ATI Newswire - Subscriber Only

Chinese food giant on hunt for mergers, acquisitions in bid for global food chain

June 3, 2016

BEIJING - China National Cereals, Oils and Foodstuffs Corp, commonly referred to as COFCO, is officially “on the hunt” for international merger partners and acquisition targets as it deals with a massive surplus in domestic grain stocks, according to the China Daily. COFCO President, Yu Xubo, said the company will concentrate on firms that can help solve food shortages at home, allowing it to develop a global supply chain.

Caixin: China’s service sector expansion hits three-month low

June 3, 2016

BEIJING - The growth rate in China’s service sector fell to a three-month low in May, according to a survey released by Caixin on Friday, denting hopes that the nation’s slowing economy is gradually gathering steam. The Caixin Purchasing Managers’ Index for general services business activity finished May at 51.2, falling from April’s 51.8 and marking the weakest increase for China’s services sector since February.

HSBC sees over-supply continuing in China’s steel industry

June 3, 2016

HONG KONG – HSBC says China’s steel output continued to rise in May – a month in which steel prices retreated sharply - after hitting a record high production in April. “We believe mills’ profitability might have reached a year-high in April: expect market dynamics sto worsen,” HSBC warns.

PBoC again smoothes the RRR calculation: What the banks say

June 4, 2016

HONG KONG – The Peoples’ Bank of China on Friday evening sent a note out stating that from July 15 2016 the required reserve ratio will be calculated based on the average of the day end deposit balances. It also mentioned that for offshore RMB deposits, the reserves calculations will be based on the average of daily deposit balance.

India’s robust Q1 growth rate at 7.9% beats expectations

June 1, 2016

HONG KONG – BBVA Bank researchers say robust Q1 GDP in India dims prospects of a further interest rate cut. The economy grew at 7.9% y/y in Q1, beating expectations, as strong private consumption offset negative investment contribution.

Commodity prices up 6% in May to nine-month high: HSBC

June 1, 2016

SYDNEY - Commodity prices rose again in May, to reach a nine-month high. In a research note, HSBC’s Chief Economist for Australia and New Zealand, Paul Bloxham, says the bank’s proxy for the IMF commodity price index points to a 6% gain in the month, which would see
prices up 24% from their January-trough.

S&P hints at possible ratings upgrade for Indonesia

June 1, 2016

SINGAPORE – Ratings agency Standard and Poor’s has hinted at a potential upgrade for Indonesia, saying that, in its view, Indonesia's fiscal framework has improved, and that this should improve the quality of public expenditure and lead to more predictable fiscal outcomes.

“However, fiscal performance has not improved in tandem for cyclical and structural reasons,” S&P says.

“We are therefore affirming our 'BB+' long-term and 'B' short-term sovereign credit ratings on Indonesia. We are also affirming our
'axBBB+/axA-2' ASEAN regional scale ratings.

Japan growth forecast raised as consumption tax hike delayed

June 2, 2016

SINGAPORE - S&P Global Ratings today raised its real GDP growth forecast for Japan in 2017 to 1.0% from 0.4% earlier, reflecting mainly the postponement of the second installment of the consumption tax hike. Prime Minister Abe has announced that the tax hike to 10% from 8%, scheduled for April 2017, has been pushed back to October 2019.

China’s official PMI shows stabilisation, but is it too good to be true?

June 1, 2016

HONG KONG - The official manufacturing PMI read 50.1 in May, the same from the previous month. At first glance, it seems the manufacturing sector in China has stabilized. However, the message from the sub-indices is contradictory, says the French investment bank, Nataxis.

Deakin University, Infosys win top Australia-India Business Awards

May 27, 2016

SYDNEY - Deakin University and Infosys have won the top two Trade and Investment Awards – for outstanding contributions to India and to Australia - presented by the Australia-India Business Council.

Activity indicators show Chinese economy in decline

May 30, 2016

HONG KONG – Economic activity indicators in China lost momentum across the board in April. Industrial production growth slowed to 6.0% y/y, down 0.8%; fixed asset investment growth dropped marginally to 10.5% for the January-April period from Q1’s 10.7%; and retail sales edged down 0.2% to 10.1%.

Asia air cargo flat in weak global trade environment, says IATA

May 30, 2016

GENEVA - Demand for air cargo in the Asia-Pacific region was basically flat, with a 0.1% rise in April compared to last year according to latest IATA figures, which says the largest factor impacting this stagnation is weak trade—globally and in the region. Air freight capacity in Asa-Pacific expanded by 2.8% in April.

China's property market recovery is fragile, says S&P

May 30, 2016

HONG KONG - The robust recovery of China's property development market may not be sustainable, according to ratings agency Standard & Poor’s, pointing to the unevenness of a price rebound, competition for land reserves in top-tier cities, and increasing debt-fuelled expansion.

No improvement in Asia Pacific corporate payments: India, China, Singapore lead deterioration

May 31, 2016

HONG KONG - An annual survey of corporate payments in eight Asia Pacific markets - Australia, China, Hong Kong, India, Japan, Singapore, Taiwan and Thailand - by global credit insurer Coface has shown no improvement in 2015, with none likely in 2016. India, China and Singapore were the three countries with the strongest level of deterioration.

China’s Central Bank clarifies its monetary stance

May 27, 2016

SINGAPORE - The Peoples’ Bank of China Monetary Policy Analysis Team released an article last night clarifying its monetary policy orientation. The views in the article represent the ultimate stance of the Chinese central bank, according to an ANZ Research report.

Korea, Indonesia to pursue “comprehensive partnership"

May 23, 2016

SEOUL – In talks here, South Korea’s President, Park Geun-hye, and Indonesia’s President, Joko Widodo, have agreed to further extend bilateral co-operation to develop a comprehensive partnership, widening areas of co-operation beyond simply business to include other sectors.

ATI Newswire - Subscriber Only

Pages