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Economy

ASEAN leaders under pressure to address economic fallout of Iran conflict

Summit in the Philippines also set to discuss Myanmar and South China Sea A vendor selling vegetables tends to customers at a public market in Manila, the Philippines. Rising prices of basic goods will be in the spotlight at the ASEAN summit in the Philippine city of Cebu this week. © Reuters MANILA/JAKARTA -- The escalating impact of the Iran war on Southeast Asia is expected to dominate this week's ASEAN Summit in the Philippines, as leaders seek to mitigate the effects of the conflict on their economies. The heads of government will also discuss the ongoing crisis in Myanmar and the conclusion of negotiations for a South China Sea code of conduct, according to officials.

May 6, 2026

Economy

Thai cabinet approves plans to borrow $12bn to ease Iran war fallout

Thai Prime Minister Anutin Charnvirakul, center, has said the emergency borrowing is needed to stave off stagflation. (Photo by Ken Kobayashi) BANGKOK -- The Thai government's cabinet approved Tuesday an emergency decree to borrow up to 400 billion baht ($12.2 billion) to alleviate cost-of-living pressures stemming from war in the Middle East.

May 6, 2026

Economy

Japan denies plans for extra budget as yen, bond markets remain volatile

Talks underway behind the doors to help households amid Hormuz energy crisis Prime Minister Sanae Takaichi's government has so far publicly dismissed talk of a supplementary budget. © Kyodo TOKYO -- The turmoil in the Middle East is complicating Prime Minister Sanae Takaichi's plans to pursue "responsibly proactive" fiscal spending as higher oil prices keep the yen and interest rates volatile.

May 6, 2026

Economy

People are a ‘bottleneck’ to AI-led efficiency gains: LY chair

Kentaro Kawabe says AI automakers with just 1 human employee are even possible LY Corp. Chairman Kentaro Kawabe said being an AI solopreneur requires analytical skills about existing businesses and knowledge of AI. (Photo by Satoko Kawasaki) TOKYO -- If humans get involved in artificial intelligence-driven businesses, efficiency will always go down because their presence is a "bottleneck," said Kentaro Kawabe, outgoing chairman of LY Corp., the operator of the Line chat app and web portal Yahoo Japan.

May 6, 2026

Economy

Japan’s moonshot nuclear fusion tech finds earthbound applications

Shinichi Moriyama, head of Kyoto Fusioneering's plasma heating division, checks on its gyrotron, which is used in nuclear fusion. (Photo by David Cortez) Startups explore industrial spin-offs to sustain long quest for boundless energy IBARAKI -- An aging building in Ibaraki prefecture, two hours' drive from Tokyo, gives little hint of the future taking shape inside. Within its worn walls, Kyoto Fusioneering, a Japanese startup, is building and testing what is, in essence, a microwave oven -- only vastly larger and more powerful.

May 6, 2026