SINGAPORE - Sri Lankan banks are likely to be under greater strain in 2017, says ratings agency Standard & Poor’s. "We expect overall asset quality in Sri Lanka's banking system to weaken, partly fuelled by the banks' aggressive loan growth over the past two years, says S&P Global ratings credit analyst, Deepali Seth-Chhabria.
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SHENZHEN – China’s ZTE Corporation, a major international provider of telecommunications, enterprise and consumer technology solutions for the Mobile Internet, has reported full-year revenue of RMB101.2 billion for 2016, bolstered by growth in the company's Carrier Networks and Consumer businesses. Operating profit increased to RMB1.17 billion.
SINGAPORE - Indian oil and gas companies are likely use their improved cash flows from market-linked fuel prices to expand their asset base and enhance operational quality, according to a new report by ratings agency Standard and Poor’s.
SEOUL – South Koreans will go to the polls on May 9 to elect their 19th Head of State, following the impeachment of former President Park Guen-hye. The Presidential election day has been declared a temporary national holiday.
HONG KONG – After the RMB’s rebound in early January, the CNY and CNH were under renewed depreciatory pressure in February (-0.4%) in light of a stronger USD (+1.6%). That weakening trend has extended and been reinforced in March by a more hawkish Fed. Market, which has priced in 3-4 Fed rate hikes in 2017, according to global asset manager Natixis.
SYDNEY – The CIMIC Group company, UGL, has been awarded A SGD67.5 million contract for the process upgrade and equipment replacement project at Singapore’s Woodleigh Waterworks by PUB, the national water agency.
BRISBANE - A Chinese company listed in the Fortune Global 500 for the past eight years, and home to more than 120,000 employees, is to partner The University of Queensland in sustainable metals research. Hebei Iron and Steel Group (HBIS) will invest A$5.25 million over the next five years in the HBIS-UQ Innovation Centre for Sustainable Steel (ICSS), based in Brisbane.
SYDNEY - The global legal industry is at tipping point as firms struggle to keep up with advancements in technology that continue to disrupt the market, according to a report by accountancy and business advisory firm BDO. The BDO Law Firm Leaders Survey polled managing partners and senior partners of 50 national and international law firms in the UK, 98% of whom said the pace of change in the legal industry, driven mostly by the impact of technology, is a real cause for concern.
BEIJING - Russia is to open a yuan clearing centre in Moscow this week, while the Russian Ministry of Finance plans to launch US$1 billion worth of yuan bonds, according to Russia’s central bank. The bond issuance will take place “ideally in one or two months,” Dmitry Skobelkin, Vice President of Russia’s central bank told guests at an opening ceremony for the central bank’s first overseas liaison office, which is located in Beijing.
SINGAPORE - In a sharp departure from 2004-06, ANZ Bank believes most Asian central banks are unlikely to respond to the current tightening cycle in the US. It says growth conditions in much of the region remain lacklustre, necessitating accommodative monetary conditions.
HONG KONG – More than one million Citibank Consumer Banking customers in Asia Pacific now verify their identities through voice biometrics authentication. The milestone coes two months ahead of schedule.
SHANGHAI - IBM and China’s Wanda Internet Technology Group have joined forces to bring more public cloud services to China. Through a new joint venture, announced yesterday, Chinese firms will have access to IBM cloud infrastructure and its artificial intelligence platform, Watson, as well as technologies such as blockchain and the internet of things.
HONG KONG - On March 16, Hong Kong signed agreements with six jurisdictions - Belgium, Canada, Guernsey, Italy, Mexico and the Netherlands - to conduct automatic exchange of financial account information in tax matters (AEOI). Confirmation of the date on which Hong Kong will commence exchanging information with these six jurisdictions has yet to be released.
SYDNEY - Efic, Australia’s export credit agency bi-annual Exporter Sentiment Index shows that Australian SME exporters are confident about the next 12 months.
BEIJING - When he was China’s top securities regulator, Guo Shuqing won a reputation for being one of the country’s most reform-minded officials for changes he made in stock markets that had long been plagued by Government interference and insider trading. Four years later, the 60-year-old Guo is facing equally formidable challenges as he assumes oversight of China’s RMB232 trillion (US$ 33.6 trillion) banking industry, which is burdened by rising bad loans and off-balance-sheet activities.
HONG KONG - The economic headwinds facing Hong Kong’s exports have eased in the early part of 2017, reflecting a broad improvement across major industries. The Hong Kong Trade Development Council’s latest Export Index for the first quarter shows the exporter index rose to 47.1, an increase of 13.4 from the fourth quarter of 2016 - the biggest jump in recent years.