MANILA - The Philippines’ GDP growth moderated to 6.6 % y/y in Q4 of 2016 compared to 7.0% in the previous quarter, giving a full-year figure of 6.8%. ANZ Bank is tipping 2017 GDP growth to rise to 6.9% on the back of increased fiscal spending.
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HONG KONG - China is strengthening its regulatory practice with respect to the outflow of overseas investment funds, and restricting domestic enterprises from making irrational or risky overseas investments, lawyers Baker & McKenzie warn in a Client Alert. “Although we have yet to see a formal, unified approach, we have seen regulators closely examining overseas investments for authentic investment transactions and for strict compliance with all related rules and regulations,” the Alert says.
HONG KONG – The SWIFT RMB Tracker shows an overall decline in global RMB payments by value for 2016, closing out the year in sixth place among currencies used for international payments. The payments value for the RMB decreased by as much as 29.5%.
HONG KONG - Singapore has reported an impressive industrial production (IP) result, up 21.3% YoY in December, mirroring trends in other Asian tiger countries, such as South Korea and Taiwan. But the question is whether it will last, says global asset manager Natixis. This note seeks to answer three questions: a) what is driving the rebound?; b) will this cyclical upturn last into 2017?; and c) what impact will this have on growth?
HONG KONG – Ratings agency Standard & Poors says China's reforms to its fiscal and monetary policies, coupled with its anti-corruption campaign, should help support its sovereign creditworthiness. S&P today affirmed its 'AA-/A-1+' sovereign credit ratings on China, but said reliance on credit-fuelled growth poses the downside risk of a hard landing.
LONDON - Despite falling arrivals, Hong Kong remained the top city destination in the world for the seventh consecutive year in 2015, with 26.7 million international visitors, according to Euromonitor International research. Bangkok overtook London as the world’s second most visited city, with 10% growth in international arrivals.
PARIS - The Banking Commission of the International Chamber of Commerce (ICC), the Wolfsberg Group, and the Bankers Association for Finance and Trade (BAFT) have jointly issued a guidance document which updates the Wolfsberg Group's Trade Finance Principles paper last revised in 2011.
SEOUL - South Korea’s GDP growth declined for the second straight quarter in Q4, despite marginally beating expectations. ANZ Bank says the easing of growth was broadly expected on the back of the slowdown in construction activity in the first two months of the quarter.
SHANGHAI - China's e-commerce giant, Alibaba, said its quarterly revenue jumped 54% on-year in the third fiscal quarter ending December. The group's revenue was about RMB53.2 billion (US$7.67 billion) in the quarter, beating market expectations.
BEIJING - China plans to spend RMB252 billion (US$36.7 billion) through 2020 to tackle the country’s growing garbage problem. About two-thirds of the money will fund “non-harmful” methods of household-waste disposal, such as incineration, landfills and recycling, according to a statement by the National Development and Reform Commission (NDRC).
HONG KONG - The credit profiles of Chinese companies have improved as deflationary forces abate in China, but new challenges await, S&P Global Ratings said today.
GENEVA - With a major global agreement to make international trade "faster, easier and cheaper" due to take effect in the early weeks of 2017, more than 300 officials from some 70 countries who are charged with making it work began a weekly-long meeting yesterday at an UNCTAD-organised forum in Geneva.
BANGKOK - Amid a global shift in the manufacturing hierarchy, the Mighty Five (MITI-V) cluster – Malaysia, Indonesia, Thailand, India and Vietnam – is seen as assuming an increasingly significant role, according to a Hong Kong Trade Development Council research report.
HONG KONG – S&P Global Ratings today affirmed its 'BB' long-term corporate credit rating on Melco Crown (Macau) Ltd. (Melco Crown). It said the outlook is negative. “At the same time, we lowered our long-term Greater China regional scale rating on the Macau-based casino operator to 'cnBB+' from 'cnBBB-' and on the notes to 'cnBB' from 'cnBB+', said S&P Global Ratings credit analyst Sophie Lin.
BEIJING - The CEO of Legendary Entertainment has resigned, a year after the Hollywood studio was purchased by China’s Wanda Group and just a month after its first major China co-production flopped. Wanda confirmed that Thomas Tull has left the company as part of a broader overhaul.
SHANGHAI - China's wealthiest people have been busier earning big money, and more content to spend up big in 2016, according to the Hurun Report's latest findings. The report is based on a four-month survey of about 450 millionaires on the Chinese mainland, defined as those with a personal wealth of more than RMB10 million yuan (USS 1.46 million).