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Asia's savings going West - The European debt crisis is starving Asian companies of funding, and making money more expensive, says leading Indian business entrepreneur K K Modi.
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Islamic bonds to fund infrastructure - Samurai, dim sum and yuan sukuk on the way.
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Higher oil prices could lift China food costs - New drama in OPEC could spark inflation.
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India prioritises power sector - A shortage of coal - the power industry's primary fuel - has widened to 142 million tonnes.
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Degeneration in North Korea - Amid reports of soldiers dying of starvation and severe electricity shortages, defectors report a growing 'Let there be War' sentiment as the most plausible way out of North Korea's economic quagmire.
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Urbanisation offers huge markets in India - India will need to spend US$1.2 trillion to house an estimated 590 million people in its cities by 2030.
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SINGAPORE REPORTS STRONG RETAIL SALES HONG KONG OPENS OFFICIAL OFFICE IN TAIWAN WHO WILL INSURE INVESTORS IN MYANMAR?
BANGKOK – Who will insure the investors rushing to Myanmar? In a Client Alert, lawyers Baker & McKenzie point out that investors from around the world are now exploring opportunities in oil and natural gas, property development, banking, manufacturing, and consumer goods in Burma, with the high-profile suspension of meaningful sanctions by countries such as Canada and the EU only adding to the interest. But unlike Thailand, the insurance market in Myanmar has relatively few licensed firms, while those that do exist, all State-owned, provide limited services. “It is worth noting,” says B&M, “that the law does technically permit foreign insurers to operate in Myanmar. The Insurance Business Supervisory Board, prescribed as the industry's responsible authority, is empowered to grant insurance licenses to qualified applicants (and) a single applicant can obtain licenses for both life and non-life insurance businesses. Most importantly, a company with foreign investors is also allowed to obtain a license.” B&M adds that, while the reality of a foreign insurer operating in Myanmar has never been realized, the market is changing rapidly. :That the Myanmar Government is encouraging overseas investments and taking steps to liberalise the economy, signals a turning of the page. Considering the relatively few number of competitors, Myanmar will likely be an appealing market for reliable insurance companies to offer services, and to cash-in early.” A "Myanmar Center" has been established within the Baker & McKenzie Bangkok office to collect information on Myanmar as well as to analyze significant economic and legal developments.Inquiries to myanmarcenter@bakermckenzie.com (ATI).
NEW SUPPLY COULD TEST ASIA-PACIFIC GAMING COMPANIES – S&P FDI INTO CHINA FALLS FOR SIXTH MONTH
BEIJING – Inward foreign direct investment (FDI) fell for a sixth straight month in April amid global economic woes. Year-to-date, FDI edged down 0.74% to US$8.4 billion in April, following a 6.1% drop in March, a 0.9% decline in February and a 0.3% fall in January, China’s Ministry of Commerce (MOC) said. Total FDI received in the first four months was US$37.88 billion, down 2.38% from a year earlier, according to MOC spokesman Shen Danyang. Shen said the ministry was "prudently optimistic" about the outlook. Investment from the European Union (EU) plunged 27.9% January-April on-year. From the US and Japan, it climbed 1.9% and 16% respectively, Shen said. The MOC, meanwhile, says it expects outbound investment from China to total US$150 billion in 2015, reflecting annual growth of 17% during the 2011-2015 period. It also forecasts that the contract value of overseas projects will hit US$180 billion in 2015, while business volume in overseas-contracted projects may hit US$120 billion. Amid accelerating Chinese investment, the Ministry predicted that China would send 550,000 more Chinese staff abroad to work on projects in 2015, with the total number of Chinese staff working abroad to hit one million by the end of that year (ATI).
TAIWAN TO GO NUCLEAR-FREE, BUT FOURTH PLANT TO PROCEED
TAIPEI - Taiwan’s Economics Minister, Shih Yen-shiang, has reconfirmed Taiwan's commitment to the goal of gradually becoming free of nuclear power, ruling out the possibility of renewing licenses for existing nuclear plants. "To build a nuclear-free homeland, all three existing nuclear-power plants will go offline once their current licenses expire," Shih said during a Legislative hearing. The minister also said a fourth nuclear-power plant now under construction would become operational only after its safety was guaranteed. Lawmakers from the opposition Democratic Progressive Party (DPP) questioned the necessity of the fourth nuclear plant, describing the project as "a time bomb that burns money". The project's total cost could eventually grow to more than NT$330 billion (US$11.18 billion), 94% higher than the original budget of NT$169.7 billion approved by the Cabinet in 1992, they said. Shih said the Government would review its nuclear-power reduction plan once every four years, but when asked if Taiwan could reach its goal of becoming a "nuclear-free homeland" by 2025, he resolutely ruled out the possibility, saying there was no specific timetable (ATI).
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EU asks Asia for trust:' A marathon, not a sprint ' - The real crisis the Eurozone faces is one of confidence, says EU Commissioner, Michel Barnier. HSBC currency researcher Paul Mackel expects the euro to recover, possibly in the second half.
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Trade Finance could be a casualty - Asia is vulnerable to the contagion of 'financial channels' that could arise from deleveraging by European banks, causing credit supply to dry up, warns the IMF's David Lipton.
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Business operating in 'risk-off' mode - HSBC Group Chairman, David Flint, assesses the global mood.
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Where the Renminbi is heading - 'Dim sum' bond sales in Hong Kong could reach RMB300 billion this year; London to become offshore centre with HKeX extending trading hours.
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Hong Kong's future in global trade - Using China as its domestic market, Hong Kong believes it can establish a range of quality international Hong Kong City lifestyle brands.
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Australia in Asia - Jetstar to build on Asian footprint with domestic services in Japan; National Australia Bank opens branches in Mumbai, Shanghai to support trade flows.
Tough for airlines, industry - Cathay Pacific CEO John Slosar says the oil market is the one he least understands at the moment.
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May 23, 2012
Busan as an international financial hub – Sydney Briefing – KOTRA, Korea’s trade and investment promotion agency, is sponsoring a briefing on opportunities for Australian companies within Korean’s financial sector, focussing on the Busan International Financial City project. Busan is home to the headquarters of the Korea Exchange (KRX), and has been selected by the central government as the location for an international financial centre. Presentations by a delegation from Busan start at 10.30.am on May 23 at the Sydney Hilton. followed by a luncheon and networking. Call KOTRA’s Sydney office on (61 2) 9264-5199 or email graham.worthington@kotra.org.au
May 25, 2012
Thailand Investment Seminar, Shangri-La Hotel, Sydney – Thailand’s Prime Minister, Yingluck Shinawatra, will be keynote speaker at this seminar starting from 8.30am. Further information from the Thailand Board of Investment in Sydney, tel (61 2) 9252-4884, email sydney@boi.go.th
June 6-7, 2012
The Australian Arbitration Option – China briefing, Shanghai June 6, Beijing June 7 - The Australian Centre for International Commercial Arbitration, supported by the Australian Government, Attorney-General’s Department, and the Australian International Disputes Centre, is leading presentations at King & Wood Mallesons offices in Shanghai (June 6) and Beijing (June7) promoting Australia as an international centre for the arbitration of cross-border disputes. Speakers include Marilyn Warren QC, Chief Justice of Victoria, and Doug Jones, President of the Australian Centre for International Commercial Arbitration (ACICA). Inquiries to Gianna Totaro, email gtotaro@acica.org.au http://www.acica.org.au
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