ATI Newswire - Subscriber Only

INDIA CUTS RATES FURTHER, BUT RBI CAUTIOUS ON FUTURE EASING

March 19, 2013

NEW DELHI - As anticipated, the Reserve bank of India (RBI) today reduced its benchmark repo rate by 25 basis points to 7.5% while maintaining the Cash reserve ratio at 4.0%. The move follows a 25 basis points cut at the RBI’s last policy meeting in January, and aims to stimulate investment activity as inflationary pressures abate and the Government executes much-needed fiscal reforms.

SINGAPORE EXPORTS FALL SHARPLY, UNDERSCORE WEAK EXTERNAL DEMAND

March 18, 2013

SINGAPORE - Non-oil domestic exports (NODX) fell by -30.6% y/y after a small increase in January. The decline was attributable to weak demand from Europe (-52.2% y/y) and the U.S. (-52.1%). BBVA Bank says that while Singapore’s monthly data are notoriously volatile (and may be distorted by the shift in this year’s Chinese New Year timing), the disappointing out-turn is a reminder of the weak external environment, as seen recently in weak export figures from Taiwan and Korea, in contrast to a surge in January/February exports from China.

RENMINBI EDGING CLOSER TO FULL CONVERTIBILITY, SAYS HSBC

March 19, 2013

HONG KONG – The renminbi is already more convertible than many think - with just four of 40 items under the capital account still non-convertible, according to HSBC. In a new research report, HSBC says 22 items are now partially convertible, including transactions in the bond market, stock market, real estate market and personal capital transactions – while another 14 areas are basically convertible, including credit operations, direct investment and the liquidation of direct investment.

RISING PROPERTY PRICES A WORRY IN CHINA, CAR SALES DIP IN INDIA

March 14, 2013

BEIJING - China’s local fiscal revenue growth for January and February was “too fast” because of more property transactions, according to China’s official Xinhua News Agency, suggesting that the Chinese authorities are deeply concerned about surging property prices. China’s local fiscal revenue rose 12.9% in the first two months of 2013, while the national fiscal revenue grew only 7.2% during the same period. Car sales in January and February expanded by 14.7% y/y, while car industry output grew 14.1%, according to the China Association of Automobile Manufacturers.

SHAKEUP LIKELY IN CHINA’S FOREIGN POLICY TEAM?

March 14, 2013

BEIJING – According to reports here, China’s current Foreign Minister, Yang Jiechi, is likely to be promoted to State Councillor for Foreign Affairs, China’s top diplomatic position. This would see a continuation of recent trends in  foreign policy, including current policies towards Japan. The reports say Yang is likely to be replaced as Foreign Minister by Wang Yi, a former Ambassador to Japan.

MAJOR PORT OPERATOR LIFTS EARNINGS ON HIGHER TRADE VOLUMES

March 13, 2013

MANILA - International Container Terminal Services, Inc. (ICTSI) has reported revenue for the year ended December 31 from port operations of US$729.3 million, 10% up from the previous year; Earnings before tax were US$307.4 million, up 9% and net income attributable to equity holders US$143.2 million, up 10%. ICTSI handled consolidated volume of 5,628,021 twenty-foot equivalent units (TEUs) for the year, and increase of 8%.

THIESS WINS NEW CONTRACT ON GORGON GAS PROJECT

March 12, 2013

PERTH – Thiess has signed an AUD212 million contract to deliver further civil works for the Chevron-operated Gordon gas project in Western Australia. The prject is operated by the Australian subsidiary of Chevron (47.3%) in hoint venture with the Australian subsidiaries of ExxonMobil (25%), Shell (25%), Osaka Gas (1.25%), Tokyo Gas (1.0%) and Chubu Electric Power (0.417%). www.theiss.com.au (ATI).

A TWO-SPEED ECONOMY IN EMERGING ASIA

March 15, 2013

SINGAPORE - Emerging Asia is experiencing its own two-speed economy, according to a quarterly research report by ANZ Bank. “The real sector is recovering only modestly - trade growth has lifted, as China and the US recoveries gain traction, but trade with Emerging Asia's largest trading partner, Europe, continues to contract,” the report says. “Meanwhile, the financial sector has seen strong inflows from the major economies over the last few months.

JAPAN CEDES TITLE AS ASIA’S LARGEST TRAVEL MARKET

March 15, 2013

TOKYO - Japan's dominance as APAC's largest travel market has come to an end as an emerging China assumes the top spot, according to travel industry researcher PhoCusWright. Following over a decade of economic stagnation, Japan's recovery from the March 2011 earthquake and tsunami has been sluggish, and the country's overall travel market growth will slow to 2% by 2015, according to a new PhoCusWright report (www.phocuswright.com/products/4248).

PHILIPPINES JOINS KOREA, TAIWAN IN WEAK TRADE DATA

March 12, 2013

MANILA - The Philippines reported weak exports in January (-2.7% y/y; consensus: 6.0% y/y) on subdued demand for electronics, particularly from the US and China. Together with weak February export outturns in Korea and Taiwan, the data underscore uncertainty in the outlook for external demand even as the global economy appears to be improving (although China’s exports have showed surprising resilience).

ACER TO UNVEIL ‘PHABLET’ DEVICE AT COMPUTEX TAIPEI

March 12, 2013

TAIPEI - Taiwanese computer maker Acer Inc. plans to unveil its first phone-tablet hybrid handset at the Computex Taipei tech fair in June, hoping to gain traction in this fast-growing market. Acer Corporate President Jim Wong says the "phablet" category, which is defined by Acer as a mobile device larger than 5 inches that still can be held with a single hand, has become very popular among female and elderly consumers.

ADB ECONOMISTS SAY ASEAN WILL NOT PURSUE A SINGLE CURRENCY

March 11, 2013

MANILA - The ASEAN Economic Community will focus on financial integration as it moves towards the realisation of its goal by 2015, but it is not pursuing the creation of a single currency, according to Asian Development Bank economists. Ramesh Subramaniam, the ADB’s senior director at the Office of Regional Economic Integration (OREI), says cross-border asset holdings have been on the rise, and that "there is active engagement of the private sector through the ASEAN+3 Bond Market Initiative, for example”.

TAIWAN, US SET INVESTMENT PRINCIPLES AT NEW TRADE TALKS

March 10, 2013

TAIPEI - Taiwan and the United States have issued a joint statement on principles for international investment following new talks under the bilateral Trade and Investment Framework Agreement (TIFA). Both economies are committed to the principles of "open and non-discriminatory investment climates" and "legal certainty and protection", according to a statement issued by the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office in the United States (TECRO).

Pages