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On Nikkei Asian Review No.7: STATE OF DENIAL

Australia locked in climate policy 'paralysis' despite summer of fire

Drought has become the new reality for whole areas of eastern Australia, it has brought agricultural communities to their knees. Water is so scarce that a simple undertaking, people have to buy enough to sustain their livestock, can now involve an act of subterfuge. Rumors abound of unscrupulous farmers tapping rivers, draining dams or even stealing water from their neighbors, just to pull through for one more week.

"After three years of no rain, the waiting, the longing for rain, it takes over," said Murray, a resident of eastern Australia. "It drains you, demoralizes you, leaves you feeling that you cannot go through this again. And I don't think we can ever do this again."

Australia's east has been hit by years of punishing droughts, but nothing could have prepared its farmers for the "Black Summer" of 2019 and 2020. Since September, unprecedented bushfires have swept across the region. At least 34 people have died, and around 6,000 buildings have been destroyed. The toll on the country's flora and fauna has been unimaginable: 18.6 million hectares burned, and up to a billion animals killed. The economic damage is still to be tallied, but early forecasts put the cost at more than 100 billion Australian dollars ($67 billion). Some fires are still burning.

Startups in Southeast Asia eye space as next frontier for expansion

Singapore-based startup SpaceChain has a grand vision for blockchain, with plans to take the digital ledger technology beyond this world and into space.

Blockchain, a decentralized means for storing and recording digital transactions which is best known for underpinning the use of the Bitcoin cryptocurrency, has quickly been embraced by tech companies around the world. But SpaceChain wants to take it further.

The company has been launching its technology beyond the earth's atmosphere to link up with satellites and create a space-based network that promises to serve blockchain users more securely and efficiently than earth-based systems. Most recently it sent a payload to the International Space Station.

"Once you have any kind of space storage you potentially have access to global coverage," SpaceChain's Chief Executive Zee Zheng told the Nikkei Asian Review.

As black swan lands, Alibaba sees explosion in demand

Alibaba Group Holding, the first major Chinese technology company to report results since the virus outbreak began, is warning of the potential economic consequences as it scrambles to meet consumer demand amid mass quarantines and labor shortages.

"Like all the other companies in China, we are confronted with a 'black swan' event soon after the start of 2020 -- the novel coronavirus," CEO Daniel Zhang said Thursday on an earnings call. "The outbreak is having significant impact on China's economy and may potentially affect the global economy."

But the company also sees a silver lining, despite the virus's blow to its core commerce operation

Check out more at: https://asia.nikkei.com/Print-Edition/Issue-2020-02-20

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