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New GDP calculations chart “V shaped” recovery for India but raise questions

February 10, 2015

NEW DEHI - India’s newly-revised GDP calculations stun widely-held perceptions that the economy is struggling to return to a high growth path, having grown at a low 5% annual rate over the past three years. The revised data suggests India saw a dramatic “V shaped” recovery in its fiscal year ending March 2014, and that its real GDP growth has possibly surpassed China’s over the past year.

Indonesia’s GDP growth steadies in Q4 as investment pick-up offsets weaker consumption

February 8, 2015

JAKARTA - Beating expectations of a sharper slowdown, Indonesia’s real GDP growth steadied at 5.0% y/y in Q4 2014 (consensus: 4.9%), a pace that matched the previous quarter; and led by a pick-up in investment activity, which offset weaker consumption expenditure and a deeper contraction in exports.

BBVA Bank comments that this latest GDP outturn closes a challenging year for the Indonesian economy, with average annual GDP growth slowing to a five- year low of 5.0% in 2014 from 5.8% in 2013 and 6.3% in 2012.

China’s poor trade data ads pressure on RMB rate: ANZ

February 6, 2015

HONG KONG - China's exports surprisingly declined by 3.2% in January, putting its manufacturing sector under great pressures as both external and domestic demand remains sluggish, according to ANZ Bank. Figures show that shipments from China to the US and ASEAN economies rose by 4.9% and 15.6% in January, but exports to Europe, Japan and Hong Kong fell by 4.4%, 20.4% and 10.9% respectively.

Japan’s Big Three banks see big profit lift in December quarter

February 9, 2015

TOKYO - The profit of Japan's three biggest banks — Sumitomo Mitsui Financial Group, Mizuho Financial Group. and Mitsubishi UFJ Financial Group  — jumped 22.3% on-year for the quarter ended December. 31, 2014. The banks posted combined fiscal third-quarter net income attributable to parents of ¥718.86 billion, compared to ¥587.61 billion in the year-earlier period.

China’s weak January PMI calls for further easing: ANZ

February 2, 2015

SINGAPORE – Pointing to China’s “surprisingly weak” official PMI result in January, suggesting that growth has slowed again after modest stabilisation in the fourth quarter of 2014, ANZ Bank says there is a strengthening casel for further policy easing. China’s industrial profits declined sharply by 8.0% y/y in December , to the lowest level since introduction of this ANZ data series in October 2011.

S&P cuts growth forecast for Macau casinos in 2015

February 2, 2015

HONG KONG - Gross gaming revenue is likely to continue to fall in Macau this year as the Chinese Government continues to stamp out corruption and further regulatory tightening in Macau takes effect, according to ratings agency Standard & Poor's. It expects gross gaming revenue in 2015 to decline by 5%-10%, compared with its previous expectation of 0%-5% positive growth.

Li Keqiang speaks of “twin engines” of the Chinese economy

January 25, 2015

BEIJING – Speaking at the Davos forum, Chinese Premier Li Keqiang has spoken of concerns about a possible hard landing for the Chinese economy, stressing the importance of the “twin engines” of the Chinese economy - the “new engine in the shape of massive start-ups and innovations” and the “traditional engine, represented by Government intervention in economic growth, focussing on expansion of supply of public products and service”.

Tighter controls ahead for foreign IT providers in China?

January 27, 2015

BEIJING - Reports within the Chinese media say that the China Banking Regulatory Commission is conducting “full-scale research” focussing on information security conditions across Chinese banks and financial institutions, involving IT hardware, software and services, believing the Government should have control over the technology used in financial organisations.

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