Friday, May 20 2022 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
In a new research report, ANZ Bank says solid US private demand over the coming two years is set to be a strong positive for the global economy.
HONG KONG -- China is trying to mitigate the market impact of rising defaults by local state-owned enterprises (SOEs). Recent top-level guidance signals that local governments need to take a firm grip on SOE debt risk, according to a report by S&P Global.
HONG KONG -- The Chinese economy expanded by 2.3% in 2020, the only major economy to record growth, and global credit insurer Coface is expecting GDP there to accelerate to 7.5% in 2021.This would be the fastest pace since 2013, and comfortably above the minimum 6% set by authorities.
TAIPEI -- The Hong Kong Economic, Trade and Cultural Office (HKETCO) in Taiwan "temporarily" suspended its operations from Tuesday this week, a decision announced by the Hong Kong Special Administrative Region Government (HKSARG).
HO CHI MINH CITY -- The Vietnam Dairy Products Joint Stock Company (Vinamilk) has recorded revenue of US$2.6 billion in 2020, up 5.9% on-year despite the challengesof COVID. Vinamilk has also jumped six notches among the Top 50 leading global dairy companies.
SINGAPORE -- Rising global commodity prices and ongoing economic recovery have stoked inflation concerns. For Cambodia, Laos, Myanmar, and Vietnam, says ANZ Bank, higher oil prices pose a key upside inflation risk, unlike global food prices.
TAIPEI - For a fifth consecutive year, China has blocked an invitation for Taiwan to be given observer status by the World Health Organisation (WHO) at the annual meeting of the World Health Assembly in Geneva. China has again demanded that Taiwan publicly accept it is part of China before it can sit in on the WHA meeting, scheduled for next week (May 24-June 1).
MANILA -- The decline in Q1 GDP in the Philippines marks the longest economic slump in the country's history. GDP growth was minus 4.2% - still an improvement from the minus 8.3% recorded for Q4 of 2020.
KUALA LUMPUR -- Although Malaysia's GDP has continued to decline on an annualised basis in Q1 2021, domestic demand is encouragingly starting to gain traction. Actual GDP growth for the first quarter was minus 0.5% against minus 3.4%in the fourth quarter of 2020.
HONG KONG --Exports are booming, the backlog of orders is piling up, and chips are in short supply as Asia becomes an epitome of global economic recovery -- production capacity falling behind new orders.
HONG KONG -- S&P Global Ratings said today that competition in China's e-commerce is intensifying considerably. Notably, the Alibaba Group plans to invest all incremental profits in the fiscal year ending March 31, 2022, into the core strategic areas of domestic consumption, globalisation, and advanced technologies.
HONG KONG -China's economic recovery is still solid, with Q1 GDP registering a record-high year-on-year growth rate of 18.3%, according to official figures. BBVA Bank says Chinese authorities are phasing out their policy stimulus.
JAKARTA - Global ratings agency Standard and Poors has affirmed Indonesia's sovereign credit rating at 'BBB/A-2' , but says the outlook remains negative.
SEOUL -- South Korea's preliminary Q1 GDP figures show that the economy is now above its pre-pandemic size. The recovery has gained momentum, helped by robust exports and a turnaround in domestic demand, with first quarter GDP coming in at +1.8% compared with - 1.2% in the fourth quarter of 2020.
HONG KONG -- Some of China's banks are likely to miss their deadlines this year to remove or recognise exposure to "shadow" wealth management products (WMPs),says S&P Global Ratings in a report released today.
MELBOURNE - Bass Oil Limited has increased its focus on expansion plans -- with potential Australian acquisition opportunities now on the company's radar for the first time, as well as increased activity in Indonesia. The Company says it intends to leverage its existing profitable production operations in Indonesia to grow via acquisition and exploration and development.