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Your Week in Asia

India GDP, Huawei's latest OS, Tiananmen anniversary

Your weekly lineup of Asia's biggest business and political events

Huawei Technologies plans to unveil the latest update of HarmonyOS, the mobile operating system it developed after U.S. sanctions in 2019 forbade Google from supporting Huawei smartphones on the Android OS.    © Reuters

Welcome to Your Week in Asia.

Game time for the Tokyo 2020 Olympics is approaching, but Japan will remain under a COVID state of emergency through June 20, just over a month before the opening ceremony on July 23. This week, Japan will receive its first Olympic arrivals -- 30 of an estimated 70,000 -- from Australia and begin vaccinating Japanese athletes. 

GDP data is due Monday from India and Wednesday from Australia.

Keep up with the Olympics on Nikkei Asia's newly launched Tokyo 2020 live blog, and more of our reporting by following us on Twitter @NikkeiAsia

MONDAY

India's full-year GDP

After a months-long nationwide lockdown resulted in two consecutive quarters of contraction last year, the Indian economy returned to growth in the October-December quarter with a 0.4% expansion. Many economists expect the March quarter, also out Monday, to yield up to 2% growth, but they predict a contraction of 7-8% for the whole fiscal year ended on March 31, 2021. 

Three Gorges Renewables opens IPO orders 

The stage is set for what could be mainland China's largest IPO of the year as China Three Gorges Renewables (Group) begins accepting applications for its share sales on Monday. A unit of China Three Gorges, the world's largest hydroelectric power plant, the group is set to raise 22.49 trillion yuan ($3.52 billion). The listing date in Shanghai hasn't been set. 

The listing is expected to be largest IPO on the mainland bourse since Beijing-Shanghai High-Speed Railway raised $4.4 billion in January 2020.  

Computex opens in Taiwan

One of the computer industry's most important fairs will start virtually on Monday as Taiwan's COVID cases have surged in recent weeks. The global PC industry saw robust demand during the global pandemic thanks to the work-from-home economy. Opening speakers include Lisa Su, CEO of Advanced Micro Devices, and Simon Segars, CEO of British semiconductor design firm Arm. 

TUESDAY

Monde Nissin IPO

Food producer Monde Nissin lists on the Philippine Stock Exchange on Tuesday, becoming the country's largest-ever IPO. The company behind the popular Lucky Me! instant noodle brand raised 48.6 billion pesos ($1 billion) in an offering that drew several cornerstone investors, such as Fidelity International and Singapore's GIC.

Japan vaccinates Olympic athletes

The Japanese Olympic Committee on Tuesday will start vaccinating around 1,600 athletes and coaches bound for the Tokyo games. Among the general population, only 2% have been fully vaccinated since mid-February, with two months to go before the opening ceremony.

Australian team arrives for Tokyo Olympics

Also on Tuesday, the Australian women's softball team will become the first athletes to arrive for Tokyo's increasingly controversial summer games. Thirty vaccinated athletes and support staff will quarantine and train in Gunma Prefecture, northwest of Tokyo, ahead of the Olympics in July. While the Australians will have practice games with local baseball teams, their exchanges with the Japanese public have been cancelled as part of Tokyo 2020's COVID countermeasures. 

Go deeper: Tokyo 2020 lays out medical plans for pandemic Olympics

WEDNESDAY

Japan hosts COVAX summit

Japanese Prime Minister Yoshihide Suga and Foreign Minister Toshimitsu Motegi will host a fundraising drive on Wednesday for Gavi, the global vaccine alliance. Gavi's COVAX facility aims to secure at least $8.3 billion through next year to provide 1.8 billion COVID-19 vaccine doses to lower-income economies. Wednesday's summit aims to raise $1.7 billion that COVAX needs to meet the funding target. Several Asian countries including Bangladesh, India and Indonesia are eligible for the AMC program. 

Huawei's new smartphone OS

Huawei Technologies on Wednesday will unveil the latest update of HarmonyOS, the mobile operating system that Huawei created after U.S. sanctions in 2019 forbade Google from supporting Huawei smartphones on the Android OS. Huawei previously adopted the HarmonyOS on only its non-smartphone devices, in the hope that the U.S. would ease restrictions. But this year, Huawei announced that HarmonyOS will become available on smartphones. 

TSMC tech forum

Taiwan Semiconductor Manufacturing Co., the world's biggest contract chipmaker, will present its latest technologies and expansion plans at a tech forum on Wednesday. 

Why it matters: The forum comes as major economies from the U.S. to Europe push to restore vital chip production. U.S. Commerce Secretary Gina Raimondo this week proposed a $52 billion government funding program for semiconductor production, research and development, which could help generate  seven to 10 new U.S.-based chip plants.

THURSDAY 

Troubled Huarong faces $900m deadline

China Huarong Asset Management faces a $900 million offshore bond deadline on Thursday. Investors have been wary of the company, majority owned by China's Finance Ministry, since the start of April when it failed to meet earnings disclosure deadlines. Its  bonds fell to record lows last month and while they have recovered some of the losses, the company faces a tough redemption schedule this year. The company has not yet defaulted on bonds and media reports have said it has agreed funding lines with state-run banks till August.

FRIDAY

India central bank meets

The Reserve Bank of India, the country's central bank, is expected to hold its benchmark interest rate at its bimonthly monetary policy review amid a deadly second Covid 19 wave that has led to a shutdown of much of the nation. Last May the RBI cut the rate to 4%, the lowest since 2000, and has since kept it unchanged, owing to inflation risks and supply-side pandemic disruptions. 

Tiananmen anniversary

Hong Kongers will have to find alternative ways to commemorate China's brutal crackdown on protesters in Tiananmen Square in 1989, as local authorities have banned the annual candlelight vigil for the second year in a row, citing COVID restrictions. Hong Kong had been the only territory in China where commemorations of the Tiananmen crackdown could take place for the past three decades, but the national security law could outlaw such events.

WEEKEND

APEC trade ministers meet

Trade ministers from the 21 member economies of the Asia-Pacific Economic Cooperation group will meet online on Saturday to discuss the region's recovery from the COVID-19 pandemic. Top of the agenda will be vaccine distribution from vaccine-producing members such as the U.S. and China. The meeting will be chaired by New Zealand. 

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