Saturday, April 20 2024 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
BANGKOK – Thailand’s military government, the National Council for Peace and Order (NCPO) has lifted its night-time curfew throughout the country. The curfew was put in place from midnight to 4.am in 47 provinces, including Bangkok, when martial law was declared on May 22, but had earlier been lifted in 30 provinces, including Thailand’s main tourist areas (except Bangkok).
SYDNEY – In a major restructuring, Leighton Holdings has basically split its key business areas into two branded entities, its construction sector to be branded as Leighton Contractors and mining as Thiess. In conjunction with the move, Leighton announced the appointment of Managing Directors to its Construction, Mining, PPP and Engineering businesses.
BEIJING – China’s Central Government has published a white paper detailing the "one country, two systems" practice in the Hong Kong Special Administrative Region (HKSAR), stressing Beijing’s control over Hong Kong. The white paper is the first of its kind, and is likely to remind Hong Kong who holds the reins after thousands gathered there to commemorate the 25th anniversary of the Tiananmen Square crackdown
WASHINGTON - Rapidly rising prices—metal up by 176%, rubber by 350%, and energy by 260% since 2000—signal a potentially crippling trend of increasing costs as current consumption patterns rapidly deplete the world’s non-renewable resources, according to a report released today by the United Nations Environment Programme.
NEW DELHI – ANZ Bank believes that the second half of 2014 could be a “sweet spot” for the Indian economy, which is firming. Both growth and inflation look set to improve in the second half of the year, it says.
NEW DELHI – In the first formal talks between China and India since Prime Minister Narendra Modi took office last month, China’s Foreign Minister, Wang Yi, has told India’s Minister of External Affairs, Sushma Swaraj, that China is willing to build a closer and more comprehensive partnership with India. The two spoke of increasing Chinese investment into Indian industrial parks and both said there was tremendous untapped potential for growth of economic ties.
HONG KONG - The HSBC Emerging Markets Index (EMI), a monthly indicator derived from the PMI surveys, continued to indicate weak output growth across global emerging markets in May. The EMI posted 50.6, from 50.4 in April, the highest in three months but well below its eight-and-a-half year long-run trend level of 53.8.
WASHINGTON - The International Monetary Fund (IMF) says that containing financial risks and avoiding further stimulus measures should be the main priorities for policymakers in China as they contemplate fresh strategies for sustained economic growth. The IMF has retained its annual GDP growth forecast for the country at 7.5% but lowered growth projections for next year from 7.3% to around 7%, a level it says is realistic - if the Government carries out extensive financial reforms.
BEIJING – China’s type industry is closely monitoring a petition by the United Steelworkers Union, representing 850,000 workers in North America, calling for the US Department of Commerce to apply anti-dumping and countervailing duties against passenger and light truck tyres from China. The union alleges massive dumping and substantial subsidisation of sales of these products by China into the US market.
WASHINGTON - The US Commerce Department has announced that it is imposing new tariffs ranging from 19% to 35% on Chinese solar panel products even if the panels contained solar cells made outside China. The move is meant to close a loophole used by Chinese manufacturers since 2012, when Washington imposed tariffs on solar cells made in the Chinese mainland - Chinese companies have been able to avoid paying duties by assembling panels with cells made in offshore locations, like Taiwan.
JAKARTA – ANZ Bank is describing a sharp deterioration in Indonesia’s trade balance over April as “truly shocking”. It says that while export growth remains weak due to softer prices for key commodity and manufactured exports, the only explanation for import strength is a combination of lagged currency impacts and some retooling and capacity build-out aligned with increased FDI inflows.
BANGKOK – Thailand’s military government has lifted its curfew in the prime tourist areas of Phuket, Pattaya and Koh Samui. All businesses are now back to normal operating hours in these areas. However, a four-hour curfew remains in Bangkok and other areas of Thailand (ATI).
BEIJING – China’s State Council has announced that it will lower the reserve requirement ratio (RRR) for banks engaged in lending to the agricultural sector and small and micro-sized enterprises (SMEs), but did not detail when and by how much it will cut. The Council said that it will allocate financial resources to support vital State projects, companies' upgrading efforts, and service sectors.
BEIJING - Authorities in China have drafted new regulations on permanent residence for foreigners and will consider lowering the application and approval threshold. Launched in 2004, China’s green card policy provides permanent residency for high-end foreign experts, people with large investments or outstanding contributions to China.
SYDNEY – Australia’s resources sector remains the principal driver of exports, even as the mining investment boom winds down, but there is growing recognition that a broader-based export effort will be required for Australia to maintain a strong balance of payments, according to a new report from Australia’s Export Finance and Insurance Corporation (EFIC).
SINGAPORE - Alibaba Group Holding Ltd has agreed to buy a 10% stake in Singapore Post Ltd, a move that for the first time directly connectsChina’s e-commerce system with overseas logistics. Alibaba Investment will invest US$249 million to purchase 30 million existing ordinary shares and 190.096 million new ordinary shares.