Masatsugu Asakawa elected ADB President

Masatsugu Asakawa has been unanimously elected President of the Asian Development Bank (ADB) by its Board of Governors. Asakawa, 61, currently special advisor to Japan’s Prime Minister and Minister of Finance, will assume office as ADB's 10th President on January 17, 2020. He will succeed Takehiko Nakao, who will leave office on January 16, 2020. Asakawa will finish the unexpired term of President Nakao, which ends on November 23, 2021.
“Asakawa’s extensive and diverse experience in international finance and development will serve ADB well in pursuing its vision of a prosperous, inclusive, resilient, and sustainable Asia and the Pacific,” said deputy prime minister and minister of Economy and Finance of the Republic of Korea and chair of the ADB Board of Governors Hong Nam-Ki. “The ADB Board of Governors looks forward to working with Asakawa.”
In a career spanning close to four decades, Asakawa has held a range of senior positions at the Ministry of Finance of Japan, including vice minister of Finance for International Affairs, and gained diverse professional experience in development policy, foreign exchange markets, and international tax policy.
He served as finance deputy for the 2019 G20 Osaka Summit and the G20 Finance Ministers and Central Bank Governors meeting in Fukuoka, Japan. Furthermore, in the immediate aftermath of the Global Financial Crisis, he took part in the first G20 Leaders’ Summit Meeting in his capacity as executive assistant to the then Prime Minister Taro Aso. Asakawa has had frequent engagement with the Organisation for Economic Co-operation and Development (OECD), including as chair of the Committee on Fiscal Affairs from 2011 to 2016.
Asakawa served as a visiting professor at the University of Tokyo from 2012 to 2015 and at Saitama University from 2006 to 2009. He obtained his Bachelor of Arts from the University of Tokyo in 1981 and MPA from Princeton University in 1985.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty, it claims in a press note. “In 2018, it made commitments of new loans and grants amounting to $21.6 billion.”
Established in 1966, it is owned by 68 members, 49 from the region.

NAC operates chartered flight to Tokyo

Nepal Airlines Corporation (NAC) is operating first of its two chartered flights to Narita International Airport of Tokyo in Japan today evening.
According to the national flag carrier, NAC’s Airbus A330-200 aircraft will leave Tribhuvan International Airport (TIA) in Kathmandu for Tokyo at 9:30 pm and return to Kathmandu at 9:30 am tomorrow.
The second chartered flight has been scheduled for October 2, the NAC informed, adding that the two chartered flights have been taken as the national flag carrier’s preparation to fly to Narita International Airport in Tokyo. “NAC has initially showed interest to operate scheduled flights to Tokyo Narita but it launched flights to Osaka after it couldn’t get approval for Tokyo flights.”
The NAC has got at least 100 tickets booking for Narita flights as of today evening.
The national flag carrier currently is operating two flights a week to Osaka due to low passenger turnout. The NAC has launched its first direct flight to Osaka on August 29 with a fixed airfare at Rs 36,900 for one way and Rs 72,814 for a round trip. The national flag carrier had initially launched three flights a week on the sector but it is operating only two flights a week – on Tuesday and Saturdays – currently due to low passenger turnout.
The national flag carrier operates Airbus A330-200 aircraft that can carry 274 passengers per flight but it has around 100 passengers on Kathmandu-Osaka flight.

Japan tops in cost of living

According to the World Cost of Living 2009, Tokyo returns to the top position and Dublin ranks 25th of 143 in the Mercer 2009 Cost of Living city rankings, dropping nine places from 2008.
The decline of rental and food prices in Dublin, coupled with the fall in the value of the euro against the US dollar, has caused Dublin to drop down in the rankings. Noel O'Connor, Senior Consultant at Mercer, commented, "As a direct impact of the economic downturn over the last year many currencies, including the Euro and British pound, have weakened considerably against a strong US dollar causing a number of European cities to plummet in the rankings."
Tokyo has knocked Moscow off the top spot to become the world's most expensive city for expatriates according to the Mercer survey. Osaka is in second position, up nine places since last year, followed by Moscow in third place. Geneva climbs to fourth position and Hong Kong moves up to fifth. Johannesburg in South Africa is the least expensive city in the ranking. The survey covers 143 cities across six continents and measures the comparative cost of over 200 items in each location, including housing, transport, food, clothing, household goods and entertainment. For example, a large fast food hamburger meal can cost up to €7.15 in Dublin compared to €2.68 in Beijing.
The data is used to help multinational companies and governments determine compensation allowance for their expatriate employees. O'Connor also noted, "With significant exposure to multiple economies and currencies, multinational companies continue to be greatly affected by the financial crisis. The cost of expatriate programmes is heavily influenced by currency fluctuations and inflation rates. It is important for multinational companies to continuously review their compensation packages and ensure they are in line with the rest of the market." Tokyo moves up one place in the ranking to become the most expensive city for expatriates both in Asia and globally. The Japanese yen has strengthened considerably against the US dollar which also lifts Osaka into second place from 11th in 2008. Hong Kong follows in fifth place and Singapore has moved up three places to reach 10th. In 140th place, Karachi continues to be the least costly city in this region -- up one place from last year.
Moscow remains the most expensive city in Europe for expatriates in third place. However, a dramatic depreciation of the rouble against the US dollar has led to a sharp fall in the city's index score compared to 2008 (115.4 in 2009 V's 142.4 in 2008). The next European cities in the ranking are Geneva and Zurich in fourth and sixth place, up from eighth and ninth respectively. European cities have experienced some of this year's steepest falls in the ranking, with Warsaw plummeting from 35th to 113th and Glasgow (129th place) and Birmingham (125th place) in the UK falling 60 and 59 places respectively. German and Spanish cities all fell between eight and 11 places, whereas cities in Sweden, Ukraine, Czech Republic, Romania and Hungary all fell between 36 and 48 places. "As most European currencies have weakened against the dollar it has become more costly for companies based in this region to send expatriates and their families to US cities," said O'Connor.
Oslo and London, both previously in the top 10, are now in 14th and 16th place respectively. "The decline of rental prices in both London and Oslo, coupled with the fall in the value of British pound and Norwegian krone against the US dollar, have caused these cities to plummet in the ranking," said O'Connor.
New York remains the highest ranking city in the region and has also joined the global top 10 list this year, jumping from 22nd to 8th place. Los Angeles is up 32 places to 23rd and Washington is up 41 places to 66th. Winston Salem is the cheapest US city surveyed, ranked at 126. All cities in the US have experienced a rise in this year's ranking due to the strengthening of the US dollar.
Canadian cities have slipped down the index with its highest ranking city Toronto down 31 places to 85th. Ottawa drops 36 places to 121st and Montreal is now in 103rd place, down from 72nd in 2008. In 15th place and up 74 places from 2008, Caracas in Venezuela is the top ranking city in South America. Sao Paolo and Rio de Janeiro have experienced a reverse move, plummeting from 25th to 72nd and 31st to 73rd respectively. Buenos Aires has climbed 26 to reach 112th place. "Although the Argentine peso has lost value against the US dollar, the high inflation rate observed on goods and services have caused Buenos Aires to rise in the rankings," said O'Connor.