Thursday, June 29 2017 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
HONG KONG – HKEX is extending is after-hours trading of its RMB Currency Futures from July 10, opening at 8.30.am rather than 9.am, with the second session concluding at 1.am rather than 11.45.pm A second tier to the HKEX money marker programme for its RMB Currency Futures will be introduced from the same date, with the programme then comprising both primary and secondary markers.
SINGAPORE – Disruption could be an opportunity for businesses, say 78% of Asian businesses, according to a new survey by Thomson Reuters. At the same time, at 51%, Asia recorded the highest proportion of respondents who said technology disrupters could be a direct threat to their business model, with 42% of European and 47 % American businesses saying likewise.
HONG KONG – The world will most likely witness another year of “muddling through” in China, with mounting risks as the authorities continue to try to strike a balance between restructuring and growth, says Coface. The global credit insurer says its projections show that growth will slow over the remainder of 2017.
Chinese authorities will have a delicate balancing act between tightening liquidity and sustaining growth, it says, pointing out that after registering a stronger-than-expected performance in Q1 2017, the Chinese economy has started to show signs of moderation.
SHENZHEN - Two Chinese medical companies have filed for separate listings in Shenzhen and Hong Kong, in deals that could raise up to USS1.5 billion combined as the pair seeks to capitalise on a boom in demand for high-quality products and services.
HONG KONG – Leighton Asia has won an AUD148 million contract for civil works at Black Point Power Station, one of the world’s largest gas-fired combined cycle power stations, in Hong Kong’s New Territories.
BEIJING – The Chinese wine company, Yantai Changyu Pioneer Wine, has signed an agreement with Chile's Bethia group to buy three vineyards in the South American country for more than US$50 million. According to Chilean media reports, the transaction will be concluded at the end of June, once the relevant authorisations have been obtained from China.
VIENTIANE – Australia’s Linfox has today become the first foreign logistics company to operate in Laos following signing of a joint venture with the Lao Logistics Group in Vientiane. The JV enables Linfox to provide transport services throughout Laos in partnership with local businesses and people.
HONG KONG – BBVA Research says its China Vulnerability Sentiment Index (CVSI) has improved notably over the past month, led by the Housing, SOE and Shadow Banking components, which together offset a marked deterioration in the Exchange Rate Vulnerability Index.
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.
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.