Friday, May 3 2024 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
SYDNEY - Leighton Holdings has entered a binding agreement to sell its subsidiary contractor John Holland to CCCC International Holding Limited (CCCI), a wholly-owned subsidiary of China Communications Construction Company (CCCC), the fourth largest construction company in the world by revenue.
NEW DELHI – BBVA Bank is tipping the Reserve Bank of India to reduce interest rates in 2015 by a cumulative 50 to 75 basis points as inflation comes under control.
PARIS – In a global update, Credit insurer Coface points to a slow recovery - but a recovery nonetheless - in the Eurozone, and political and financial instability in large emerging countries. Coface says the world economy has entered into a confirmed, but slow and uneven, recovery phase.
SHANGHAI – The Shanghai Daily has reported the launch of a pilot scheme this month that will allow both domestic and foreign law firms operating in Shanghai’s Free Trade Zone (FTZ) to provide cross-border legal services. Representatives from the Shanghai Judicial Bureau were quoted as calling it the “boldest liberalisation of the legal services industry in China”, saying for now it is exclusively available in the FTZ.
MELBOURNE – The Chief Executive of major shipping line ANL, John Lines, has slammed major increases in port charges in Darwin as “a joke” showing “a lack of foresight” that will hurt trade and the Darwin community. He called on the Northern Territory Government to review the charges.
TAIPEI - Taiwan’s exports rose 3.7% on-year to US$26.68 billion in November, while imports grew 5.1% to US$22.46 billion, the Ministry of Finance reported. Yeh Maan-tzwu, Director-General of the MOF’s Department of Statistics, attributed growth to continued robustness in the electronics and transportation equipment sectors, offset partially by a double-digit drop in mineral exports.
HONG KONG – Ratings agency Standard & Poor's says Asia-Pacific's credit cycle may be turning amid soft economic prospects, weak credit conditions, and a build-up of debt in the region. "As we near the end of 2014, credit conditions in Asia-Pacific appear to be slightly tighter," said S&P credit analyst, Peter Eastham.
HONG KONG - China's export growth slowed significantly to 4.7% in November versus 11.6% in October, posing a risk that Q4 and whole-year growth were unlikely to reach 7.5% as both domestic and external demand weakened. Imports also missed market expectations by a large margin, dropping 6.7% y/y in November, reflecting weak demand for commodities.
BEIJING - Between a strengthening US dollar and weakening Japanese Yen, eyes are on the Renminbi (RMB) and its ability to be a leader regarding the direction of global capital flows in 2015.
BEIJING – China’s annual Central Economic Work Conference is expected to occur this week, although it is not typically announced in advance. Ahead of the key policy-makers’ conference, analysts have made the prediction that China’s 2015 growth target will be cut to 7%, with downward pressures such as a deflating property bubble, high debt levels and potential deflation holding a strong influence over the Chinese economy.
HONG KONG - Output growth in global emerging markets slowed further in November, according to HSBC survey data. The HSBC Emerging Markets Index (EMI), slipped for the second month running, to 51.2, signalling the weakest rate of expansion since May. The EMI remained well below its long-run trend level of 53.7, and 2014 looks set to record the lowest annual average for the Index since its inception in November 2005.
BEIJING - A circular published on China’s Ministry of Civil Affairs’ (MCA) official website encourages foreign investment in the country’s elderly care services, as the issue of an aging population becomes more and more of a reality. According to the circular, foreign investors can set up senior care institutes for profit independently or in co-operation with Chinese enterprises.
GENEVA - The International Air Transport Association (IATA) has released October data for global air freight markets showing that the strong performance of recent months is continuing. Demand, measured in freight tonne kilometres (FTK), rose 5.4% in October compared to October 2013, out-stripping new capacity, which grew by 4.4%.
HONG KONG - A number of administrative approval requirements and other business legislative issues have been rescinded by China’s State Council, while several others have been delegated to lower level authorities.
HANOI - Two of the three largest Vietnamese banks, Vietnam Joint Stock Commercial Bank for Industry & Trade, Vietinbank, and Joint Stock Commercial Bank for Foreign Trade of Vietnam, Vietcombank, have reported year-over-year declines in their profit for the third quarter.
ADELAIDE - John Holland, a Leighton Holdings company, has been awarded a contract worth more than AUD150 million to expand the Sundrop Farms arid climate agricultural operations located at Port Augusta in South Australia.