Saturday, July 2 2022 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
GENEVA -- The International Air Transport Association (IATA) says the recovery in air travel decelerated in August compared to July as government actions in response to concerns over the COVID-19 Delta variant cut deeply into domestic travel demand.
SYDNEY -- More lockdowns mean a sharper 3Q21 downturn for Australia, then a gradual recovery as vaccination rates pick up, says HSBC, which has lowered its 2021 growth forecast to 3.5% (from 4.5%) and lifted its 2022 growth forecast slightly to 2.5% (from 2.4%).
HONG KONG - Ratings agency Standard and Poors believes Asia-Pacific monetary authorities will likely continue to partner with commercial banks if, and when, they roll out central bank digital currencies (CBDCs)."Central banks will likely lean toward a model where banks and other financial intermediaries continue to play a strong intermediation role, rather than one where central banks alone manage their digital currencies," said S&P Global Ratings credit analyst Gavin Gunning.
SINGAPORE -- Indonesia's proposed 2022 budget deficit of 4.85% of GDP reflects continuing fiscal strain from combatting COVID-19.
HONG KONG - July real economic indicators further confirmed a continuing moderated growth momentum amid the recent regulation storms as well as the Delta variant virus flare-ups in mainland China, according to a research report from BBVA.
NEW DELHI - Talks between Prime Minister Narendra Modi and former Australian Prime Mnister Tony Abbott this week re-emphasised a theme that enhanced economic co-operation between India and Australia would help the two countries realise their shared vision of a stable, secure and prosperous Indo-Pacific region.
HO CHI MINH CITY - Vietnam's Ministry of Natural Resources and Environment (MONRE) has released a Draft Decree implementing a Law on Environmental Protection which introduces a mandatory recycling framework for products and packaging waste, as well as EPR obligations applicable to waste treatment.
GENEVA - The International Air Transport Association (IATA) and UNCTAD have extended their collaboration to facilitate international trade, particularly e-commerce. IATA and UNCTAD have previously worked together in tne integration of air cargo messaging standards (Cargo-XML) into UNCTAD's automated customs management system, ASYCUDAWorld.
HONG KONG -- China's ambitious climate goals should propel its steel industry to stop expanding, says ratings agency Standard and Poors, which believes the financial burden of investing in cleaner production will force out steel producers.
BEIJING - New measures for the Supervision and Administration of Anti-Money Laundering and Counter-Terrorist Financing of Financial Institutions recently promulgated by the People's Bank of China (PBOC) came into effect on August 2021. Among other things, the Measures expand the scope of applicable entities, provide specific details of internal control and risk management requirements and increase PBOC's supervision and administration powers.
NEW DELHI -- India experienced a remarkable divergence between its macro and micro performance in FY21 (April 2020 to March 2021). GDP growth contracted sharply, yet the corporate profitability of listed Indian corporates improved.
MANILA - In a significant announcement for global trade, the Philippines-headquartered port operator and developer, International Container Terminal Services, Inc. (ICTSI), has revealed a net income increase of 73% for the first half of 2021, to US$196.7 million. Earnings before tax and interest across all three of ICTSI's three geographic segments - Asia-Pacific, the Americas, and Europe, the Middle East and Africa - exceeded ICTSI's 2019 pre-pandemic performance.
BANGKOK-- While the Bank of Thailand (BoT) today opted to keep its policy rate unchanged at 0.50%, the decision was split, with two of the six members voting in favour for a cut.
SEOUL -- The Bank of Korea (BoK) lifted its policy rate by 25bps to 0.75% today, making it the first major central bank in the region to do so. The decision was not unanimous, with one board member opposing the hike.
NEW DELHI -- India's headline inflation has risen sharply in July following two months of moderation. Food prices continued to be the biggest driver, contributing to more than half of the month's headline CPI of 6.93%. Non-food categories also saw increased price momentum, resulting in higher core inflation.
DHAKA - The Bangladesh economy is gradually recovering, although COVID-19 risks to fiscal and external metrics are likely to persist over the coming year, according to ratings agency Standard and Poors.