Business » Asia

Friday, 16 January 2015

India makes surprise interest rate cut

2015-01-16 INDIA’S central bank cut interest rates by 25 basis points yesterday, the first time in almost two years, in a surprise announcement to boost the flagging economy after inflation eased.The Reserve Bank of India (RBI) reduced the benchmark repo rate...

M’sia tycoon in talks to take key stake in 1MDB US$3b IPO

2015-01-16 MALAYSIA’S second-richest man, Ananda Krishnan, is in talks with state firm 1MDB to become a cornerstone investor in a long-delayed, US$3 billion listing of its power assets, two people familiar with the matter said yesterday.The reclusive...

S Korea slashes 2015 economic growth forecast

2015-01-16 SOUTH Korea’s central bank yesterday slashed its 2015 economic growth forecast and kept its benchmark interest rate unchanged at a record low amid growing concerns of deflation.Bank of Korea (BOK) Governor Lee Ju-Yeol put the new estimate for Asia’...

Thursday, 15 January 2015

Zero-duty perks to boost intra-ASEAN trade

2015-01-15 INTRA-ASEAN trade is likely to expand from current 24 per cent to 34 per cent, spurred by zero-duty incentives on ASEAN Free Trade Area (AFTA).Ministry of International Trade and Industry senior director of ASEAN Economic Cooperation Division, P...

In Brief

2015-01-15 Japan approves record US$814 billion budgetTOKYO: Japan’s Cabinet approved a record 96.3 trillion yen (US$814 billion) government budget for the coming fiscal year on Wednesday after a tax hike to accommodate rising outlays for social security and...

Shanghai allows foreigners to fully own e-commerce firms

2015-01-15 CHINA has allowed foreign investors to fully own e-commerce companies in Shanghai’s free trade zone as part of a pilot scheme, the official Xinhua news agency said on Wednesday, citing the Ministry of Industry and Information Technology. Foreign...

Malaysian banks call off mega US$20 billion merger

2015-01-15 TWO Malaysian finance firms confirmed Wednesday reports that they have scrapped a proposed merger worth US$20.3 billion that would have created the country’s biggest bank citing poor economic conditions.In a joint statement to the media, banks CIMB...

Thai tourism focuses on provinces

2015-01-15 MORE programmes and activities have been added to the national tourism campaign, “Discover Thainess”, to stimulate travel to the provinces.Tourism Minister Kobkarn Wattanavrangkul said most of the new activities were for communities upcountry, such...

Laos eyes sale of electricity to S’pore

2015-01-15 FOUR ASEAN nations – Laos, Malaysia, Singapore and Thailand – held talks recently in Vientiane to consider a plan that would see Laos export electricity to Singapore via transmission lines in Malaysia and Thailand.Senior officials from the four...

Myanmar first stock exchange by Oct

2015-01-15 MYANMAR’S deputy finance minister has said the country will launch its first official stock exchange by October, as the emerging economy takes another step towards opening up after decades of isolation.Maung Maung Thein said the former junta-run...

Wednesday, 14 January 2015

China 2014 trade surplus rockets to record high

2015-01-14 CHINA’S trade surplus soared by almost half last year to a record US$382 billion, the government announced on Tuesday, but the world’s second-largest economy again missed its trade growth target due to weakness overseas. Exports increased 6.1 per...

As aluminium overcapacity drags on China prices, product exports jump

2015-01-14 OVERCAPACITY in China’s beleaguered aluminium market will persist in coming months, weighing on local prices and boosting the appeal of shipping aluminium products overseas, traders and analysts said. Increased product exports will help plug a...

Malaysia scraps US$20b merger

2015-01-14 MALAYSIA will scrap a proposed $20 billion merger that would have created the country’s biggest bank, after CIMB Holdings and RHB Capital failed to agree on new deal terms, people familiar with the matter said. The merger would have formed a...

Facebook wanted to invest in Xiaomi

2015-01-14 MARK Zuckerberg and Xiaomi Inc CEO Lei Jun discussed a potential investment by Facebook in China’s top smartphone maker ahead of its US$1.1 billion fundraising last month, but a deal never materialised, several people with knowledge of the matter...

Tuesday, 13 January 2015

Cheung Kong,Hutchison shares up on revamp plan

2015-01-13 SHARES of Cheung Kong Holdings Ltd and Hutchison Whampoa surged yesterday after Asia’s richest man Li Ka-shing announced a restructuring of his business empire, a move he said was aimed at creating better value for shareholders.The group said on...

India makes weak recovery

2015-01-13 HELD back by weak demand at home and abroad, Indian industrial output probably made a tepid recovery late last year, underscoring the challenges faced in 2015 by Prime Minister Narendra Modi as he seeks to woo global investors this week.To...

Malaysia Q4 cocoa grinding tumbles 21%

2015-01-13 COCOA processing in Malaysia slumped by a fifth to 55,590 tonnes in the fourth quarter, the Malaysian Cocoa Board said yesterday, as sluggish demand and a bleak outlook forced grinders to cut down output.Cocoa grinding, which reflects demand for...

Singapore’s business confidence drops in Q1

2015-01-13 THE Business Optimism Index (BOI) in Singapore is projected to drop to a low level in the first quarter of 2015 amid global political headwinds and softer regional demand in external-oriented sectors, the Singapore Commercial Credit Bureau (SCCB)...

China auto sales slow in 2014

2015-01-13 GROWTH in auto sales in China, the biggest market by number of vehicles sold, slowed last year but reached 19.7 million vehicles as domestic brands lost more market share to foreign competitors. Sales of passenger vehicles for the full year rose 9...

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