Monday, August 20 2018 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
SINGAPORE - S&P Global Ratings has revised its outlook on the Philippines’ long-term sovereign credit rating to positive from stable, at the same time affirming its 'BBB' long-term and 'A-2' short-term ratings. The transfer and convertibility (T&C) assessment was unchanged at 'BBB+'.
SEOUL – In a research note on Korea’s corporate leaders, the French banking group, Natixis, nominates one of the key reasons for their growth - in addition to persistently high spending on R&D - is their flexibility in reorganising the supply chain to offshore production to reduce costs and expand access to faster-growing markets.
HONG KONG - Notwithstanding a deceleration of exports across the region and escalated geopolitical tensions, growth should be resilient in Asia, if not stronger for some countries, Natixis says in an updated economic outlook.
BEIJING – China’s State newsagency, Xinhua, has on refuted a U.S. research group report on the Belt and Road Initiative, reiterating that the initiative aims to achieve win-win economic co-operation.
WASHINGTON - India has been added to the Monitoring List in the US Treasury’s April semi-annual report to Congress, joining China, Japan, South Korea, Germany, and Switzerland. No economy has been labelled a currency manipulator in the latest report.
BEIJING - Chinese President Xi Jinping has announced a decision to develop the island of Hainan into a pilot free trade zone. The State newsagency, Xinhua, reported Xi as saying the Communist Party of China Central Committee had decided to support Hainan in developing the whole island into a pilot free trade zone, “and gradually exploring and steadily promoting the establishment of a free trade port with Chinese characteristics”.
JAKARTA - Moody’s has upgraded Indonesia’s sovereign rating to Baa2 (stable outlook) from Baa3 (positive outlook) in what is the third ratings upgrade for Indonesia in less than a year. Fitch upgraded Indonesia to BBB/Stable outlook from BBB-/Positive outlook in December 2017, and Standard and Poor’s from BB+ to BBB in May 2017.
TAIPEI - The majority of Taiwanese people support the Government’s response to mainland Chinese measures aimed at draining capital, expertise and talent from Taiwan, according to a poll released by the Cabinet-level Mainland Affairs Council.
HONG KONG – Natixis believes the direction of interest rates in Hong Kong will be up, and that there can be no further delay after the persistent weakness of the Hong Kong dollar finally prompted the Hong Kong Monetary Authority (HKMA) to intervene.
HONG KONG - Most Asian PMIs pulled back in March, along with those in Europe and the US, and trade seems no longer quite as robust as it was at the turn of the year, says HSBC in a new research note. But talk of a "synchronised global stumble" -- so soon after a "synchronised global upswing" -- seems a touch premature, says HSBC.
HONG KONG - NTT Communications Corporation has released results of a multi-market survey which shows 90% of Asian companies looking to managed services to address their IT challenges. Its shows that security risks, talent scarcity and skills shortage are the top challenges to managing IT in-house, and that 49% of businesses expect to move to hybrid cloud within 18 months.
BEIJING - Yi Gang, the new Governor of People’s Bank of China, has sent a clear signal at the Bo’ao Forum that China is serious about its commitment to opening up the economy and carrying out reforms in financial markets. Yi reassured the markets about China’s determination, not only to reform the domestic monetary policy framework but to open up the financial sector further.
TAIPEI - Taiwan’s exports climbed 16.7% on-year to an all-time monthly high of US$29.99 billion in March, buoyed by stronger economic conditions at home and abroad, according to the Ministry of Finance.
HONG KONG - The China Securities Regulatory Commission and the Hong Kong’s Securities and Futures Commission have jointly announced a quadrupling of the existing daily quota permitted under the Stock Connect schemes for Shanghai and Shenzhen.
NEW DELHI - In a big boost to the Indian Government’s asset monetisation programme, Australia’s Macquarie Group, has won a Toll-Operate-Transfer (TOT) bid for nine national highways with a total length of 648km for A$1.9 billion (Rs9,681.5 crore).
HONG KONG - Hong Kong Exchanges and Clearing Limited (HKEX) today listed CICC KraneShares CSI China Internet Index ETF, the first Hong Kong-listed Exchange Traded Fund focussed on tracking Mainland Chinese Internet companies.