SYDNEY - Australian managers are ill equipped for the Asian Century because they are working at only 70% of their capabilities, study by the Australian Institute of Management. "Our latest Australian Management Capability Index (AMCI 2013) shows managers across the economy underperform in key business areas," says incoming AIM National President, Brian Nye.
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MANILA - International Container Terminal Services, Inc. (ICTSI) has reported revenue for the year ended December 31 from port operations of US$729.3 million, 10% up from the previous year; Earnings before tax were US$307.4 million, up 9% and net income attributable to equity holders US$143.2 million, up 10%. ICTSI handled consolidated volume of 5,628,021 twenty-foot equivalent units (TEUs) for the year, and increase of 8%.
MUMBAI - Citi India has acted as a Qualified Depository Participant, custodian as well as the execution broker for an investment made by Sanlam, one of South Africa’s largest financial services groups, through the Qualified Foreign
PERTH – Thiess has signed an AUD212 million contract to deliver further civil works for the Chevron-operated Gordon gas project in Western Australia. The prject is operated by the Australian subsidiary of Chevron (47.3%) in hoint venture with the Australian subsidiaries of ExxonMobil (25%), Shell (25%), Osaka Gas (1.25%), Tokyo Gas (1.0%) and Chubu Electric Power (0.417%). www.theiss.com.au (ATI).
SINGAPORE - Emerging Asia is experiencing its own two-speed economy, according to a quarterly research report by ANZ Bank. “The real sector is recovering only modestly - trade growth has lifted, as China and the US recoveries gain traction, but trade with Emerging Asia's largest trading partner, Europe, continues to contract,” the report says. “Meanwhile, the financial sector has seen strong inflows from the major economies over the last few months.
TOKYO - Japan's dominance as APAC's largest travel market has come to an end as an emerging China assumes the top spot, according to travel industry researcher PhoCusWright. Following over a decade of economic stagnation, Japan's recovery from the March 2011 earthquake and tsunami has been sluggish, and the country's overall travel market growth will slow to 2% by 2015, according to a new PhoCusWright report (www.phocuswright.com/products/4248).
MANILA - The Philippines reported weak exports in January (-2.7% y/y; consensus: 6.0% y/y) on subdued demand for electronics, particularly from the US and China. Together with weak February export outturns in Korea and Taiwan, the data underscore uncertainty in the outlook for external demand even as the global economy appears to be improving (although China’s exports have showed surprising resilience).
TAIPEI - Taiwanese computer maker Acer Inc. plans to unveil its first phone-tablet hybrid handset at the Computex Taipei tech fair in June, hoping to gain traction in this fast-growing market. Acer Corporate President Jim Wong says the "phablet" category, which is defined by Acer as a mobile device larger than 5 inches that still can be held with a single hand, has become very popular among female and elderly consumers.
BANGKOK - Thailand's sovereign credit rating has been upgraded by Fitch by one notch to BBB+, bringing it in line with the ratings issued by S&P and Moody's. Fitch emphasised improved policy predictability and social stability (ATI).
MANILA - The ASEAN Economic Community will focus on financial integration as it moves towards the realisation of its goal by 2015, but it is not pursuing the creation of a single currency, according to Asian Development Bank economists. Ramesh Subramaniam, the ADB’s senior director at the Office of Regional Economic Integration (OREI), says cross-border asset holdings have been on the rise, and that "there is active engagement of the private sector through the ASEAN+3 Bond Market Initiative, for example”.
TAIPEI - Taiwan and the United States have issued a joint statement on principles for international investment following new talks under the bilateral Trade and Investment Framework Agreement (TIFA). Both economies are committed to the principles of "open and non-discriminatory investment climates" and "legal certainty and protection", according to a statement issued by the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office in the United States (TECRO).
BEIJING - While retail sales growth in China for the January-February period came in weaker than expected, investment data were quite strong for the first two months. Data released today (Saturday) continued to show that the current recovery is driven mainly by investment and a rebound in heavy industry, according to ANZ Bank. ANZ says that while monetary policy has tightened recently and new property curbs are being put in place to reign in the property market, it believes the impact on the whole economy will be largely mitigated by a proactive fiscal policy.
TOKYO – Japan’s fourth quarter GDP has been revised upward to 0.2% q/q, saar compared to the preliminary estimate of -0.4%, ending Japan’s technical recession after the previous two quarters’ negative growth. Private consumption and public investment led the pickup. Tne new data also shows that Japan recorded a third straight current account deficit of -¥364.8B (Prior: -¥264.1B, Consensus: -¥611.5B) as exports have yet to see a boost from the weakening yen. The Bank of Japan has now upgraded its economic outlook.
TOKYO – The central banks of both Japan and Indonesia have kept interest rates on hold. Bank of Japan has kept the size of its asset purchase programme at 101 trillion yen and the policy rate unchanged at 0-0.1%. It did, however, upgrade the outlook for the domestic economy, which it now says “has stopped weakening” as exports and industrial production appear to be stabilising.
BEIJING - China has relaxed its RMB Qualified Foreign Institutional Investor (RQFII) rules to further develop the offshore RMB market in Hong Kong. Under the new rules, the RQFII quota can be invested in a wider range of products. Hong Kong units of Chinese commercial banks, insurers, and other financial institutions that are registered and with major operations in Hong Kong will now be allowed to participate in the pilot programme. Previously, participants were restricted to Hong Kong units of Chinese fund management and securities companies.
TAIPEI – Media reports indicate that offshore RMB (CNT) deposits among domestic banking units (DBU) of qualified Taiwanese banks have surpassed RMB 10 billion in the first month of CNT business, which kicked off on February 6. The size of the CNT market is much smaller than the CNH market (which was RMB 624 billion at the end of January), but the market’s growth momentum is impressive given that it took about 10 months for offshore RMB deposits in Hong Kong to surpass RMB 10 billion when the CNH market was launched in February 2004.