Friday, April 19 2024 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
HO CHI MINH CITY – A new Enterprise Law to improve the legal framework for investment and corporate governance in Vietnam will take effect on July 1. In a Client Alert, lawyers Baker & McKenzie are urging clients to review available information given the significance of the new law.
BEIJING – Following a massive sell-off in China’s stock markets on Friday - causing a drop of more than 7% in one day, the People’s Bank of China (PBOC) on Saturday simultaneously dropped both interest rates and reserve ratio requirements (RRR), something not seen since the financial crisis in 2008. The People’s Bank of China said one-year lending and deposit rates would be cut by 25 basis points to 4.85% and 2.)% respectively.
HYDERABAD – Perth-based NSL Consolidated (ASX: NSL, NSLO) has taken an important step forward in its Indian iron ore strategy, signing an MoU with the Government of Andhra Pradesh for collaboration in the mining, beneficiation and value addition of low grade iron ores that are abundant in the State.
TAIPEI - Taiwan outlets directly owned and operated by McDonald’s Corp. are up for sale as part of the U.S. fast food giant’s global reorganisation strategy. “We are looking for investors as developmental licensee partners,” McDonald’s Taiwan said.
HONG KONG - China has announced that it is lifting foreign equity ratio restrictions on online data processing and transaction processing businesses – which means that these businesses can now be 100% foreign-owned, with immediate effect.
HONG KONG – The Hong Kong Air Transport Licensing Authority has rejected an application by Qantas subsidiary Jetstar to establish operations in Hong Kong, saying that its principal place of business is not Hong Kong.
“Jetstar Hong Kong cannot make decisions independent from (its) two foreign shareholders,” the Authority said, adding that Jetstar’s principal place of business was not Hong Kong.
SEOUL – South Korea’s Finance Minister, Choi Kyung-hwan, today formally announced an economic management plan for the second half of 2015 that aims to combat Middle East Respiratory Syndrome (MERS) and declining exports.
TAIPEI - A State-backed incubator for Taiwan high-tech start-ups has been opened in California, underscoring a commitment by the Government to cement Taiwan’s presence in Silicon Valley and the global supply chain.
JAKARTA - Bank Indonesia (BI) has kept interest rates on hold, in line with market expectations, but says ” further refinement” to a set of macro-prudential measures announced previously may be released in the coming week. These will attempt to arrest the slowdown in credit and GDP growth.
HONG KONG - Standard & Poor's has assigned its 'B+' long-term issue rating to the Chinese renminbi-denominated global notes that Mongolia (B+/Negative/B) proposes to issue as part of its US$5 billion global medium-term notes programme. S&P also assigned its 'cnBB-' long-term Greater China regional scale rating to the proposed notes.
HO CHI MINH CITY – Vietnam’s Index of Industrial Production advanced 9.2% on-year in May, significantly surpassing growth of 4.9% on-year and 5.7% on-year in May 2013 and May 2014, respectively. Likewise, strong growth in new orders and consequently manufacturing output caused saw May’s HSBC PMI indicator soar to 54.8, a new series-high since its launch in April 2011.
HONG KONG -Chinese property developers' expansion overseas, and forays into other businesses, are unlikely to help their credit profiles over the next one to two years, according to ratings agency Standard & Poor’s.
NEW DELHI – In a review of India’s economic outlook ANZ says capital and consumer goods led a strong pick-up in April’s industrial production and that IP data is now heading in the right direction. “But we’ll have to wait for more signs before concluding that the slow pace of recovery is behind us – growth in key indicators such as cement and steel production remains near zero, and corporates aren’t exactly ebullient on investment prospects,” ANZ says.
BEIJING – China’s Ministry of Commerce has released data showing that foreign direct investment (FDI) to mainland China increased 10.5% year-on-year for the first five months of 2015, reaching RMB 330.95 billion (US$53.83 billion). “The pace slowed from the 11.1% increase registered between January and April but far exceeded the 1.7% annual growth rate posted for 2014,” reported Xinhua News Agency.
BEIJING - Zhong An Online Property Insurance Co – China’s firstr insurance company to sell policies and to handle claims online – has obtained almost 6 billion yuan from five investors, including Morgan Stanley and China International Capital Corp (CICC). Zhong An was co-founded in late 2013 by a group of firms that includes two Internet giants.
HONG KONG - China National Bureau of Statistics (NBS) economic activity indicators for May, including industrial production, retail sales and urban fixed asset investment (YTD) suggest that China’s economy continues its downward trend and has shown no significant signs of a pick-up in activity, according to BBVA Bank researchers. While retail sales and industry production were both in line with market consensus and last month’s readings, FAI remained sluggish.