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Alibaba, Haier set up logistics joint venture

December 10, 2013

BEIJING - Alibaba is to invest US$363.8 million into Haier Electronics, a subsidiary of Haier Group, as part of an agreement to jointly develop a logistics and service network and standard across China to deliver and assemble household appliances and other large items. Alibaba founder, Jack Ma, has previously said China’s poor logistics are slowing the growth of Internet retailing.

WTO Bali Ministerial Provides Pathway to Post-Doha Round

December 9, 2013

WASHINGTON – The US Grains Council says that a Ministerial Agreement coming out of difficult negotiating sessions at the WTI meeting in Bali agreement provides a pathway for broader post-Doha multilateral negotiations which will encompass the remaining agricultural pillars - domestic subsidies and market access - that have been delayed since suspension of the Doha negotiations in 2008."

China allows negotiable interbank CDs as next step in market liberalisation

December 9, 2013

BEIJING - The People’s Bank of China (PBoC) has announced the introduction of Negotiable Interbank Certificate of Deposits, effective December 9. Issuance of the new CDs (ranging from one-month to three years) is open to commercial and policy banks, while purchase is open to both banks and non-bank financial institutions. Interest rates on the CDs are to be market-determined, with the Shanghai interbank offer rate (Shibor) to serve as a benchmark.

Food for thought: European, US producers finding success further afield

December 10, 2013

AMSTERDAM – In a snapshot of food sector performance in Europe and the United States, trade credit insurer Atradius says food exports clearly play an essential role in overall profitability, sometimes compensating for les positive results in the home market.

A surprise in the survey, Atradius says, is that the USA, often harshly criticised as the originator of fast food outlets, is a success story in the organic food sector, especially organic fruit and vegetables.

China trade surplus in 2013 to be highest since 2008?

December 8, 2013

~~BEIJING - China’s November exports came in much higher than expected, gaining 12.7% y/y versus October’s 5.6%, due to better demand from the developed economies. Shipments to the US and EU rose by 17.7% and 18.4% respectively, from 8.1% and 12.7% in the previous month. But imports unexpectedly slowed to 5.3% y/y in November, pointing to  weak domestic demand.

Japan releases details of 2014 stimulus package to offset sales tax rise

December 6, 2013

TOKYO - The Japanese Government has announced details of its ¥5.5 trillion (1.1% of GDP) stimulus package aimed at offsetting a drag on GDP growth from the scheduled 3% hike  in sales tax in April 2014 (from 5.0% to 8.0%). The stimulus package will consist of ¥1.4 trillion in infrastructure spending for the 2020 Tokyo Summer Olympic Games, ¥3.1 trillion in continued reconstruction spending following the March 2011 earthquake and tsunami, ¥0.6 trillion in subsidies to low income groups, and ¥0.3 trillion on job creation for young and female workers.

China seeks WTO dispute settlement with US over anti-dumping measures

December 4, 2013

BEIJING – China’s Ministry of Commerce (MOC) has announced that it will seek negotiations with the United States under the World Trade Organization (WTO) Dispute Settlement Body (DSB) to settle anti-dumping measures by the US against Chinese products. The Ministry cited 13 anti-dumping measures launched by the US, covering products such as oil well pipelines and involving a total export value of US$8.4 billion.

Australia's Q3 GDP remains sluggish on weak mining investment

December 4, 2013

HONG KONG – Australia’s GDP growth for the third quarter has come in marginally below expectations at 0.6% q/q sa (consensus: 0.7%) because of weak investment. “While quarterly outturns this year have been in line with our full-year growth projection of 2.6%, given historical revisions to the growth figures announced today, we are likely to revise our projection downward slightly,” says BBVA Bank.

ANZ sees China GDP growth moderating to 7.2% in 2014

December 3, 2013

~~SINGAPORE – in a research note, ANZ Bank is maintaining its forecast that China’s growth will moderate to around 7.2% next year on the premise that the 2014 growth target could be lowered to 7% in the final two years of China’s 12th five year plan to allow room for structural reforms and to address the twin problems of over-capacity and out-dated capacity, especially in heavy industries.

Asia Pacific Australia’s biggest source of investment fund flows

December 4, 2013

SYDNEY - The Asia Pacific region continues to be the biggest source of investment into Australian managed funds, according to a report released today by the Financial Services Council and The Trust Company. It shows that Asia accounts for 66% of all fund flows, followed by Europe (including the UK) at 24%. Collectively, Europe and Asia account for 90% of all fund flows into Australia.

HKEx and SGX to co-operate on RMB internationalisation,connectivity

December 4, 2013

SINGAPORE – The stock exchanges of Hong Kong and Singapore today signed an MoU to co-operate in several areas of common interest, including promotion of the internationalisation of the Renminbi by exploring joint product development, enhancing connectivity in each other’s data centres, and collaborating on technology development and regulatory issues.

Commodity prices down in November, grains and oil lower

December 3, 2013

HONG KONG - Global commodity prices fell in November, with HSBC’s proxy for the IMF primary commodity price index 2.0% lower in USD terms in the month and broadly unchanged y-o-y. Oil prices were the key drag on the index, HSBC says, falling by 2.7%. Agricultural commodities were generally lower, as improving global supply continues to weigh on prices.

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