Thursday, November 14 2019 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
BEIJING - China has announced that its first domestically-built polar icebreaker will begin its maiden voyage in October from the city of Shenzhen - to Antarctica. The State newsagency, Xinhua, reported that the voyage for Xuelong 2, or "Snow Dragon 2", will start during the seventh China Marine Economy Expo, which will run from October 14 to 17.
HO CHI MINH CITY - In the context of escalating trade tensions between the US and China, more foreign and even Chinese manufacturers are moving their factories out of China to Vietnam, says Vietnam Asset Management (VAM) in its monthly newsletter for investors. "This gives Vietnam both opportunities and challenges," VAM says.
MANILA - Contecon Guayaquil SA - the Ecuadorian subsidiary of global port developer and manager International Container Terminal Services, Inc. (ICTSI) -- is supporting growers at the world's largest banana-exporting port with a comprehensive insurance programme for the transport of their product.
HONG KONG - The Hong Kong's economy is decelerating rapidly, partly because of the US-China trade war and a slowing Chinese economy, aggravated by recent social unrest. But among the uncertainties is the announcement for Hong Kong and Guangdong province in February of the "Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
BEIJING - China's exports of goods rose 2.6% YoY in August, while imports fell 2.6%, according to Chinese Customs data. The State newsagency, Xinhua, said the European Union remained China's largest trading partner in August, with bilateral trade volume up 9.7% from August 2018, followed by ASEAN, up 11.7%, and the US, down 9%.
TAIPEI - Taiwan has again renewed its plea to join the International Civil Aviation Organisation (ICAO), which will hold its 40th Assembly Session in September. Taiwan's membership which is being blocked by China, was supported by G7 Foreign Ministers in their April 2019 Communique following a meeting in Dinard, France.
TAIPEI -- Softer overseas demand and rising tariffs could lead to moderately weaker profitability and operating cash flow for Taiwan's major exporters in 2019-2020, but average corporate debt could improve slightly over the same period if capital spending and shareholder distributions remain moderate, according to Taiwan Ratings, a Taipei-based subsidiary of S&P Global Ratings.
BEIJING - China's State Council this week released new guidelines designed to help China become a leading sports power.
HONG KONG - The reasons for Hong Kong's economic slowdown go beyond the protests as they also include the deteriorating relationship between China and the US and much more negative sentiment globally, says Nataxis in a report on recent activity.
SINGAPORE -- China's economy will grow at an average annual pace of about 4.6% over the next decade, according to an assessment by S&P Global Ratings. After four golden decades of growth, China's economy will slow due to demographics, deleveraging, rebalancing from manufacturing to services, and simply becoming richer, which means less room for catch-up, S&P says. And although growth will slow, the reasons are natural and mostly healthy.
SEOUL - South Korea has signed free trade agreements (FTAs) with the U.K. and Israel. The FTA with London is designed to ensure stable trade and economic relations, even should the U.K. leave the European Union (EU) under a "no-deal" Brexit. Through the FTA with Israel, Korea seeks diversification of its supply chains in response to Japan's recent export curbs.
HONG KONG -- Looming debt maturities in China's infrastructure sector are exacerbating the difficulties for local government financing vehicles (LGFVs), according to a new report from S&P Global Ratings.
BEIJING - China has announced it will soon start accepting applications for exemption from its second-round of additional tariffs on US imports.
SYDNEY - Grain-fed production is set to play a larger role in Australia's beef sector, with the opportunity to triple the nation's exports of grain-fed beef to China by 2030, according to new industry research by agribusiness banking specialist Rabobank.
SEOUL - A special summit between Korea and ASEAN slated for November 25-26 in Busan will centre on talks to strengthen the free trade order and to deepen bi-lateral co-operation.
HONG KONG -- Easing regulations have allowed China's insurers to increase holdings in bank-related assets, including capital instruments. But while this benefits banks that need capital, and insurers looking for yield and duration, growing financial-sector cross-holdings could multiply systemic risk, S&P Global Ratings said in a report published today.