Monday, August 20 2018 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
BEIJING – In a move which observers say could de-escalate trade tensions between China and the United States, China’s President, Xi Jinping, has announced more ‘opening up’ policies that will benefit foreign companies participating in the China market.
SYDNEY - Australian companies are concerned about the cost of rising protectionism, but remain optimistic about their cross-border prospects, according to new research HSBC Commercial Banking. The survey reveals that, within the next three to five years, Australian firms plan to expand their business activities in the US (18%), China and the UK (both 17%).
HANOI - S&P Global Ratings has affirmed its 'BB-' long-term and 'B' short-term sovereign credit ratings on Vietnam, with the outlook stable. The transfer and convertibility assessment remains unchanged at 'BB-'.
GENEVA - The International Air Transport Association (IATA) has released demand growth results for global air freight markets for February 2018 showing a 6.8% on-year increase in demand measured in freight tonne kilometres (FTKs). Adjusting for potential Lunar New Year distortions by combining growth in January 2018 and February 2018, demand increased by 7.7%, the strongest start to a year since 2015.
HONG KONG - The US-China trade war is escalating faster than expected but the real question is what the ultimate targets are for the two contenders, says the French banking group, Nataxis, in a research note.
SINGAPORE - The impact of China's tariff proposals on its U.S. imports would be greater than that of the U.S. tariffs on Chinese imports, with the US$50 billion of goods affected represent 38% of U.S. exports to China, but only 10% of China's exports to the U.S., says ratings agency Standard
& Poor’s.
MELBOURNE - The Australian oil producer, Bass Oil Limited (ASX:BAS), has announced a substantial 20% uplift in field output at its oil producing Tangai-Sukananti KSO, in Indonesia’s prolific South Sumatra Basin.
SEOUL – What has caused North Korea’s change in policy since the last nuclear test in September 2017? If Chinese customs data is to be believed, it may be Chinese “maximum pressure” that is bringing a change, says Alex Wolf, Senior Emerging Markets Economist at Aberdeen Standard Investments.
BEIJING – China’s Ministry of Finance has set a red line for State-owned financial enterprises' investment and financing activities to prevent and reduce local governments' debt risks, according to the State newsagency, Xinhua.
SEOUL - South Korea and North Korea have agreed to hold what is being referred to as the 2018 Inter-Korean Summit on April 27 at the Peace House in Panmunjeom.
HONG KONG - In a research note, Natixis points out that trade retaliation against the US would be costly for China, and this should push China back to the negotiating table.
BANGKOK - The Bank of Thailand has upgraded its GDP growth forecast to 4.1% for 2018 from 3.9% previously, and expects 4.1% growth in 2019 as well. The bank said primary drivers underlying this revision were: (1) continued strength in exports and tourism flows; (2) ongoing increase in public expenditure, which is also starting to crowd in privateinvestment; and (3) moderate improvement in private consumption.
HANOI – South Korea’s President, Moon Jae-in, in Vietnam on a State visit, has vowed to bolster bilateral ties between Seoul and Hanoi. He proposed upgrading Seoul-Hanoi ties to a “comprehensive partnership relationship” from the existing “strategic cooperation partnership relationship”.
BEIJING – Xinhua, China’s official State newsagency, has described the visit of North Korean leader Kim Jong Un, as follows, referring to what it terms an “unofficial visit”.
TAIPEI - President Tsai Ing-wen has convened a high-level national security meeting in response to changes in East Asia and unilateral cross-strait moves by Mainland China, directing her Government agencies to closely monitor related developments and strengthen contingency strategies.
SINGAPORE - Trade risks could cast a shadow on strong economic activity in Asia-Pacific in the first quarter of 2018, S&P Global Ratings says in a new report.