Tuesday, October 15 2024 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
SINGAPORE -- The global recovery has already matured into an expansion, supported by policy stimulus, a lack of structural damage, vaccine development and central banks committing to tighten later in the cycle. In many economies, unemployment is falling quickly, bankruptcies have been contained and banks are over-capitalised rather than over-loaded with bad loans.
HO.NG KONG -- International trade will slow down by 2030, due to both traditional factors (technology, economic development, trade policies) and new determinants (COVID-19 and sustainability), says a new report from BBVA Bank.
SINGAPORE -- Small and mid-sized businesses in Asia are turning away from FX Options as uncertainty from the coronavirus pandemic fuels volatility in major currency pairs, latest research from East & Partners Asia reveals. Just one in three (33%) businesses in the region now use FX Options to mitigate currency risk, slipping 11% from a year ago, while Forward FX adoption reaches a record high of 4%.
BEIJING - China's deficit budget of 3.2% of the GDP announced by its State Council under-reports the actual fiscal deficit of 8.0% according to ANZ Bank estimates. The bank questions whether the deficit budget can be translated into economic activities effectively.
HONG KONG -- As vehicle makers resume production following the COVID-19 epidemic, the global industry faces a semiconductor shortage that could bring opportunity or competition for Taiwan, says a new research report from the Hong Kong Trade Development Council.
KUALA LUMPUR -- The rebound in Malaysia's February CPI was slightly weaker than expected, although inflation is now finally back in positive territory, ANZ Bank says in a note on monthly economic data .
BANGKOK -- The Bank of Thailand (BoT) today kept its policy rate unchanged at 0.50% in an unanimous decision, as widely expected, lowering its growth forecasts slightly but slashing its current account surplus projection for 2021 materially.
CHICAGO -- Cboe Global Markets, Inc., a market operator and global trading solutions provider, has entered a definitive agreement to acquire Chi-X Asia Pacific Holdings, Ltd. an alternative market operator and provider of innovative market solutions, from J.C. Flowers & Co. LLC.
SINGAPORE -- Asia-Pacific's economic recovery from COVID-19 will be boosted by U.S. stimulus and stronger global demand, despite the COVID vaccine rollout in the region perhaps lagging other parts of the world, says global ratings agency Standard and Poors. S&P Global Ratings expects enough progress with the vaccine to lift consumer spending and domestic demand later in 2021.
BEIJING -- Further capacity reductions in the steel sector as suggested by a policy consultation proposal released in December 2020 is under consideration in China. In a research report, ANZ Bank says many regard the policy as a way to reduce steel production. However, ANZ believes represents a critical policy shift from quantity to quality control. "The potential impact of this is under-estimated," it says.
MANILA - The annual meeting of the Board of Governors of the Asian Development Bank will be held virtually this year for a second time, from May 3-5, because of the COVID-19 pandemic. To register, visit www.adb.org/annual-meeting/2021/main A series of webinars and online seminars will be hosted as part of the meeting.
SYDNEY - Interaction between the 11 GBA cities is coalescing to create opportunity for foreign investors, service providers and traders who take advantage of the strengths of Hong Kong's nine key business investment sectors, says Sydney-based Luca de Leonardis, Head of Investment Promotion, Australia and New Zealand, for InvestHK.
JAKARTA -- Indonesia's GDP contracted by 2.19% y/y in Q4 2020, bringing full-year 2020 growth to -2.07%, the first annual decline since the Asian Financial Crisis. Private consumption, investment and exports all continued to record y/y declines, though the pace of contraction has eased.
NEW DELHI -- India's economy fell sharply by -9.3% in the first three quarters of 2020 due to a pre-emptive strict lockdown in Q2 2020 to contain COVID-19. Excessive dependency on services, sharp supply constraints and limited manufacturing exports did not provide respite, according to the financial services group, Natixis.
BANGKOK -- The Thai Cabinet has approved a draft amendment to the Food Act to enhance food safety for consumers and to increase the competitiveness of the Thai food export industry in international markets.
MANILA -- Subic Bay International Terminal Corp. (SBITC) has been endorsed by the Philippine Department of Agriculture (DA) as a discharge port for containers of imported livestock and raw materials.