Saturday, April 20 2024 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
KUALA LUMPUR-Malaysia continues to be caught in domestic and external cross-currents from reduced oil-related activity, lower domestic demand and tighter fiscal spending confronting the local economy.
TAIPEI - Taiwan’s determination to achieve greater participation in regional economic affairs will be highlighted at the upcoming APEC Leaders’ meeting (November 18-19).
BEIJING – The State-owned China Overseas Port Holding Co Ltd which operates the port of Gwadar in Pakistan, has been granted permission to set up a special economic zone (SEZ) over 152 hectares of land at the deep-water seaport. The SOE will be leased the land – which has strategic importance in terms of its location between South and Central Asia and the Middle East – for 43 years.
SEOUL – The Bank of Korea had held the interest rate at 1.5%, with the Monetary Policy Board (MPB) maintaining a seemingly posistive attitude on the economic outlook - stressing an improvement in domestic consumption.
BANGKOK – The Thailand Board of Investment’s Super Clusters plan is now in effect, detailing the activities eligible, the incentives on offer and the provinces in which the clusters will be located.
HONG KONG - The big puzzle of the Chinese economy is not exports’ under-performance but rather the collapse of imports, which saw their third consecutive month of double-digit contraction in October, says global asset manager, Nataxis.
BEIJING/HANOI - During his first visit to Vietnam since taking office in 2013, Chinese President Xi Jinping has called for effective management of maritime disputes as both countries seek to ease tensions stemming from territorial disputes in the South China Sea. Xi was quoted in a local newspaper as pledging to seek a “basic, permanent approach that is acceptable to both sides”.
Throughout the negotiation process, Xi said, both sides should “maintain maritime stability and discuss ways of maritime co-operation to create favourable conditions for bilateral ties”.
HONG KONG - China’s export performance in RMB terms fell 3.6% y/y in October, compared with a 1.1% decline in September. In USS terms, exports declined 6.9% y/y, from 3.7%. Imports in RMB terms contracted 16% y/y from a 17.7% drop in September. In USS terms, imports dropped 18.8%, from a fall the previous month of 20.4%.
BEIJING - In what could be the largest-ever Chinese takeover of a US company, three Chinese businesses are planning to bid for the US hotel chain operator Starwood Hotels & Resorts Worldwide Inc, which operates the Sheraton, Westin and W hotel chains.
SYDNEY – Nippon Life Insurance has entered into a definitive agreement to acquire 80% of the outstanding shares of MLC Limited, a subsidiary of National Australia Bank, for US$2.4 billion. As part of the arrangement, MLC will enter a 20-year distribution agreement with NAB.
HONG KONG - Disciplined financial management will become more important for Chinese corporations as economic growth slows and lenders turns cautious due to elevated financial risks, according to a Standard & Poor's survey of China's top 200 companies by revenue, bond issuance, and market capitalisation. The report assesses industry risks for 19 major sectors.
SINGAPORE - Government policy decisions with long-term implications for Thailand's economic development are unlikely at least until mid-2017, rating agency Standard & Poor's says in a report published today. The report says gradual erosion of credit support for the sovereign, “which has become obvious in the past two to three years”, is likely to continue at least until the return of an elected Government.
MANILA - The world’s first standard for sustainable rice, which sets new and more efficient standards for rice cultivation, has been launched by the Sustainable Rice Platform (SRP), a global alliance of agricultural research institutions, agri-food businesses, public sector and civil society organisations convened by the United Nations Environment Programme (UNEP) and the International Rice Research Institute (IRRI).
BEIJING - Alibaba’s 3Q report has surprised and impressed many industry watchers as it includes a stronger-than-expected 32% rise in quarterly revenue. Revenue from mobile platforms, an increasingly important area for the company, nearly tripled to US$1.66 billion, with mobile gross merchandise volume (GMV) accounting for 62% of total GMV transacted on Alibaba’s China retail marketplaces.
SINGAPORE - Standard & Poor's has assigned its 'B+' issue rating to a US$1 billion global bond issued by the Government of Sri Lanka (B+/Stable/B).
S&P says the senior unsecured bond constitutes direct, unconditional, unsubordinated, and unsecured general obligations of the issuer, and payments will be backed by the full faith and credit of Sri Lanka. The bond has a 10-year maturity.
BEIJING - Rather than increase its own domestic farming capacity, China will seek to lift grain imports during the 13th Five-Year Plan (2016-20), according to Agriculture Minister Han Changfu.