BOSTON – Global insurer Berkshire Hathaway Specialty Insurance has introduced its Group Personal Accident, Corporate Travel and Expatriate Medical Insurance products to Singapore and Hong Kong, and will extend coverage into Macau in coming weeks.
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HONG KONG - South Korea has been listed on the US Treasury Department’s currency watch list, but global asset manager Natixis does not think the US will name South Korea as a currency manipulator at a time when (it) is already tangled in trade conflicts with China and Mexico.
SHANGHAI - South Korea's Lotte Group has suffered from sluggish growth in its retail business in China, with analysts saying revenue of its hypermarkets sector slipped 2% to 2,516 billion South Korean Won (US$2.2 billion) because of its mediocre performance in China.
NEW DELHI - India’s GDP/ Gross Value Added (GVA) report for Q3 of FY16-17(i.e. Q4 2016) and the second advance estimates of real GDP growth for the full financial year of 16-17 pointed to growth moderation, due to the cash crunch amid the unexpected and unprecedented demonetisation scheme in early November, but all came far above market expectations.
HONG KONG – As China-watchers focus on China’s National People Congress (NPC), starting on Sunday, global asset manager Natixis argues that no major change in economic direction is likely – and, thus, no relevant change in economic targets, for at least two reasons.
BEIJING - China is to widen market access to medical care, education, caring for the elderly, culture, sports and other social undertakings for private capital. An array of new policies will be issued shortly to enable a bigger role for private investment in the social sectors, the State newsagency, Xinhua, reproted.
BEIJING – Caixin has reported that Ding Xuedong, Chairman and CEO of China’s sovereign wealth fund, China Investment Corp. (CIC), has stepped down, according to people with knowledge of the matter. It’s still not clear who will take his position at the US$810 billion CIC and what Ding’s future plans are, Caixin said.
~~IJING - China's outbound direct investment into Australia surged 56.1% year-on-year to US$3.68 billion in 2016, exceeding the growth rate of the country's overall ODI, China’s Ministry of Commerce said. The investment mainly flowed into real estate, leasing and commercial services and transportation, said Vice-Minister of Commerce Wang Shouwen.
SYDNEY -- Martin Tricaud has been appointed Chief Executive of HSBC Australia with effect
from April 3, succeeding Tony Cripps, who will become Chief Executive of HSBC Singapore on 3 April 2017. Cripps will continue as a Board member of HSBC Bank Australia. Tricaud has been President and Chief Executive of HSBC Korea since 2013, and prior to that was HSBC’s Global Head of Multinationals, Global Banking and Markets, based in London (ATI).
SINGAPORE - Trade flows and Purchasing Managers' Indices in Asia-Pacific economies drifted higher in early 2017 amid low and stable inflation, according to S&P Global Ratings, which says Central banks across the region are keeping interest rates on hold for now on modest reflation, with a neutral bias in their monetary policy.
WASHINGTON — Global trade growth has continued to be slow for a fifth consecutive year, with 2016 showing the weakest trade performance since the 2008-2009 global financial crisis. According to a new paper, preliminary data suggest that world merchandise trade grew by a little more than 1% in 2016 compared to 2% in 2015 and 2.7% in 2014.
Nevertheless, the growth of services trade continued to be relatively resilient, and recovered slightly following a decline in 2015, according to a new World Bank paper, Global Trade Watch: Trade Developments in 2016.
BEIJING - China’s exports of solar power equipment fell 10% to US$14 billion in 2016 from a year earlier, driven in part by continued friction with countries that have conducted anti-dumping measures against Chinese solar producers, an industry expert said. It is the first year-on-year drop the sector has seen since 2013.
KUALA LUMPUR - Malaysia’s better-than-expected economic performance of 4.5% GDP in the fourth quarter of 2016 was largely due to stronger private consumption,” says ANZ Bank. “We had envisaged weaker consumer sentiment to constrain consumption,” it says.
HONG KONG - Hong Kong Exchanges and Clearing Limited (HKEX) will introduce its planned Renminbi (RMB) Currency Options on Monday, March 20. The US dollar-Offshore RMB (USD/CNH) Options will be the first currency options traded at HKEX.
SINGAPORE - With external demand likely to improve only modestly, the ability of banks in Asia to support domestic demand will remain a key issue for growth in the region, according to ANZ Bank in a review of credit dynamics in the region. The review says:
JAKARTA - CIMIC Group’s global mining services provider, Thiess, has secured a new contract with client Cakrawala Langit Sejahtera (CLS) and a contract extension that continues building on Thiess’ partnership with Bayan Resources Group.