Sunday, June 25 2017 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
CANBERRA - Tariffs under the Japan-Australia Economic Partnership Agreement (JAEPA) have been cut for the fourth time, eliminating tariffs on more than 3,400 Australian product lines since the Agreement entered into force in 2014.
HONG KONG – Hong Kong’s Market Misconduct Tribunal has fined Mayer Holdings Limited and nine of Mayer's current and former senior executives a total of HK$10.2 million for breaches of disclosure obligations under Hong Kong’s Securities and Futures Ordinance, and disqualified them from being directors or being involved in the management of a listed corporation for up to 20 months.
SYDNEY - Microsoft has chosen Sydney as the location for its new Asia Inside Sales Centre, the fourth to be opened by Microsoft globally – and first in Asia - with the company creating 120 new digital seller roles.
HYDERABAD - CIMIC Group company, Leighton Asia, has been selected by the IKEA Group to construct its first retail outlet in Hyderabad, India.
SEOUL – While the remarks of U.S. Vice President Mike Pence have been widely reported, those of his Korean hosts less so in foreign media. The South Korean Government online newsletter, Korea.net, reports the response to Pence from Acting President Hwang Kyo-Ahn, as follows:
HANOI - The Government of Vietnam has released its new official policy for the development of solar power projects in Vietnam. It is aimed at enabling the private sector to invest in clean energy sources that can help meet Vietnam’s surging demand for electricity, but lawyers Baker McKenzie warn that it leaves a number of issues unresolved, and these may have an impact on the bankability of solar projects, especially for large utility-scale solar power plants.
BEIJING - China's COSCO Shipping Lines on Sunday marked the opening of an additional regional service of container shipping connecting China with the ports of Northern Europe and the Mediterranean Sea.
MANILA - Container terminals managed and operated by International Container Terminal Services, Inc. (ICTSI) at Subic Bay Freeport will help facilitate increasing trade between Korea, Taiwan and the Philippines, with Evergreen Marine Corp. launching a new direct service at key ports of the three trading economies.
Evergreen, Taiwan’s largest shipping company, is launching its new Korea-Taiwan-Philippines (KTP) service in Subic, adding the ICTSI-operated New Container Terminals 1 and 2 to its port rotation.
BEIJING - High environmental standards will be set for the proposed Xiongan New Area, an economic zone near Beijing designed to integrate the capital with its surrounding areas. Key words in the building plans will be “international standards,” “Chinese characteristics,” “reform” and “innovation,” said He Lifeng, head of the National Development and Reform Commission, China’s top planning body.
GENEVA – The International Air Transport Association (IATA) has released demand growth results for global air freight markets for February 2017 showing an 8.4% increase in demand measured in freight tonne kilometres (FTKs) compared to the same period last year. After adjusting for the impact of the leap year in 2016, demand increased by 12% -- almost four times better than the five-year average rate of 3.0%.
BEIJING – China’s State newsagency, Xinhua, has reported President Xi Jinping as saying the Central Government is determined to stick to the principles of “one country, two systems”, “Hong Kong people governing Hong Kong” and a high degree of autonomy for the southern city. That determination would not change or waver, he said.
~~BANGKOK - Despite a sluggish domestic economy, the Thai baht has outperformed its regional peers, with THB strength stemming from Thailand’s rising current account surplus, ANZ Bank reports in a research note.
BEIJING - President Xi Jinping and U.S. President Donald Trump agreed to a new framework for bi-lateral economic and security talks during their two-day meeting in Florida, despite Trump’s tough talk during his election campaign, the Beijing-based Caixin news network reported.
HONG KONG - A survey on corporate credit risk management by global credit insurer, Coface, to which 1,017 Chinese companies responded, reveals that corporate payments improved in 2016, with only 68% of respondent companies experiencing overdue payments in 2016 (compared to the previous 5-year average of 80%) and fewer respondents reporting an increase in overdue amounts.
HONG KONG - The dark cloud over the PBoC is that The massive injection of liquidity is feeding the further expansion of shadow banking in China, casting a dark cloud over the People’s Bank of China, says global asset manager Natixis. “(It) spikes concerns of contagion risk and, ultimately, financial stability,” Natixis says.
HONG KONG - CIMIC Group company, Leighton Asia, has been selected by the Airport Authority of Hong Kong to deliver the Terminal 1 (T1) Annex Building and Carpark 4 Expansion Project at Hong Kong International Airport (HKIA).