SINGAPORE - Standard & Poor's has revised the outlook on its 'A+' long-term foreign currency sovereign rating on South Korea to positive from stable. S&P also affirmed its 'A+/A-1' foreign currency and 'AA-/A-1+' local currency credit ratings, and said the outlook on the long-term local currency rating remains stable. S&P’s transfer and convertibility (T&C) assessment remains 'AA'.
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PARIS – The French shipping line CMA CGM, the world’s third largest container shipping company, has signed three agreements on the biggest worldwide maritime trades with China Shipping Container Lines (CSCL) and United Arab Shipping Company (UASC). The agreements, to operate under the name OCEAN THREE, cover Asia-Europe, Asia-Mediterranean, Transpacific and Asia-US East Coast trades, and involve a combination of vessel sharing, slot exchanges and slot charter agreements.
The agreements are pending authorisation from the Federal Maritime Commission.
SEOUL – The Korean Finance Ministry’s 2015 Government Budget proposal to be submitted to the National Assembly by September 23, is expansionary, and will likely lift 2015 GDP growth by 0.2%, according to ANZ Bank which has revised upwards its forecast of 2015 GDP growth rate to 3.9%.
BEIJING - There is new momentum behind a proposed economic corridor between China and Singapore after mayors of cities along the route reached a consensus on the initiative at the ongoing meeting between China and ASEAN. The corridor will promote construction of the China-ASEAN Free Trade Area and Maritime Silk Road, from the Chinese cities of Nanning and Kunming, running through the Indo-China Peninsula and linking cities in China, Vietnam, Laos, Cambodia, Thailand, Malaysia and Singapore with highways and railroads.