ASEAN is to promote
cross-border trading via an electronic gateway to a number of Asian stock markets,
currently capitalised at US$1.36 million
•
30 years on, Shenzhen moving towards
direct elections
•
More Chinese provinces raising minimum
wage
•
India to open up its retail trade
market
•
China Customs clamps on low-value goods
•
China, Taiwan sign off on ECFA trade deal
•
Vietnam’s economy back on track
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INDIA LIFTS SHORT-TERM RATES TO TAME INFLATION BP TO SELL VIETNAM ASSETS TO FUND CLEANUP
HANOI - British oil giant BP has said it plans to sell its upstream assets in Vietnam to raise cash to pay for its oil spill off the US coast. The assets include Lan Tay and Lan Do gas fields and facilities, Nam Con Son Gas Pipeline and Dinh Co Terminal and Phu My Power Plant No 3. BP Vietnam declined to comment about the total value of these assets but Reuters reported they were worth an estimated US$1 billion. The company said it had informed the Government about its intention to divest its assets in Vietnam, and was now awaiting the Government's approval. The plan does not affect BP's other businesses in Vietnam, such as the crude oil supply to Dung Quat Refinery and the lubricants business, it said (Asia Pulse).
SINGAPOREAN FIRMS TO LIST ON TAIWAN BOURSE MAJOR CHINESE STEELMAKERS SEE 40% PROFIT DROP IN JUNE JAPANESE BUILDING SECTOR SEES FIRST GROWTH IN 15 YEARS INDONESIA'S GARUDAFOOD POSTPONES IPO DOUBLE-DIP RECESSION TOPS EXECUTIVE CONCERNS FOR GLOBAL OUTLOOK
LONDON - The risk that some of the world's major economies may fall back into recession is foremost among executives' concerns for the second half of 2010, according to new research conducted by the Economist Intelligence Unit. When presented with a series of 11 potential risks to the economy over the next six months, almost one-third of the 680 respondents to a global survey point to double-dip recession as the biggest, ahead of sovereign debt default (20%), market volatility (10%) and weak governance (9%). North American and Asia-Pacific respondents are most concerned about the possibility that the economy will once again slip into recession - 43% and 40%, respectively, list it as their main concern, against 29% from western Europe. The North American sentiment seems to echo US Federal Reserve chairman Ben Bernanke's warning of last week, that the US economy faced "uncertain prospects". “With the nascent recovery so fragile, it is not surprising that weak demand is seen by executives as the foremost risk to their business over the next six months,” the EIU says. “More than one-third (36%) of respondents cited this concern, ahead of worries about volatility in financial markets (19%), difficulty in raising finance (18%) and general market volatility (16%).” Respondents from the manufacturing, automotive, mining and related sectors also see other factors-including the volatile price of raw materials, exchange rate fluctuations and instability in their major markets-as significant risks. Among other findings, concerns about the break-up of the Eurozone, prompted by the recent meltdown of the Greek economy, appear to have abated - only 5% of European respondents consider it a risk. "The EIU's own global forecast plays down the risk of double-dip recession," says Iain Scott, a senior editor at the EIU business research division in London. "We do, however, expect a sustained period of slow growth, exacerbated by the fiscal austerity measures being introduced in many major economies. But if all goes well, we expect that structural reforms, combined with some productive allocation of spending, will boost growth in the long term." (ATI)
JUNE /JULY 2010
All eyes to Europe on
credit, currencies - Europe is Asia’s (and especially China’s)
largest export market, so the economic meltdown there will be causing some sleepless
nights in Beijing and other Asian capitals. Banks to expose shareholders, creditors? The peak
global banking body, the Institute of International Finance, is proposing that
banks prepare to expose both shareholders and creditors in the event of a bank
collapse. Taiwan coming in from the cold? - Beijing is offering
tariff reductions on Taiwanese export items of up to US$12 billion as China and
Taiwan finalise concessions to allow signing of an Economic Co-operation Framework
Agreement.
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Nov 24, 2010
Kanagawa Investment Seminar – Sydney - The Governor of Kanagawa, Shigefumi Matsuzawa, will lead a delegation to Sydney on November 24 to present opportunities for Australian businesses, including the retail sector, in Kanagawa Prefecture. A seminar at the Radisson Plaza Hotel will discuss success cases of Australian companies entering the Japanese market and offer one-on-one meetings with delegates and government representatives. For further information, contact Brendan Jinks at JETRO Sydney, tel (61 2) 9276-0100.
August 3, 5, 2010
Malaysian Minister to lead ICT delegation to Australia – Sydney/Melbourne –
Malaysia’s Minister for Science, Technology & Innovation, Dr Maximus Johnity Ongkili, will lead a high-level delegation of ICT and business solution providers to Sydney and Melbourne next month.
Delegation members will be seeking smart partnerships with Australian Shared Sourcing and Outsourcing (SSO) firms at seminars and business meetings in Sydney (Grace Hotel, August 3) and Melbourne (Crown Towers, August 5). The initiative is sponsored by PIKOM, the National ICT Association of Malaysia, and supported by Malaysia’s Multimedia Development Corporation (MDeC).
For further information, contact Azreel Aswad or Victor Low on (60 3) 7955-2922 or email azreel@pikom.org.my or victor@pikom.org.my
September 4-15, 2010
China Trade Delegation – Beijing/Shanghai/Yiwu - Sydney’s Parramatta City Council in partnership with The Asia Business Connection is inviting companies to join a China Trade Delegation exploring possible new markets in China. The Mission will visit the International Brands Festival in Beijing, the World Trade Expo in Shanghai and the Small Commodity Markets in Yiwu, and will meet with Chinese Government officials and Chinese business. Inquiries to Keren Levery at WSBC on (61 2) 9687-2788, email keren@wsbc.org.au http://www.wsbc.org.au
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