BOK cuts interest rates to record low, another cut possible
SEOUL – ANZ Bank is tipping that the Bank of Korea (BOK), which cut its policy interest rate by 25bps to a record low of 1.50% today (Thursday) will continue to maintain an easing bias.
Friday, March 29 2024 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
SEOUL – ANZ Bank is tipping that the Bank of Korea (BOK), which cut its policy interest rate by 25bps to a record low of 1.50% today (Thursday) will continue to maintain an easing bias.
HONG KONG - GDP growth slowed across most Asian economies in Q1 2015 as a pullback in Government spending, subdued domestic demand and negative exports growth offset a gradually improving investment outlook. BBVA Bank says in a new report that sluggish economic activity has prompted authorities to loosen monetary policy through May, with more easing measures in the pipeline.
TAIPEI - The British Trade and Cultural Office in Taiwan has been rebranded as the British Office as part of UK Government efforts to better define the activities and functions of its representation in Taiwan.
BEIJING - China will reportedly start a QDII2 (Qualified Domestic Individual Investor trial programme in six selected cities soon, allowing Chinese residents to invest directly overseas in its latest step to deregulate its capital markets and to liberalise capital outflow.
TAIPEI – Taiwan’s Ministry of Transportation and Communications has unveiled 40 public projects spanning transportation, tourism and urban renewal with a totalUS$3.3 billion which will be open to private sector investment.
HONG KONG – HSBC has downgraded its 2015 growth forecast for China from 7.3% to 7.1%. It says the external demand outlook has deteriorated, an on that basis has cuts its export growth forecast for China in 2015 to 4.2% to 7.1%.
SHANGHAI - The Shanghai Gold Exchange (SGE) has established the world’s largest gold fund in China’s northwest city of Xi’an, to involve countries along the ancient Silk Road, according to State-owned media sources in China. About 60 countries are invested in the fund, which will facilitate gold purchases by central banks of member States to increase their gold holdings.
BEIJING – ANZ Bank says China’s housing sales picked up strongly in the past two months, led by the first-tier cities, and that this rebound could help boost investment growth.
SYDNEY - Dramatic structural changes drove strong shifts in the sector, number and types of deals being made by Chinese investors in Australia during 2014, according to a just released report by KPMG Australia, the University of Sydney Business School and China Studies Centre.
TAIPEI - The third round of discussions between the heads of Taiwan’s Mainland Affairs Council and China’s Taiwan Affairs Office, held in Kinmen County (Quemoy) have ended in agreement on a number of key issues between MAC Minister, Andrew Hsia, and his TAO counterpart, Zhang Zhijun.
BEIJING - China has signed off US$27 billion worth of deals with Brazil. Observers says this will help Brazil more effectively address issues such as its fifth straight year of sluggish growth and spiralling inflation.
BEIJING – One of the deals expedited by Chiense Premier Li’s visit to Brazil is between Brazilian miner Vale and China Cosco Holdings regarding transport of iron ore to China: Vale said in a statement that it had “completed the sale of four very large ore carriers to China Cosco Holdings for US$445 million and reached an agreement to sell another four to China Merchants Energy Shipping”.
SINGAPORE - Standard & Poor's has revised its outlook on the long-term sovereign credit ratings of Indonesia to positive from stable – and affirmed its 'BB+' long-term and 'B' short-term sovereign credit ratings and 'axBBB+/axA-2' ASEAN regional rating scale on the country.
TAIWAN – Piping of drinking water from China’s Fujian Province to Taiwan is expected to be approved at the third official meeting of Heads of the Taipei City-based Mainland Affairs Council and the Beijing-headquartered Taiwan Affairs Office in Taiwan’s outlying Kinmen County tomorrow (May 23).
BANGKOK - Under the Foreign Business Act, which regulates activities in which foreign companies may engage in Thailand, service businesses including commercial banking, representative offices of foreign banks, and life and non-life insurance, are restricted businesses under Schedule III, in which foreign companies may engage only upon obtaining a foreign business license.
BEIJING - Alibaba Holding Group Ltd is currently facing one of the biggest challenges in its global push since an historic IPO last September - a group of luxury goods makers are sueing the Chinese online shopping giant on the grounds that it “knowingly made it possible for counterfeiters to sell their products throughout the world”.