Sunday, August 20 2017 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
HONG KONG - After registering a stronger-than-expected performance in Q1, the Chinese economy continued its moderation in May, reflected in a batch of important activity indicators reported today. BBVA Bank says growth moderation is partly due to the authorities’ monetary prudence targetted at risky shadow banking and the overheating property market.
SHANGHAI - Smartphone and telecom equipment maker Huawei Technologies Co Ltd said it is evaluating the decision of a leading court in the United Kingdom over patent infringement that could mean its phones will not be allowed to be sold in the UK, It is also assessing possible steps it may take, China Daily reports.
BEIJING - Alibaba is eyeing the wallets of Chinese communities in Southeast Asia, integrating more domestic brands into its existing sales channels to tap into markets beyond the Chinese mainland as it bids to lure customers with similar shopping needs and tastes.
HONG KONG - China Foreign Exchange Trade System (CFETS) and Hong Kong Exchanges and Clearing Limited (HKEX) have announced formation of a joint venture company in Hong Kong, Bond Connect Company Limited (BCCL), to support Bond Connect related trading services.
HONG KONG – HKEX is extending is after-hours trading of its RMB Currency Futures from July 10, opening at 8.30.am rather than 9.am, with the second session concluding at 1.am rather than 11.45.pm A second tier to the HKEX money marker programme for its RMB Currency Futures will be introduced from the same date, with the programme then comprising both primary and secondary markers.
SINGAPORE – Disruption could be an opportunity for businesses, say 78% of Asian businesses, according to a new survey by Thomson Reuters. At the same time, at 51%, Asia recorded the highest proportion of respondents who said technology disrupters could be a direct threat to their business model, with 42% of European and 47 % American businesses saying likewise.
HONG KONG – The world will most likely witness another year of “muddling through” in China, with mounting risks as the authorities continue to try to strike a balance between restructuring and growth, says Coface. The global credit insurer says its projections show that growth will slow over the remainder of 2017.
Chinese authorities will have a delicate balancing act between tightening liquidity and sustaining growth, it says, pointing out that after registering a stronger-than-expected performance in Q1 2017, the Chinese economy has started to show signs of moderation.
SHENZHEN - Two Chinese medical companies have filed for separate listings in Shenzhen and Hong Kong, in deals that could raise up to USS1.5 billion combined as the pair seeks to capitalise on a boom in demand for high-quality products and services.
HONG KONG – Leighton Asia has won an AUD148 million contract for civil works at Black Point Power Station, one of the world’s largest gas-fired combined cycle power stations, in Hong Kong’s New Territories.
BEIJING – The Chinese wine company, Yantai Changyu Pioneer Wine, has signed an agreement with Chile's Bethia group to buy three vineyards in the South American country for more than US$50 million. According to Chilean media reports, the transaction will be concluded at the end of June, once the relevant authorisations have been obtained from China.
VIENTIANE – Australia’s Linfox has today become the first foreign logistics company to operate in Laos following signing of a joint venture with the Lao Logistics Group in Vientiane. The JV enables Linfox to provide transport services throughout Laos in partnership with local businesses and people.
HONG KONG – BBVA Research says its China Vulnerability Sentiment Index (CVSI) has improved notably over the past month, led by the Housing, SOE and Shadow Banking components, which together offset a marked deterioration in the Exchange Rate Vulnerability Index.
SINGAPORE - Indian banks' credit profiles are unlikely to improve over the next 12 months, according to S&P Global Ratings. "We estimate that the banking sector's total stressed assets will increase to 13%-15% of total loans by the end of March 2018," says S&P Global Ratings credit analyst Deepali Seth Chhabria. "India's public sector banks, which dominate the industry, will account for most of this weakness.
ADELAIDE – The Beijing-based Wanbao Mining Limited has signed an MoU with ASX-listed Havilah Resources Limited for completion of a pre-feasibility study for the Kalkaroo Copper-Gold project in north-eastern South Australia following due diligence and recent upgrade of the Kalkaroo resource.
SYDNEY - The global legal profession is facing a seismic shift, with technology set to have the greatest impact on law firms over the next five years, according to a new survey published by accountancy and business advisory firm BDO.
NEW DELHI - India finalised the Goods and Services Tax (GST) rates for most items at a two-day conclave held on May 18-19 in what ANZ Bank describes as a significant step paving the way for implementation of a GST from July 1.