Five Things You Need to Know to Start Your Day: Asia

US grabs one-third of all global investment. Singapore cleans up after major oil spill. Deadly flesh-eating bug spreads in Japan. Here’s what you need to know today.

The US has nabbed almost one-third of all investment that flowed across borders since Covid struck, according to the IMF. Pre-pandemic, the average US share was just 18%, but a run-up in US interest rates to the highest levels in decades, coupled with billions of dollars worth of incentives to spur renewable energy and semiconductor production, has proved a major draw for overseas investors. The trend marks a major shift from pre-pandemic days when capital poured into emerging markets, including a rapidly growing China. But with Donald Trump pledging to reverse key elements of Bidenomics if he wins in November, and the Federal Reserve signalling it will start lowering interest rates later this year, the US advantages may not last.