Wednesday, April 24 2019 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
NEW DELHI - At 7.1% y/y, India's Q2 FY19 GDP growth (quarter ending September 30) has undershot market expectations. Net exports were a significant drag and private consumption also slowed, but investment demand remained buoyant, presumably reflecting strong public capex spending, according to a research note from ANZ Bank.
SYDNEY - Visiting Indian President Ram Nath Kovind has exhorted Australian businesses to "hop, skip and jump" to India to benefit from the country's remarkable growth story.
SEOUL - Korea's annual cumulative trade volume gas exceeded US$1 trillion on November 16, due to increases in high-value added products, diversification of export goods and expansion of newly emerging markets.
TAIPEI - Taiwan and Indonesia have signed an MoU on comprehensive economic co-operation, underscoring a commitment to expanding mutually beneficial trade and investment ties. The accord is line with the Taiwan's New Southbound Policy, which seeks to deepening links with the 10 ASEAN member States, six South Asian countries, Australia and New Zealand.
JAKARTA - Indonesia's economic growth is unlikely to accelerate much beyond 5% in 2019, given the election period, higher interest rates, and possible price hikes after the election, according to ratings agency Standard and Poor's.
BANGKOK - Thailand's economy unexpectedly stagnated in Q3, and this has translated to annual growth of 3.3%, the weakest since Q4 2016.
SEOUL - South Korean President, Moon Jae-in, and Russian President Vladimir Putin met on the sidelines of the ASEAN Summit in Singapore to discuss co-operation for the establishment of peace on the Korean Peninsula - and ways to boost bilateral ties.
HONG KONG - A client poll conducted by Citibank of trade clients in the region shows more than half are already adjusting their supply chain in response to trade tensions. While many clients are still evaluating the impact on their business most are not waiting.
HONG KONG - The ongoing US-China trade war has underlined the risk of concentrating production in a single country and has triggered a restructuring of supply chains, according to ANZ Bank.
KUALA LUMPUR -- Malaysia's GDP growth edged down to 4.4% y/y in Q3 from 4.5% y/y in Q2, with private consumption - which rose 9.0% y/y - the primary contributor to growth, boosted by the 'tax holiday' in July and August.
MADRID - BBVA Bank reports mixed hard global economic data in September, with increasing differences across regions - the US continuing to outperform, but growth in China and the Eurozone remaining sluggish.
JAKARTA - In a surprise decision, Bank Indonesia (BI) today hiked its 7-day reverse repo rate by 25bps to 6.00% in a move reflecting BI's desire to reduce the current account deficit and improve the attractiveness of domestic financial assets.
BEIJING - China's State newsagency, Xinhua, reported today that a delegation from Sichuan province is visiting northern California, looking to collaborate with the region's high-tech and business communities for its own regional development.
DENVER, Colorado - MPEG LA said today that the District Court in Dusseldorf, Germany had ruled that Huawei Technologies Deutschland GmbH (Huawei) and ZTE Deutschland GmbH (ZTE) had infringed patents of two patent holders in MPEG LA's AVC Patent Portfolio License by using their technologies in mobile phones that implement the AVC/H.264 (MPEG-4 Part 10) Standard.
PORT MORESBY - Hong Kong and Australia today announced today the successful conclusion of negotiations on a Free Trade Agreement (FTA) and an Investment Agreement after reaching consensus on both.
BEIJING - Chinese media is reporting that Premier Li Keqiang signed an upgraded bilateral free trade pact with Singapore during his visit this week. The revisions are said to ease trade by slimming down red tape on shipment origins and customs procedures, while assuring greater service trade and investment protection.