Saturday, April 27 2024 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
GENEVA - International Air Transport Association (IATA) global air freight data shows that demand measured in freight tonne kilometres (FTKs) slowed in May to 0.9% year-on-year. Yields remained pressured as freight capacity measured in available freight tonne kilometres (AFTKs) increased by 4.9% year-on-year.
HONG KONG - The direct real impact on Asia-Pacific economies from the UK's decision to leave the EU is likely to be limited, since the relevant linkages are weak, says S&P Global Ratings in a report published today. "Whether we get any measurable real impacts from Brexit depends on a couple of things,” the report says.
BEIJING - The People’s Bank of China is considering allowing foreign companies to trade on domestic stock exchanges via depository receipts, according to China Business News, which reported the PBoC as saying i Issuance of Chinese Depository Receipts (CDRs) – RMB-denominated certificates representing a specified number of shares in qualified foreign companies to trade like regular stocks in China – could be another step forward to orderly realise RMB convertibility on the capital account.
SINGAPORE – The headline CPI here dived deeper into negative territory during May in a significant shock relative to consensus. The headline CPI fell by -0.7%m/m (nsa) compared to a consensus estimate for no change in the index. This saw deflation triple from -0.5%y/y in April to -1.6%y/y in May.
KOLKATA - India produced of 1,233 million kg of tea during the financial year 2015-16, the highest total recorded and 35.96 million kg or 3% more than in the previous year. Indian tea achieved another milestone during 2015-16 with registered export figures of 232.92 million kg valued at Rs. 4493.10 crore, topping the 230 million kg mark for the first time in 35 years.
BANGKOK - The Bank of Thailand (BoT) has left rates on hold, with ANZ Bank suggesting that rising food inflation is the most likely cause for its caution. ANZ notes “very clear dovish bias” in the Bank of Thailand’s forecasts and statement.
SHANGHAI - Walmart Stores Inc plans to sell Yihaodian – its wholly-owned Chinese e-commerce business – to JD.com in exchange for a 5% equity stake in the online retailer. The move reflects Yihaodian’s weak sales and Walmart’s hopes that linking up with a strong domestic partner will improve its market position in China.
BEIJING - The processing equipment and methods of China's dairy product companies are world-class, but the companies still lack trust among domestic consumers, according to Li Ke, General Manager of Synutra International, on of China’s leading infant formula companies.
SINGAPORE – More than half of the online connected population (56%) in China—the highest internationally—are in strong agreement with the statement “To me, it is important to always be reachable wherever I am”. Only 3% - the second lowest of all markets surveyed - strongly disagree with the same statement. This makes China the top nation in Asia Pacific and globally with the pro- “always reachable” mindset.
HONG KONG – In what it describes as a ‘Black Swan’ event, French banking group Nataxis says the BREXIT decision in Emerging Asia will have most impact on Vietnam and India.
HO CHI MINH CITY - As the so-called ‘experts’ worldwide gush over the implications of Brexit, lawyers Baker & McKenzie have taken a simple example – the potential impact on Vietnam. In a Client Alert, the firm says:
SHANGHAI - a Chinese regulator has ordered Apple Inc to stop selling two versions of its iPhone 6 in Beijing after finding they look too much like a competitor - but Apple says sales are going ahead while it appeals. The ruling by an intellectual property tribunal is the latest legal stumbling block for the iconic US titan in its second-biggest global market.
SINGAPORE - S&P Global Ratings expects modest upward revisions to GDP growth in its upcoming forecasting round. “Inflation should remain contained - if not too low - across most of the region, and we would not rule out some additional rate cuts, including in Australia, Korea, and Taiwan,” it says.
BEIJING - China’s outbound mergers and acquisitions reached US$96 billion in the first four months of 2016, substantially exceeding the total 2015 transaction volume of US$59 billion and representing more than a fivefold increase from the first four months of last year, according to a report released by JPMorgan Chase & Co.
HONG KONG - The Hong Kong Trade Development Council’s Export Index for the second quarter of 2016, at 37.2, is little changed from the previous quarter. A reading below 50 indicates sluggish export performance over the short-term.
NEW DELHI - Consumer price inflation in India came in stronger than expected in May at 5.76% y/y, closing a window for further interest rate cuts. In a research note, ANZ Bank says the inflation outcome adds credibility to headline growth figures, which some had seen as dubious.