Asia to look after its own!
The Asian Development Bank, which has just tripled its capital base to US$165
billion, expects to be pivotal in co-ordinating new regional financial initiatives.
•
Asia moots regulation of rating
agencies – Indonesia has already drafted legislation.
•
Debt a matter of face - China’s courts name and shame
debtors
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COFACE TIPS SLOW L-SHAPED RECOVERY FROM 2009 RECESSION
PARIS – In new growth forecasts, credit insurer Coface is tipping a world recession of -2.5% in 2009 (-3.9% for industrialised countries, +0.7% for emerging countries) and forecasts positive, but weak growth of 1.7% for 2010 (+0.5% for industrialized countries, +4.1% for emerging countries). The revised forecast incorporates a greater growth falloff than forecast at the beginning of the year, and assumes that this drop stops in coming weeks. It says there are ‘perceptible signs’ of the end of the recession, and a scenario for slow L-shaped recovery. Coface says Western Europe seems to have reached the bottom of the recession, Latin America is showing ‘a certain ability’ to resist the world crisis, but Central America is suffering from the North American recession. Asia-Pacific is the zone that concentrates the most positive signs, but Coface is mainlining the negative watch it placed on China’s A3 rating in January, citing recurrent problems for private sector companies, where the default payment risk is highest. Coface Chairman, Francois David, says some real economy indicators are improving (retail sales, property and job losses in the USA and industrial production in the UK), anticipation surveys of investors and consumers are pointing up, and financial players are showing a renewed appetite for risk. www.coface.com (ATI).
BANK OF CHINA BRANCH IN TAIPEI BY SEPTEMBER?
TAIPEI - The Bank of China will be the first mainland bank to establish a branch office in Taiwan, possibly by September, according to Taiwan’s Commercial Times newspaper. Bank of China President, Li Lihui, announced July 1 that he would lead a delegation to Taiwan to explore the opening of a branch office. He wants the branch to be operating by the end of the year. If this happens, under recently-agreed reciprocal cross-strait principles on opening up the banking industry, seven Taiwan banks which now have representative offices on the mainland would all be able to upgrade to branch offices in September. The Commercial Times reported that, according to financial insiders in Beijing, the Bank of China, Industrial and Commercial Bank of China, China Construction Bank and Bank of Communications, as well as some local banks such as Fujian Industrial Bank, have all applied to the China Banking Regulatory Commission to set up branch offices in Taiwan (ATI).
July 24, 2009
Entries for the Premier of Queensland’s Export Awards for 2009 close on July 24 in 12 categories. Additionally, there will be specific Awards for a successful young exporter, for export innovation and for an emerging exporter to China or Vietnam. Further information from the Trade Queensland website at www.export.qld.gov.au
November 4-6, 2009
Early bird discounts for Hong Kong International Wine Fair - Subsidised air fares and accommodation are available to exhibitors and distributors joining the Australian Pavilion. Hong Kong’s wine imports last year increased by 78% following removal of import duty. Hong Kong now has the highest wine consumption per capita in Asia, and forecasts indicate that China/HK will become the world’s eight-largest wine market by 2017. Email toni.wade@hktdc.org or visit http://hkwinefair.hktdc.com/
October 26-28, 2009
Carbon Market Expo Australasia 2009, Gold Coast Convention & Exhibition Centre, hosted by the Asia-Pacific Emissions Trading Forum and Environment Business Australia. More than 1,100 delegates and 81 trade exhibitors from 27 countries attended the 2008 event. For online registration and further information visit http://www.carbonexpo.com.au Earlybird delegate and exhibitor registrations open till July 31.
OUR ONE-STOP SHOP
Direct links to Government trade and investment sites; the Asia Market - Products
and Services, itemised by category; Contact Directories (Professional Services,
Banking and Finance, Trade Services and Logistics, the ASIA2009 Directory).
ASIA 2009 Directory
[ PDF - 256kb ]
2009 Banking and Finance Directory [ PDF
- 130kb ]
2009 Professional Services Directory [ PDF
- 316kb ]
2008 Trade Services and Logistics Directory [ PDF
- 433kb ]
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