ATI Newswire - Subscriber Only

Business confidence hits new record high in Australia

November 11, 2013

MELBOURNE – A Roy Morgan Research survey shows that Australian business confidence rose to a record high level during October, building on an extraordinary peak achieved following the September federal election. An increase of two points from September to a score of 136.3 is the highest level of Business Confidence recorded since the survey began in December 2010.

Indonesia’s Q3 GDP slows after rate hikes and lower commodity prices

November 7, 2013

JAKARTA - As expected, Indonesia’s Q3 GDP growth slowed - for a fifth consecutive quarter. Q3 GDP growth came in at 5.6% y/y (consensus: 5.6% compared to 5.8% in Q2. The outturn was broadly in line with expectations, which had factored in the impact of recent interest rate hikes on consumer and business spending, as well as the drag from lower commodity prices (Indonesia is a commodity producer).

Japan, Taiwan sign off on e-commerce, patent protection

November 7, 2013

 

TAIPEI - Taiwan and Japan have signed off on five agreements to co-operate in areas such as electronic commerce and protection of patent applicants in what is seen as an expansion of an investment pact implemented in 2011. The agreements on electronic commerce and patent protection are the first of their kind that Taiwan has secured with another country.

Shanghai FTZ to relax 'negative list' on foreign investment

November 7, 2013

SHANGHAI - Officials at the Shanghai Pilot Free Trade Zone (FTZ) have responded to criticisms of a "negative list" which places restrictions on foreign investment in the FTZ, saying that the current list of restrictions will be relaxed next year and revised on a yearly basis. The negative list covers 1,069 businesses in 89 divisions within 18 main categories, identifying sectors in which investment is restricted or prohibited. It also contains 190 measures to control how business is conducted and managed.

Korean exports surprise to the upside in October

November 5, 2013

SEOUL - Korea’s October exports swung back to growth on a year-on-year basis in October (7.3% y/y vs consensus: 2.3% y/y), compared to a decline of 1.5% y/y the previous month. Exports to the US and Europe saw significant improvements. Despite the strong export reading in October, however, BBVA Bank says it believes the growth recovery will remain fragile as the effects of fiscal stimulus implemented earlier this year wear off (Q3 GDP growth of 1.1% q/q, s.a.

China Construction Bank to acquire majority stake in Brazil's BIC

November 5, 2013

BEIJING - China Construction Bank (CCB) is to acquire 72% of shares in Brazilian bank, Banco Industrial e Comercial SA (BIC) for US$726 million, subject to regulatory approval. CCB has been very cautious in expanding overseas, and has not completed an offshore acquisitions for seven years, since it bought Hong Kong-based BA Asia Ltd for US$1.25 billion. In contrast, ICBC has been purchasing small banks in Southeast Asia, the US, and South America to expand its branch network, while Bank of China has opened more than 100 branches globally.

Home prices in China increase by 10.69% over 12 months

November 5, 2013

BEIJING - Prices of newly built houses in 100 Chinese cities have increased by 10.69% from a year ago, with an average price of RMB10,685 per sq m. The rapid rise in prices indicates a failure of local government efforts to control prices. The Beijing municipal government sought to keep prices steady in 2013, but in the first three quarters alone, prices were up by an aggregate 24.39%.

South Korea commits KRW8.5 trillion to future ICT economy

November 5, 2013

SEOUL – The South Korean Government is to invest KRW8.5 trillion over five years into ICT research and development as it confirms a new mid- to long-term ICT strategy described as an ‘ICT WAVE’. Korea’s Ministry of Science, ICT and Future Planning (MSIP) describes WAVE as an acronym for ‘World’s best ICT, Activating an R&D ecology, Vitalising industry and Enhancing life’.

Indonesia’s inflation moderates, trade deficit returns

November 2, 2013

JAKARTA - Inflation in Indonesia eased further in October and ANZ Bank says it now expects Bank Indonesia to hold current interest rates for some time. But ANZ said figures showing the trade balance returning to a deficit in September - driven by a rebound in imports amid sustained weakness in export growth – suggests that domestic demand is not collapsing.

China’s official PMI at 18 month high, HSBC PMI at 7 month high

November 2, 2013

BEIJING – China’s official Purchasing Managers' Index (PMI) rose for a fourth consecutive month in October to an 18-month high of 51.4, while the HSBC China index jumped to a seven month high of 50.9. A reading above 50 indicates an expansion in the manufacturing sector while a reading below 50 indicates a contraction. A gauge of export orders was above 50 for a third month, while a new orders index fell to 52.5 from 52.8, which was the highest since April 2012.

Australia’s RDNS signs off on Seniors Care JV in China

October 30, 2013

MELBOURNE – Australia’s Royal District Nursing Service (RDNS) has partnered with China’s Zhongshan College  in Jiangsu Province to develop clinical care and support for the elderly. RDNS CEO Stephen Muggleton says the JV will develop and operate an aged care facility that will include 1,500 integrated care places and a 400 bed hospital which links with the college’s education faculty.

Korea industrial output disappoints, but Japan a bright spot

October 31, 2013

SEOUL - After registering better-than-expected Q3 GDP growth (1.1% q/q s.a.; 3.3% y/y), growth momentum in South Korea appears to have slowed in September, with a disappointing industrial production outturn of -2.1% m/m s.a. (prior: +1.6%). BBVA Bank says that while part of the decline is due to strikes at car factories and fewer working days due to holidays, the outturn coincides with a moderating trend in China’s September activity data and is a reminder of the headwinds facing Asian growth momentum.

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