Monday, May 20 2024 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
HONG KONG - If the share of China’s global ODI stocks is not under-represented vis-à-vis its share of global GDP, what other factors could be behind this year’s surge in Mainland outbound flows?
HONG KONG - China’s share of global ODI stocks may be larger than previously thought if Hong Kong’s role as an offshore centre is factored in, according to a research report from BBVA. “That said,” the report says, “our estimates show that MOFCOM figures overstate ODI flows, raising questions regarding the country’s status as a net creditor.”
JAKARTA - CIMIC Group’s global mining services provider, Thiess, has secured a contract expansion and extension at the Bayan Resources Group’s Melak Coal Mine in East Kalimantan, Indonesia.
HONG KONG – The SWIFT RMB Tracker shows the euro is now the second-most-active currency for trade finance, while the RMB has slipped to position number three, behind the US dollar.
MANILA - The Philippine economy grew by 7.1% y/y in Q3, ahead of market expectations. Despite the weak export outlook, domestic demand still remained robust. Growth was driven by stronger manufacturing sector performance (Q3: 6.9% y/y versus Q2:6.2% y/y) as foreshadowed by the strength in recent industrial production prints.
HONG KONG - The gaming industry in Macau is showing signs of a revival that is likely to gain traction in 2017, according to ratings agency Standard and Poor’s. "The opening of new casinos, better infrastructure connecting Macau with mainland China, and stabilisation of regulations are the major factors
that will fuel a rebound in the gaming industry," says S&P Global Ratings credit analyst, Sophie Lin.
TAIPEI – Taiwan’s Executive Yuan has approved expenditure of NT$10.94 billion (US$346.32 million) in 2017 to help transform Taiwan into a centre of biotechnology and medical R&D in Asia. Overseen by the Ministry of Science and Technology, the plan requires new legislation on foreign investment, overseas talent recruitment, tax breaks and current restrictions on the development and production of experimental medical devices and pharmaceuticals.
NEW DELHI – The surprise move by the Modi Government to curb the menace of black money and counterfeit notes by declaring that India’s highest-denomination currency notes of INR500 and INR1000 are no longer legal tender from November 9 could, depending on the intensity of withdrawals by the public, lift banking liquidity in India by anywhere between INR1.5 trillion and INR3.5 trillion, according to a research note from ANZ Bank.
TOKYO – Japan’s GDP in Q3-16 has surprised on the upside by growing +0.5% QoQ, with net exports making the largest contribution. However, private demand remained weak overall, on the back of subdued real wages, low operating rates and falling corporate profits.
SYDNEY – at a briefing here today, Stuart Gulliver, Group Chief Executive of HSBC, suggested that the future of global relationships with China was being written in part by the foreign business community.
MANILA - International Container Terminal Services, Inc. (ICTSI) today reported its unaudited consolidated financial results for the first nine months of 2016, posting revenue from port operations of US$835.0 million, up 5% on the same period of last year; pre-tax earnings (EBITDA) of US$390.3 million, up 15%; and net income attributable to equity holders of US$141.9 million, up 4%.
GUANGZHOU – China’s 120th Canton Fair has closed with the total exports deals of 187.301 billion yuan ( USD27.89 billion ), a 3.2% year-on-year increase. Nearly 186,000 buyers from 213 countries and regions participated at the fair, 4.6% more than in 2015.
SINGAPORE – As financial markets reacted negatively to a Trump election victory, ANZ Bank said a sharp recovery is unlikely, with uncertainty over policies under a Trump administration set to linger.
HONG KONG - Even if part of Trump’s aggressiveness gets ironed out once he becomes President, there are two main traits that are bound to remain in the economic policies he will be conducting. The first is protectionism and the second more interference in FED affairs, in particular monetary policy.
HONG KONG - PMIs across the world's major economies improved in October, but exports do not seem be benefitting, according to a survey by HSBC. It says manufacturing picked up nicely in the US, the EU, Japan and China, but elsewhere, the situation continued to look soggy, including in ASEAN, with trade still stuck.
NEW DELHI - Improvements in policymaking continue to strengthen prospects for India's economic and fiscal performance, but wide fiscal deficits, a heavy debt burden, and low per capita income detract from the sovereign's credit profile, says Standard and Poor’s.