BRISBANE – The Australia India Business Council fears that India’s decision to increase tariffs on pulses to30% will seriously impact trade with Australia – and has urged the Indian Government to consult with stakeholders in the Australian pulse market before any significant changes are made in tariff impositions.
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SINGAPORE – The International Air Transport Association (IATA) is calling for urgent attention to address infrastructure challenges to secure the industry’s future, with IATA President Alexandre de Juniac highlighting lack of airport capacity in Jakarta, Bangkok and Manila as his top concerns in the Asia-Pacific region.
MANILA – with headline inflation in the Philippines surging to 4.0% - higher even than its above-consensus forecast of 3.7% - ANZ Bank is tipping that Bangko Sentral ng Pilipinas will embark on policy tightening commencing with a 25bps hike in March.
BEIJING - China plans to stamp out all remaining cryptocurrency trading in the country by blocking access to overseas-based websites and removing related applications from app stores, the Shanghai Daily reports.
TAIPEI - Taiwan’s economy has grown faster in Q4 2017 and the economy is expected to continue to benefit from higher consumption demand in 2018, according to an analysis by French banking group Natixis. “On a positive note, exports will continue to expand rapidly but at a slower pace,” the analysis says.
JAKARTA - GDP growth for Indonesia ticked higher to 5.2% y/y in Q4 2017 from 5.1% y/y in Q3. The uptick was led by a faster pace of Government spending and firm investment. Growth in private consumption, on the other hand, remained tepid.
SEOUL – There will be a flurry of diplomatic activity on the sidelines of the PyeongChang 2018 Olympic and Paralympic Winter Games starting today with South Korean President Moon Jae-in set to hold talks with more than a dozen global leaders from today. A North Korean delegation is attending the Games, with some hoping for a breakthrough in the North Korean nuclear crisis.
GENEVA - The United States “Tax Cuts and Jobs Act” will have significant implications for global FDI patterns - and will affect multinational enterprises and foreign affiliates accounting for almost 50% of global FDI stock, according to a special issue of the UNCTAD Global Investment Trends Monitor.
TOKYO - With the Nikkei Index breaching the 24,000 mark, its highest level in 26 years, Japan appears to have put its “lost decade” of growth well behind it. And with the 30,000-point level now well within the Nikkei’s sights, maintaining an underweight bias on Japanese equities may further adversely affect investor portfolios in the years to come, says Nikko Asset Management.
HONG KONG – The Natixis China Capital Flow Tracker indicates that capital outflows from China in Q4 2017 stabilisd at US$81 billion. “The overall capital outflow remains relatively small, and the part which is denominated in RMB is also steady at 20%,” Natixis says.
NEW DELHI – In his Economic Survey for 2017-18, India’s Minister for Finance and Corporate Affairs, Arun Jaitley, said a series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75% this fiscal year, and it is expected to rise to 7.0-7.5% in 2018-19, re-instating India as the world ‘s fastest-growing major economy.
NEW DELHI – In his Budget speech yesterday, India’s Finance Minister, Arun Jaitley, pledged huge infrastructure and social expenditure to put India on course to achieve 8%-plus GDP growth. The Budget covers the period April 2018-March 2019. The Budget address identified 372 specific business reform actions to improve ease of doing business.
BEIJING - China's relations with Britain will not be changed by the changes in Britain-EU relations, Chinese Premier Li Keqiang told British Prime Minister Theresa May when they met at the Great Hall of the People. The occasion was the China-Britain annual meeting of heads of government.
HONG KONG - The newly-enacted Tax Cuts and Jobs Act of 2017 – the most substantial revision of US tax legislation for 30 years – could prove a double-edged sword for Hong Kong businesses, according to a research report by the Hong Kong Trade Development Council. On one hand, the report says, US consumption levels could be boosted, triggering increased demand for Hong Kong exports.
HONG KONG - Hong Kong Exchanges and Clearing Limited (HKEX) and NZX Limited (NZX) today signed an MoU to further promote confidence and co-operation in Asia-Pacific markets. The exchanges will seek to promote market development by considering opportunities in a range of areas, including foreign investment, derivatives, depository receipts, listed debt, dual listings and exchange traded funds.
SEOUL – South Korea recorded 3.1% annual real GDP growth in 2017, the Bank of Korea (BOK) has announced, despite dropping by 0.2% in the fourth quarter compared to the previous quarter. Korea’s GDP growth rate recorded 3.3% in 2014, but since then has remained below 3%, at 2.8% in 2015 and 2016.