Sunday, June 25 2017 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
KUALA UMPUR - Malaysia’s better-than-expected economic performance in Q1 – at 5.6% up from 4.5% in Q4 of 2016 - was largely driven by domestic demand, particularly private consumption and gross fixed capital formation, which printed much stronger than expected.
HO CHI MINH CITY - In parallel with its ongoing equitisation process of State-owned enterprises (SOEs), the Government of Vietnam is undertaking a programme of divestment of the State's interests in a number of blue-chip former SOEs in which it has retained a significant interest post-privatisation, such as the country's leading dairy company Vinamilk and largest breweries Habeco and Sabeco.
CANBERRA – Australia and Hong Kong are set to hold their first round of negotiations to secure a Free Trade Agreement in Canberra this month. Australia’s Minister for International Development and the Pacific, Senator Concetta Fierravanti-Wells, says an FTA with Hong Kong will create new export opportunities for local service providers.
BANGKOK - Growth in Thailand has accelerated to 3.3% y/y on the back of stronger goods exports and tourism activity. The strengthening of exports also favourably impacted household consumption. By contrast, investment activity remained subdued at 1.7%, mainly reflecting excess capacity in the manufacturing sector.
SINGAPORE – Standard and Poor’s today raised its long-term sovereign credit ratings on the Republic of Indonesia to 'BBB-' from 'BB+', with the outlook stable. It takes Indonesia to investment grade, a move that had been anticipated by markets for some time.
SHANGHAI - China is preparing to impose regulatory oversight on trading of Bitcoin to fight use of the electronic currency for money-laundering, Caixin quotes a source close to the matter as saying. The new regulations would roll out next month.
SINGAPORE - Monthly trackers developed by ANZ Bank based on high frequency indicators to gauge the direction and magnitude of GDP growth in Asian economies point at a regional level towards a steady improvement in growth in exports. Exports have complemented or cushioned growth even in economies driven by domestic demand, like India and Indonesia, the trackers show.
NEW DELHI: India is projected to see impact investments worth up to $40 billion by 2025 as the country is in a "sweet spot" with high potential to deliver solutions for various problems, according to the Global Impact Investing Network (GIIN), a not-for-profit group that works to promote impact investments. Generally, Impact investments are generally classified as those made with the aim of having a social and environmental impact along with the investors’ financial returns.
BEIJING - China’s economy showed signs of slowing in April as increases in the key activity indicators of industrial production, investment and consumption all softened, adding to evidence that intensifying government measures to curb property bubbles and financial risks are taking effect.
HO CHI MINH CITY – Ratings agency Moody's has affirmed Vietnam's B1 issuer standing and revised the country’s rating outlook to positive from stable. It says the positive outlook is based on expectations that “strong FDI inflows will continue to enhance economic performance”.
SINGAPORE - An International Monetary Fund (IMF) staff team has reported that risks to the City-State’s growth outlook arise mainly from external sources. “Notwithstanding the recent recovery of trade, economic and geopolitical risks have risen and could affect Singapore’s highly open economy,” it says.
BEIJING – The Chinese wind turbine generator maker, Xinjiang Goldwind Science & Technology Co. Ltd,. Has announced plans to purchase a wind farm project in Australia for AUD110 million (US$81.5 million), vying for a greater presence in the international market.
BEIJING - China's central State-owned enterprises will be the major force driving the Belt and Road initiative, the top State-owned assets regulator says. "The SASAC will encourage central SOEs to deepen c-ooperation with economies along the initiative in sectors such as equipment manufacturing, technology exports, standard-setting and management to advocate mutual benefits," Xiao Yaqing, Chairman of the State-Owned Assets Supervision and Administration Commission of the State Council (SASAC), said.
HO CHI MINH CITY - After years of deleveraging, Vietnam is turning back to the old formula for growth – increasing dependency on leverage, according to a new report by global asset manager Natixis, pointing out that economic growth is not rising as much as credit expansion.
BANGKOK – Thailand’s Investment Promotion Act has been amended to broaden the scope of exemption of import duties. The former Investment Promotion Act granted exemption of import duties only for materials used for manufacture for re-exports.
BEIJING - China’s export growth in April was half the pace shown in March, indicating softening momentum in the second quarter. April’s export growth slowed to 8% y/y after surging 16% y/y in March, in line with the new export orders sub-index which dropped to 50.6 in April after having improved for three consecutive months.