Monday, August 20 2018 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
CANBERRA - Major investments in national research facilities announced by the Federal Government will help Australia win job-creating research races in high-performing computing, advanced manufacturing and medical technology, says Universities Australia’s Chief Executive Designate, Catriona Jackson.
BANGKOK - The breadth of the acceleration in growth was the most notable feature of Thailand’s Q1 GDP data. Apart from exports, which slightly moderated to 6% y/y from 7.4% y/y previously, all other components accelerated during the quarter.
HONG KONG - Rallying oil prices are a credit positive for most Asia-Pacific oil companies, boosting cash flows, but spending plans should remain relatively conservative, according to S&P Global Ratings.
WASHINGTON - The second round of negotiations in Washington between the U.S. and China to resolve a long standing trade dispute has yielded mixed results. With US Commerce Secretary, Wilbur Ross, expected to visit China next to continue the talks, investors will seek credible action from both sides to diffuse trade tensions further, says BBVA in a research note.
HONG KONG – An annual report card by the French banking group Natixis shows that the internationalisation of the RMB has stagnated. The bank’s RMB Internationalisation Monitor tracks the uses of Renminbi in both private and official domains.
JAKARTA - Bank Indonesia (BI) has shifted its policy focus to ensure exchange rate stability by raising its 7-day policy repo rate by 25bps to 4.50%.
The increase comes at a time when inflation is firmly nestled in BI’s target band of 2.5-4.5% and GDP growth lingers in a narrow range of 5-5.5%.
KUALA LUMPUR – The announcement by incoming Prime Minister Mohamed Mahathir that he will repeal the 6% goods and services (GST) tax effective June 1 and replace it with a sales and services tax (SST) is not causing undue concern in banking and financial circles.
BANGKOK - The Bank of Thailand (BoT) has maintained its policy rate at 1.50%, in a unanimous decision. The policy statement emphasised that, while the economy was projected to gain further traction on the back of external demand, the strength of domestic demand and private consumption would need to be monitored
TAIPEI - A draft economic Immigration Bill aimed at boosting recruitment and retention of foreign talent has been unveiled by Taiwan’s Cabinet. The proposed legislation relaxes work visa and residency requirements for skilled professionals, mid-level technicians, investors and overseas citizens and their children to help trengthen industrial development and tackle challenges related to Taiwan’s low birthrate.
SYDNEY - Cross-border online shopping spending in China has exceeded US$100 billion, almost eight times larger than Australia’s total online shopping market, according to new research by Frost & Sullivan, in conjunction with the Chinese retail strategy firm Azoya Consulting.
WASHINGTON - With economic reforms adopted in the last few years starting to bear fruit, India is poised to remain the fastest growing large economy in the world, and its GDP is expected to reach US$5 trillion by 2025, a top Indian official has told the World Bank.
TOKYO - The China-Japan Treaty of Peace and Friendship, which includes Japan's self-reflection on aggression against China and its one-China stance, is one of the four political documents both countries should fully comply with to bring bilateral ties back to the right track, Premier Li Keqiang said yesterday.
HANOI - Vietnam is continuing to witness robust expansion of its manufacturing and retail sectors, coupled with a substantial trade surplus and steady FDI disbursement, according to the monthly update from Vietnam Asset Management (VAM). It says Vietnam’s macro-economic data continued to show encouraging results in April, with the manufacturing and retail sectors remaining major growth engines.
TAIPEI - Taiwan’s bid for World Health Assembly (WHA) observer status hase won public backing from both the United States and the European Union.
TOKYO - China’s Premier, Li Keqiang, says China, Japan and the Republic of Korea should accelerate negotiations to establish a free trade area and reach agreements on the Regional Comprehensive Economic Partnership as soon as possible to achieve regional integration.
KUALA LUMPUR - Bank Negara Malaysia (BNM) has maintained its overnight policy rate (OPR) at 3.25%. The policy statement reiterates a positive outlook on global growth and trade.