Thursday, July 7 2022 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
HONG KONG - The Hong Kong Trade Development Council (HKTDC) and Hang Seng Bank will sign a Memorandum of Understanding (MoU) on December 1 seeking to co-create a one-stop platform to support innovation in Hong Kong.
MELBOURNE - The Royal Melbourne Institute of Technology (RMIT) has signed a strategic partnership with Infinite Learning in Nongsa Digital Park, a high-profile tech hub supported by the Indonesian and Singapore Governments.
SEOUL -- The Bank of Korea (BoK) on Thursday hiked its policy rate by 25 basis points to 1.00%, as widely expected. While it kept its growth forecasts for 2021 and 2022 unchanged, there was a notable upward revision to the bank's inflation forecasts.
TAIPEI - US President Joe Biden has issued an invitation to Taiwan to participate in the Summit for Democracy, a virtual event to take place on December 9 to 10. The event will brings together leaders of government, civil society and the private sector from more than 100 countries and territories to discuss issues such as resisting authoritarianism, fighting corruption and promoting human rights.
HONG KONG -- While Asia dominates car battery production, China dominates the supply chain in terms of EV battery components, according to the global financial group, Natixis. "Most EV battery components are currently produced by the three Asian battery powerhouses (China, South Korea and Japan), but China's leading role in the "underneath" components is more obvious than EV battery supply." Natixis says.
HONG KONG -- Northern Hong Kong will be built into a 300-square-kilometre metropolis positioned as an international innovation and technology (I&T) hub. The Northern Metropolis will involve development of the San Tin Technopole.
SINGAPORE -- Thailand's prolonged battle with COVID-19 will cause permanent losses for the economy, putting strain on banks, says ratings agency Standard and Poors. But policy flexibility and fiscal support is helping mitigate the fallout.
TAIPEI - ANZ Bank has revised upwards its GDP growth forecasts for Taiwan to 6.0% in 2021 and 3.8% in 2022, thanks to strong investment (27.97% y/y) during the third quarter.
NEW DELHI -- Following an interim agreement which will be signed prior to Christmas 2021, India and Australia will sign a Comprehensive Economic Cooperation Agreement (CECA) by the end of 2022. Covering trade in goods and services, the comprehensive agreement will also include a pact on investments.
HONG KONG - Going beyond 2021, there are three main factors challenging the strength of the Hong Kong economy, says the global financial group Natixis, which expects a steep fall in Hong Kong's GDP in 2022.
HANOI - Vietnam's Prime Minister, Pham Minh Chinh, has signed off amendments to the Investment Law which provide Special Investment Incentives for a number of new and expanded projects. These include innovation centres and research and development (R&D) centres with total investment capital of VND 3,000 billion (US$130 billion)1 or more, of which at least VND 1,000 billion (US$43 billion) is disbursed within three years from the date of the investment registration certificate (IRC) or approval of investment policy.
SEOUL -- South Korea's recovery slowed in the third quarter after an impressive surge in Q2. Sequentially, headline GDP growth came in at 0.3% q/q,translating into an annual rise of 4%. In a briefing note, ANZ Bank says the slowdown arose mainly from a quarterly dip in private consumption and investment. Exports, meanwhile, strengthened, allaying some concerns over supply side shortages in key industries such as electronics and autos.
TAIPEI -- President Tsai Ing-wen has reaffirmed the Government's commitment to developing Taiwan's semiconductor industry as it builds the country into an advanced manufacturing hub -- while safeguarding its position in global supply chains.
BEIJING - The Chinese Government has released a draft of far-reaching changes to Antimonopoly Law, signalling tougher enforcement. In Client Alert, lawyers Baker McKenzie say the proposed reforms follow earlier draft changes published in January 2020.
HONG KONG -- China's GDP grew a weaker-than-expected 4.9% y/y in Q3, a figure which is not consistent with the economy's sequential growth and the dip in the jobless rate during the quarter, according to ANZ Bank.
HONG KONG - China's Q3 GDP figures together with September real economic indicators have further confirmed a continuing moderation of year-on-year growth momentum, and Chinese authorities will need to strike a balance between stimulating growth and pressing ahead with structural reforms, says BBVA Bank.