Saturday, April 20 2024 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
TAIPEI - Taiwan’s external demand remains strong. Export orders grew 8.1% y/y in January, from 4.5% in December 2014. Growth was mainly led by ICT (19.7% y/y) and electronics (14.1%). Chemicals (-11.9%) underperformed, as petrochemical buyers remain cautious. The low base in January 2014 (fewer working days due to Chinese New Year) should have also contributed to the strong result.
BEIJING - Britain’s Royal Mail is joining hands with Alibaba Group’s Tmall Global online marketplace in the hope of linking small British companies with Chinese consumers and boosting trade for its overseas parcels business.
BEIJING - With China’s 12th National People’s Congress (NPC) to start tomorrow (March 5), ANZ Bank is tipping that Chinese authorities will lower the targets for GDP, inflation and M2 – and that fiscal deficits will be increased to hedge fiscal revenue shortfalls led by implementation of the new Budget law.
GENEVA – At least two emerging factors could negatively impact demand for air cargo in the coming month, according to the International Air Transport Association (IATA), which has released data for global air freight markets showing 3.2% expansion in freight tonne kilometres (FTKs) in January 2015 compared to the same month last year. The growth is slower than the average of 4.5% recorded for 2014.
BEIJING – China’s top Government think tank, the State Information Centre (SIC), has disclosed in a report its expectations of the economy slowing to an annual 7% growth rate in the first quarter of 2015, joining the hordes of advisors pushing policymakers to roll out more stimulus measures to support growth and ward off deflation.
BEIJING - Based on an annual survey covering business concerns about regulatory changes, protectionist policies, transparency and unequal treatment, members of the American Chamber of Commerce in South China have reduced their 2015 reinvestment budgets by 9.3%, with reinvestment budgets for the coming three years dropping by 16.9%.
BEIJING - China’s new Environmental Protection Law, which took effect on January 1, is considered China’s toughest measure against pollution to date, with stiff penalties on polluting companies including a condition that polluters must pay daily fines for violations - with no set ceiling on the total.
HANOI – The State Bank of Vietnam has asked that credit institutions resolve at least 60% of their bad debts scheduled for clearance in 2015, and sell at least 75% of their 2015 bad debt under a sale plan to the Vietnam Asset Management Company by June 30 this year. Meanwhile, SBV is working with the Government to improve the legal framework and assist the VAMC in resolving NPLs more effectively.
BANGKOK - Thailand's Board of Investment (BOI) has clarified rules applying under its new investment promotion scheme, which came into effect on January 1. The main business concern has been how the BOI would treat expansions of projects approved under the BOI's previous investment promotion scheme. - which set of incentives and privileges would apply?
PORTLAND, Oregon – US maritime union action has forced Korea’s Hanjin Shipping out of the Port of Portland’s Terminal 6. The port operator, Philippines-headquartered ICTSI, said Hanjin’s decision to leave the Port of Portland from March 9, 2015 was due to the sustained and deliberate actions of ILWU (International Longshore and Warehouse Union) workers is a significant blow to the regional economy and will cause substantial disruption to many local businesses, workers and consumers.
BEIJING – China has returned fire against claims by the Office of the US Trade Representative to the WTO that it offers subsidies for the exports of seven manufacturing industries through “demonstration bases” that receive free or discounted services.
TAIPEI – Taiwan’s Legislative and Presidential elections will be held concurrently in 2016 – probably in January. Taiwan’s Central Election Commission says a recent survey by the commission shows that 68.4% of respondents favour holding the two ballots side by side.
PARIS - Business leaders meeting to outline priority actions for G20 leaders and Ttrade Ministers have called for immediate action to implement all elements of the WTO Ministerial decisions adopted at the Bali Ministerial Conference in December 2013 — known informally as the Bali Package — in line with commitments made at the Brisbane G20 Summit in 2014.
BEIJING - With China’s Lunar New Year starting next week and cash demand for year-end bonuses increasing, the People’s Bank of China has injected RMB160 billion (US$25.6 billion) through 14- and 21-day reverse repurchase arrangements (where the bank purchases securities from banks) at respective interest rates of 4.1% and 4.4%.
HONG KONG - Electronic data may be now be used as evidence in civil lawsuits on the Chinese mainland. The ruling comes as part of the Interpretation of the Supreme People's Court on the Application of the Civil Procedure Law issued on February 4.
BEIJING – China’s science website scipark.net has invited people across China to taste genetically modified (GM) rice at restaurants in 23 cities in an attempt to further promote GM foods to the general public.