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India posts better-than-expected Q3 GDP growth

December 3, 2013

MUMBAI - Third quarter GDP growth in India rose to 4.8% y/y from a four- year low of 4.4% y/y in Q2. The pickup was led by strong agricultural output, as anticipated, on the back of favourable weather conditions and unexpectedly high industrial output, which offset a slowdown in services growth (5.9% y/y vs 6.6% previously). From the expenditure side, headline growth was driven by strong exports.

Taiwan to notify China of flights through Senkakus, but calls for urgent regional talks

December 2, 2013

~~TAIPEI - Taiwan agreeing to provide flight plans to China for flights passing through China’s newly proclaimed air defence identification zone (ADIZ) is based on security concerns and does not involve sovereignty issues, according to Taiwan’s Civil Aeronautics Administration (CAA) Director-General, Jean Shen.

S&P affirms ratings on Cambodia, holds China at 'AA-/A-1+'

December 1, 2013

~~SINGAPORE - Standard & Poor's has affirmed its unsolicited 'B' long-term and 'B' short-term sovereign credit ratings on Cambodia, saying the outlook on the long-term rating remains stable. “At the same time, we affirmed our unsolicited 'axBB-' long-term and 'axB' short-term ASEAN regional scale ratings on Cambodia. Our transfer and convertibility (T&C) assessment remains 'B+'.”

Park proposes joint history textbook for Northeast Asia to help ease tensions

November 26, 2013

SEOUL – South Korea’s President, Park Geun-hye, has proposed that Korea, China and Japan publish a joint history textbook “to build a practice of co-operation and dialogue, just as Germany, France and Poland did”. “There may come a day when the wall of historical issues, which has been a source of conflict and distrust in the region, will be torn down,” she told an international academic conference marking the 50th anniversary of the establishment of the Korea National Diplomatic Academy.

Japanese credit quality declining, despite tax hike, stimulus, says S&P

November 25, 2013

SINGAPORE - Japan’s long-term sovereign credit quality continues to weaken despite better immediate prospects, thanks to the government’s stimulus policies, a hike in the national sales tax to increase revenue, and the Bank of Japan’s quantitative easing to end deflation, Standard & Poor's says  in a report published today. “We believe these measures will slow deterioration in the Government’s already high ratio of debt to GDP, but they still fall short of putting the country on a stable path to mending its fiscal problems,” says the report.

EU, China to map trade, investment protocol through to 2020

November 24, 2013

~~BEIJING - China and the European Union have announced a grand plan for co-operation at the China-EU 2020 Strategic Agenda, and have started talks on an investment protocol, mapping out a blueprint for their relationship until 2020. They have also vowed to discuss the feasibility of a free trade agreement, and set a target for bilateral trade volume in 2020 at US$1 trillion, nearly doubling the US$546 billion recorded in 2012.

Hon Hai to invest US$40 million in high-tech US plant, robotics R&D

November 24, 2013

WASHINGTON - Taiwan's Hon Hai Group, the main assembler of Apple Inc.'s iPhones and iPads, is to build a high-end manufacturing base in the US State of Pennsylvania. Company Chairman and founder, Terry Gou, said Hon Hai, known as Foxconn in China, will invest US$40 million over the next two years expanding its existing R&D operation in Harrisburg, Pennsylvania, and in research and development (R&D) in manufacturing innovation and automation.

Local Government loan curbs could reduce China’s sovereign credit risks: S&P

November 21, 2013

SINGAPORE - China's new blueprint for reforms unveiled at the Third Plenum  include proposals that could help tackle debt levels at regional and local governments (LRGs) and lower the financial, economic, and fiscal risks to sovereign creditworthiness if implemented effectively, according to ratings agency Standard & Poor’s.

China wants market to set prices for energy, power, water, transport, telecoms

November 19, 2013

~~BEIJING - In documents released after the Third Plenum, Chinese Government leaders announced their decision to establish market-oriented pricing systems for water, crude oil, natural gas, electricity, transportation and telecoms. The Government plans to give the market the right to set prices, and will only keep controls on prices for public utilities and services.

Singapore trade figures for October point to rising demand

November 18, 2013

SINGAPORE - As a key harbinger of global demand, there are some encouraging signals in the latest Singapore trade figures, with the electronics sector on the cusp of expansion, production broadening and re-exports at a record high, ANZ Bank says. “We are cautious of one-off effects, but the overall thrust of the data speaks of steadily improving and more even external demand.”

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