Sunday, April 22 2018 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
NEW YORK - U.S. President Trump's impending tariffs increase the risk of a retaliatory action from affected countries, but the overall economic impact of the tariffs on the U.S. over the near term is likely to be minimal, with a mixed impact on corporate sectors, according to ratings agency Standard and Poor’s.
SEOUL – South Korea’s National Security Office Chief, Chung Eui-yong, has confirmed that South and North Korea have agreed to hold a third inter-Korean summit at the Peace House at the Panmunjom truce village in late April. Chung led a special South Korean delegation to Pyongyang to meet the North Korean leader, Kim Jong-un.
SINGAPORE The recent fraud case at India’s Punjab National Bank (PNB) underscores the urgent need for reforms at India's public sector banks, says ratings agency Standard and Poor’s, which points out that the fraud comes as the sector continues to reel from soaring non-performing assets in an extended downcycle.
BEIJING - China looks to upgrade the strategic partnership and build a closer community of shared future with ASEAN, Foreign Minister Wang Yi said today.. China would continue to put co-operation with ASEAN high on its agenda of international co-operation this year, Wang told a press conference on the sidelines of the annual session of the National People's Congress.
BEIJING - China is on a long march to modernisation and has no need or intention to replace the United States' international role, Chinese Foreign Minister, Wang Yi, said today. "Some Americans allege that China will replace America's role in the world. This conclusion is fundamentally wrong." The State newsagency, Xinhua, quoted Wang as saying.
BEIJING - China is likely to reduce reliance on wide capital support for economic growth as the country seeks high-quality development, China's central bank governor, Zhou Xiaochuan, said today.
HONG KONG – The French financial group Natixis is arguing that, while an imposed tariff of 10-25% may look relevant on the surface, the targetted approach on steel and aluminium may not be the right way to go, even for the US. “To start with, (the tariffs) do not even hit the key products behind the US trade deficit with China,” Natixis says.
BEIJING – Delivering the Government’s work report to China's national legislature, Premier Li Keqiang has stressed increasing support for what he called the "three critical battles" - against risk, poverty and pollution. A moderately prosperous society could not arise with volatile financial markets, people locked in poverty, or polluted skies, mountains and rivers, he said.
BEIJING - A draft amendment to China's Constitution has ben submitted to the national legislature for deliberation and is expected to enshrine Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era in the fundamental law of the country.
BEIJING - China will take a series of new measures this year to solicit more foreign investment, Ning Jizhe, Deputy Head of the National Development and Reform Commission, said. China will greatly relax market access, promote investment facilitation and encourage foreign capital entry in more regions, he told a press conference on the sidelines of the national legislature's annual session.
MELBOURNE – Australia’s ANZ Bank has nominated what it sees as the key points for markets to watch out of China’s 19th National People’’ s Congress. It says -
NEW DELHI - GDP growth in India picked up sharply in Q3 FY2018 (fiscal year ending March 2018) to 7.2% y/y from 6.5% y/y previously. GVA (Gross value added) based growth also strengthened on the back of stronger industrial activity.
HONG KONG - Constitutional amendments proposed by China’s Central Committee do not mention economic reform directly, but the indirect impact of amendments proposed should be taken into account, no matter how difficult it may be to draw clear-cut conclusions, Nataxis says in a comment on current changes in China.
BEIJING - Growth during just the past four years has led China to surpass developed economies such as the United States and Japan to rank first globally in the number of express packages delivered last year, the State Post Bureau has announced.
BEIJING - The State Council, China’s cabinet, has approved plans for a cargo airport backed by courier SF Express Co. Ltd. The airport — which will be built in the city of Ezhou, 98 km from Wuhan, the capital of Central China’s Hubei province — was approved by the Civil Aviation Administration of China (CAAC) in 2016, pending the green light from the State Council.
BEIJING – A report from the Chinese media group, Caixin, says Australia’s military is phasing out use of Chinese smartphones from Huawei and ZTE, dealing a further setback to the two groups after similar action in both the U.S. and Australia in regards to their older networking equipment businesses - due to security concerns.