariffs starting from 1 January 2025.
Moreover, the weekly exchange rate based on the online trading rate will be posted on the website and Facebook Page of the Customs Department weekly, the notification revealed. — NN/KK

Source: The Global New Light of Myanmar

Local farmers and businesspersons from Yekyi Township of Ayeyawady Region shipped 550,000 pieces of dragon fruits to Yangon market said Daw Cherry, the owner of fruit wholesale centre in Yekyi Township.
They sent 450,000 pieces of dragon fruits in October, compared to 550,000 pieces of fruits in November. Local farmers grow dragon fruit plants in organic techniques.
Daw Cherry disclosed: “Farmers and traders dispatched a large number of dragon fruits to Yangon market in November. The fruits from Yekyi Township are quality, attracting customers and consumers.
Now, the fruits can be plucked at the farms in Yekyi Township. So, farmers send their fruits to Yangon market.” Dragon fruit fetches Ks-1,000 to Ks-2,200 at the domestic market, depending on sizes and quality. Thanks to high demand of the fruit from Yangon market, those in production chain can earn increased incomes for their families. SK

Source: Myawady Daily Newspaper

A total of 1,607 industries have been registered with the Small- Scale Industries Department under the Ministry of Cooperatives and Rural Development at the current financial year 2024-2025 beginning 1 April.

Registered small-scale industries are classified into 13 business types including food, garment, consumer goods, house-hold goods, printing, mineral, agriculture and equipment-related businesses. 

The government supports the small-scale manufacturing sector through various initiatives and relevant laws in each region and state. Laboratories are also set up to ensure food safety and product quality.

Registration can be processed in Nay Pyi Taw Union Territory, regions and states. Five licensed-size photos, three copies of the citizenship scrutiny card, ward administrator’s recommendation, six samples labelling ingredients, manufacturing date and expiration date to undertake laboratory tests for food, cosmetic and consumer goods and an application form are required.

SK

Source: Myawady Daily Newspaper

California's egg prices have continued to rise due to ongoing outbreaks of the highly pathogenic avian influenza (HPAI) or bird flu, according to a latest report from the U.S. Department of Agriculture (USDA).

According to the report released Friday, the benchmark price for a dozen large shell eggs in the Golden State rose 0.78 U.S. dollars to 8.97 dollars, while in Southern California, the whole-sale price for a dozen jumbo eggs averaged 8.91 to 9.10 dollars.

Jumbo eggs are the largest size of chicken eggs as classified by the USDA, followed by extra large, large and medium in levels.

Meanwhile, a weekly report issued by the USDA on Friday concluded that the nationwide egg price "began to show some retreat from recent record-high levels, but the undertone remains firm.

"Recent wholesale price on the New York market for large cartoned shell eggs delivered to retailers rose 0.12 to 6.06 dollars per dozen. The price was 3.13 dollars in October, and 2.13 dollars one year ago.

"The rate of shell egg demand held through the final weeks of 2024 -- despite record-high prices in many retail markets across the nation -- is driven by rising concerns about the limited availability of shell eggs at some grocery stores across the nation," the USDA weekly report said.

The USDA blamed the eggs' surging prices and supply concerns on "persistent and significant outbreaks of the HPAI in commercial table egg layer flocks through December," which have led to the culling of millions of egg-laying hens.

In late December, the Centers for Disease Control and Prevention reported that 128,907,392 wild aquatic birds, commercial poultry, and "backyard or hobbyist flocks" were infected by bird flu in the United States, com-pared to 111,412,626 recorded on December 2. Bird flu infect-ions have been reported in all 50 states of the country.

Xinhua

Source: Myawady Daily Newspaper

A total of 1,189 acres of onions have been planted in this year winter crops planting season in Monywa District, Sagaing Region, according to statistics from Department of Agriculture for Monywa District.

During the 2024-2025 winter crops planting season, 11,250 acres of onions are planned to be planted in Monywa District, and since October this year, 1,189 acres have been planted.

“We are working to be able to plant the targeted acres. Onion cultivation is as usual. We are helping the onion growers to connect with onion markets to get a good price,” said Daw San San Myint, head of the Department of Agriculture for Monywa District.

The onion cultivation by town-ships in Monywa District are as per following: 411 acres in Monywa Township, 238 acres in Budalin Township, 155 acres in Ayadaw Township, and 385 acres in Chaung U Township, totalling 1,189 acres.

According to onion growers, one acre of onion costs around Ks-1.8 million, and the yield per acre is 5,000 visses.

SK

Source: Myawady Daily Newspaper

US carmaker Tesla’s megafactory in Shanghai has kicked off trial production seven months after its construction started, according to Tesla China on Tuesday. 

The company told Xinhua Tuesday that the factory is dedicated to manufacturing Tesla’s energy-storage batteries, Megapack, whose mass production is expected to fully start in the first quarter of 2025. 

The project, Tesla’s second plant in Shanghai, underscores the US company’s commitment to investing in the world’s second-largest economy, defying the rhetoric of “decoupling” and “de-risking” from China ratcheted up by some American politicians.

The plant construction set a new record of “Tesla speed” in China, as Gigafactory, Tesla’s first plant in the eastern Chinese financial hub, was built and inaugurated within a year in 2019. 

The new factory is built with an initial capacity of producing 10,000 units annually, equal to around 40 GWh of energy storage. Covering an area of ap proximately 200,000 square metres, the new plant represents a total investment of around 1.45 billion yuan (about US$201.7 million), according to the ad ministration of the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone. — Xinhua

Source: Global New Light of Myanmar

Around $16 billion in remittances were sent to Vietnam this year, roughly the same as last year, according to the government.

The figure, which came from nearly 6 million Vietnamese residing in 130 countries and territories, contributed to many economic, scientific, educational and healthcare activities in Vietnam, Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son said in an interview Thursday.

Last year the $16 billion remittances marked a new record for Vietnam after a period of slow growth due to the impact of Covid-19.

Son said that remittances were among the key factors contributing to the development of Vietnam this year, along with 421 foreign direct invested projects with a combined registered capital of $1.72 billion.

Vietnam will continue to refine its policies and legal framework to foster stronger connections between overseas Vietnamese and their homeland, he said.

Comprehensive and long-term measures will be implemented to support and develop the Vietnamese community abroad, he added.

Efforts are underway to simplify administrative procedures, making it easier for overseas Vietnamese to return to Vietnam to live, invest, and conduct business, he said.

The government is also leveraging information technology to enhance community connectivity and to nurture and develop overseas Vietnamese talent, he added.

The Deputy Prime Minister expressed confidence that overseas Vietnamese communities will continue to maximize their potential, grow stronger, and strengthen ties with the homeland, contributing significantly to the country's development in the coming years.

Economic diplomacy continues to play a pivotal role in Vietnam's overall economic success. The country’s total trade turnover is projected to reach a record $800 billion this year.

Vietnam remains one of the world's leading recipients of foreign direct investment. Additionally, the first 11 months of 2024 saw over 15.8 million international tourists visiting Vietnam, marking a 44% increase compared to the same period in 2023.

Source: VN Express International