Sunday, July 5 2020 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
SINGAPORE - In its latest Global Macro Insight, ANZ Bank has downgraded notably its growth forecasts for G3, saying that COVID-19 is presenting itself as a substantive supply and demand shock to the global economy.
SINGAPORE - Ratings agency Standard and Poors is predicting that growth across Asia-Pacific will slow to 4.0% in 2020, the lowest since the Global Financial Crisis, due to the coronavirus outbreak. A U-shaped recovery should start later in 2020, but, by then, overall economic damage is likely to reach US$211 billion, S&P says.
NEW DELHI - At 4.7%, India's Q3 (September-December 2019) FY20 GDP print has slowed, compared with an upwardly-revised print of 5.1% (from 4.5% earlier) in the previous quarter.
BEIJING - China's State newsagency Xinhua is quoting the Ministry of Commerce as saying that consumer prices in China are going to stabilise and fall as market supplies improve and multiple Government measures pay off.
SINGAPORE -- Malaysia's economic stimulus package announced on Thursday is unlikely to materially affect S&P Global Ratings' outlook on the country's fiscal performance and has a limited impact on the sovereign credit ratings, S&P said today.
SINGAPORE -- S&P Global Ratings today affirmed its 'AA+' long-term and 'A-1+' short-term foreign-currency issuer credit ratings on the New Development Bank (NDB), a multilateral lending institution (MLI) established by Brazil, Russia, India, China, and South Africa (BRICS). "We affirmed the ratings on NDB to reflect our opinion that the institution will establish itself as a catalyst in reducing infrastructure deficits faced by its BRICS members," S&P said.
HONG KONG - The outbreak of the new and highly contagious strain of coronavirus in the Chinese city of Wuhan brings with it new doubts about the expected recovery of the global economy, and in particular about the growth of China, the world's second largest economy, says BBVA Bank.
KUALA LUMPUR- Malaysia' s GDP growth inQ4 2019 eased to 3.6% y/y - the weakest in 10 years - on the back of weak external demand.
SHANGHAI - China's smartphone shipments are likely to suffer a year-on-year drop of more than 30% in the first quarter of 2020 due to the novel coronavirus that has led to the shutdown of countless handset manufacturing plants in the country.
HONG KONG - In its 2019 Corruption Perception Index (CPI), Transparency International reports that the Asia-Pacific region has not witnessed substantial progress in anti-corruption efforts - but China's global CPI ranking has improved by seven places, while its CPI score improved by two points.
HONG KONG -- China's large-scale e-commerce infrastructure may help the country avoid a contraction in quarterly retail sales as coronavirus stalls household spending, S&P Global Ratings says.
HONG KONG - China's CPI overshot market expectations in January, partially due to the coronavirus outbreak. The 1.4% m/m spike is higher than seasonal increases seen over the past three years.
HONG KONG - Lawyers Baker McKenzie have released a Client Alert for employers needing to take stock of their obligations to employees and any potential impact on their businesses of the coronavirus outbreak, now declared by the World Health Organisation to be a Public Health Emergency of International Concern.
Responses to some frequently-asked questions (listed below) are available on the BakerMcKenzie website at https://www.bakermckenzie.com/en/insight/publications/2020/01/employer-p...
MANILA - The Philippines' central bank, Bangko Sentral ng Pilipinas (BSP) today cut its overnight reverse repurchase rate (RRP) by 25bps to 3.75%.
HANOI - To cater to both Vietnam Airlines and rising Asia-Pacific needs for aircraft Maintenance Repair and Overhaul (MRO) services, ST Engineering is exploring establishment of an airframe MRO joint venture in Vietnam with Vietnam Airlines and other potential airline partners.
SINGAPORE -- S&P Global Ratings estimates that full-year GDP growth in China will fall to 5.0% in 2020, but the ratings agency expects lost ground to be made up in 2021.