SINGAPORE - Indian banks' credit profiles are unlikely to improve over the next 12 months, according to S&P Global Ratings. "We estimate that the banking sector's total stressed assets will increase to 13%-15% of total loans by the end of March 2018," says S&P Global Ratings credit analyst Deepali Seth Chhabria. "India's public sector banks, which dominate the industry, will account for most of this weakness.
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ADELAIDE – The Beijing-based Wanbao Mining Limited has signed an MoU with ASX-listed Havilah Resources Limited for completion of a pre-feasibility study for the Kalkaroo Copper-Gold project in north-eastern South Australia following due diligence and recent upgrade of the Kalkaroo resource.
SYDNEY - The global legal profession is facing a seismic shift, with technology set to have the greatest impact on law firms over the next five years, according to a new survey published by accountancy and business advisory firm BDO.
NEW DELHI - India finalised the Goods and Services Tax (GST) rates for most items at a two-day conclave held on May 18-19 in what ANZ Bank describes as a significant step paving the way for implementation of a GST from July 1.
BEIJING - A Beijing-based video gamemaker has bought out popular U.S. gay social networking app Grindr four months after purchasing a controlling stake in the company, according to a regulatory filing reported by Caixin. After paying about US$93 million for 61.53% of Grindr in January, Beijing Kunlun Tech Co. Ltd. will pay another US$ 152 million for the remaining 38.47%, the Chinese company said in a statement to the Shenzhen stock exchange.
HONG KONG - RMB internationalisation, which was high on the Chinese Government’s priorities, is moving backwards, according to the NATIXIS RMB Internationalization Monitor , which evaluates the four different uses of RMB as an international currency, both in the private and official domain.
These are 1) Medium of exchange; 2) Store of value; 3) Unit of account and; 4) Standard of deferred payment.
SHANGHAI - Hong Kong’s top anti-graft watchdog has detained 21 employees at a Government contractor for allegedly faking test results for materials used to build the Hong Kong-Zhuhai-Macau Bridge, currently under construction linking the Chinese Mainland with the two special administrative regions.
HANOI - A Draft Decree detailing implementation of the Law on Social Insurance to apply to all foreign employees working in Vietnam from January 1, 2018 has been released by the Ministry of Labour, Invalids and Social Affairs (MOLISA) for public comment. The requirement will increase employment costs for companies doing business in Vietnam.
BEIJING - China will ease restrictions on foreign investment, including a further opening-up in sectors such as services, manufacturing and mining, according to a news release issued after a key Party meeting on Tuesday. A revised version of the Catalogue for the Guidance of Foreign Investment Industries was approved by the Communist Party of China Central Committee's Central Leading Group for Deepening Overall Reform.
SINGAPORE - In a legal Opinion handed down on May 16, the Court of Justice of the European Union declared that the Free Trade Agreement signed between the EU and Singapore in June 2015 cannot be ratified without the approval of all 38 of the EU's national and regional parliaments.
HONG KONG - While markets continue to shrug off Moody’s downgrade of China credit ratings, the agency continues with its clean-up work, slowly but steadily. The latest casualty – Hong Kong – has seen its rating lowered by one notch to Aa2 from Aa1, following the downgrade of 26 State-owned enterprises.
In an analysis of the downgrades, global asset manager Natixis says Moody’s key reason for the action on Hong Kong is simply Hong Kong’s ties with the Mainland.
HONG KONG – Almost 15 months after placing China on negative outlook, Moody’s Investors Service today downgraded China’s sovereign rating to A1 from Aa3. Moody’s says the outlook is stable. Despite China posting better than expected GDP growth in Q1, Moody’s decision to downgrade stems from their expectation that China’s debt will continue to rise while potential growth slows, eroding the country’s credit metrics. Moody’s does not see the Government’s reforms as fully offsetting the rise in economic and financial risk.
NEW DELHI - USG Boral, a global leader in building products technology, has announced plans to build a new plasterboard plant in South India . The new plant will be operated by its India business unit, USG Boral Building Products India Pte Ltd. USG Boral is 50% ownedy Boral Ltd of Australia.
SEOUL – South Korea’s new President, Moon Jae-in, has nominated Kim Dong-yeon, currently President of Ajou University, as his new Finance Minister, Chang Ha-sung, currently a Korea University professor, as his new Chief of Staff for Policy, and the Director of the Institute for the Future of State (IFS) Kim Gwang-du, as the new Vice Chairman of the National Economic Advisory Council. www.korea.net (ATI).
SHANGHAI - Chinese smartphone brands took more than half of India’s market for the first time in this year’s first quarter, using their experience in relatively high-quality, low-end models to steal share from homegrown players.
KUALA UMPUR - Malaysia’s better-than-expected economic performance in Q1 – at 5.6% up from 4.5% in Q4 of 2016 - was largely driven by domestic demand, particularly private consumption and gross fixed capital formation, which printed much stronger than expected.