Posts belonging to Category ASEAN

China’s export surge continued in December

Exports grew by 18.1 per cent in December from a year earlier

China’s exports continued to surge in December, data released by its customs agency on Thursday showed. Exports grew by 18.1 per cent last month from a year earlier, down from 21.1 per cent in November but above the consensus result of a survey of analysts, conducted by Bloomberg, which predicted 15.0 per cent growth.

This was the seventh consecutive month of export growth, with China’s factories continuing to capitalise on coronavirus lockdowns in the West.

Hyundai Motor says it’s in early talks with Apple to develop a car

Shares soaring 19%

Shares of Hyundai Motor surged 19% after the South Korean automaker said it was in early-stage talks with Apple over potentially working together to develop an electric car. “We understand that Apple is in discussion with a variety of global automakers, including Hyundai Motor. As the discussion is at its early stage, nothing has been decided,” a representative from Hyundai Motor told CNBC’s Chery Kang.

The statement followed a local report from the Korea Economic Daily that said Apple suggested the tie-up and Hyundai Motor was reviewing the terms. The report said both electric vehicle production as well as battery development were included in the proposal, and that the car could potentially be released in 2027.

Asia-Pacific countries sign world’s biggest trade pact

Eight years to bring a conclusion for signing

China and 14 other countries agreed Sunday to set up the world’s largest trading bloc, encompassing nearly a third of all economic activity, in a deal many in Asia are hoping will help hasten a recovery from the shocks of the pandemic. The Regional Comprehensive Economic Partnership, or RCEP, was signed virtually on Sunday on the sidelines of the annual summit of the 10-nation Association of Southeast Asian Nations.

The accord will take already low tariffs on trade between member countries still lower, over time, and is less comprehensive than an 11-nation trans-Pacific trade deal that President Donald Trump pulled out of shortly after taking office.

Apart from the 10-member Association of Southeast Asian Nations, it includes China, Japan, South Korea, Australia and New Zealand, but not the United States. Officials said the accord leaves the door open for India, which dropped out due to fierce domestic opposition to its market-opening requirements, to rejoin the bloc.

Four years after Donald Trump launched his “America First” policy of forging trade deals with individual countries, Asia remains committed to multi-nation efforts toward freer trade that are seen as a formula for future prosperity.

Digital yuan nears launch

China sweats over Libra

China appears on track to launch a sovereign digital currency next year, becoming the first major country to do so, as Beijing aims to track money flows more closely and combat planned cryptocurrencies such as Facebook’s Libra.

With work completed on conducting research and setting standards for the virtual yuan, the next step involves choosing a region for a test launch, Fan Yifei, deputy governor of the People’s Bank of China, said at the end of November. A month earlier, former Chongqing Mayor Huang Qifan told a Shanghai forum that the PBOC was likely to be the world’s first central bank to launch a digital currency.

Digitizing the yuan should lighten the workload for banks by reducing cash circulation, but the move also lets Beijing tighten scrutiny of international transactions and promote the use of its currency on the global stage.

The virtual yuan additionally looks to serve as a preemptive strike against Libra, a cryptocurrency backed by major companies like Facebook that has Beijing worried both about capital outflows and about losing more ground to the dollar.

The world’s biggest electric vehicle battery makers

Bitter row between South Korea’s SK Innovation and LG Chem risks exacerbating the potential shortfall

Asian companies dominate the market for electric vehicle (EV) batteries and they are expanding their production capacity in Europe, China and the United States in a fight to win lucrative contracts from global automakers. Some carmakers worry, however, there won’t be enough batteries for all the EVs they plan to launch in the coming years and a bitter row between South Korea’s SK Innovation and LG Chem risks exacerbating the potential shortfall.

Below are details of the world’s leading EV battery makers with details of their customers and expansion plans.

Asian stocks retreat

U.S. political tumult adds to growth worry

Asian stock markets retreated again on Wednesday, extending a rout that began last week as U.S. political uncertainty exacerbated worries over slowing global economic growth.

Investors were unnerved by the U.S. federal government partial shutdown and President Donald Trump’s hostile stance toward the Federal Reserve chairman. U.S. Treasury Secretary Steven Mnuchin had also raised market concerns by convening a crisis group amid the pullback in stocks.

S&P 500 emini futures were last down 0.6 percent, pointing toward a lower start for Wall Street when the U.S. market reopens after Christmas Day, when many of the world’s financial markets were shut.

US futures are down sharply

North Korea’s missile launch over Japan is hitting global markets

North Korea launched a ballistic missile that passed right over Japan, and that’s set markets on high alert, with four big movers. U.S. stock futures were a big early mover, with the Dow Jones industrial average mini futures dropping as much as 147 points to 21,644 in a knee-jerk reaction. That compared with the index’s close on Monday at 21,808.40. The DJIA futures later regained some lost ground, trading down 109 points at 21,682 at 10:02 a.m. HK/SIN.
Perhaps counterintuitively, Japan’s currency move higher — because it generally does well when nervous investors are looking to park their money somewhere secure. It climbed against the greenback, with the dollar fetching as little as 108.32 yen in early Tuesday trade, down from levels approaching 111 yen earlier in the month.…  Tue.,  29  August 2017

Philippine: the "demographic window"

The Philippine economy can post an average growth of over 7% in the next 10 years – with quality workforce and an attractive investment climate. — Wed, 30 Sep 2015 22:24:03 -0700

Coal in Asia and the climate change

As Japan helpfully explained, they consider building coal plants in poor countries to be “climate finance”, when the coal plants in question are high efficiency supercritical coal generators. The argument appears to be, the coal plants will be built anyway ….. If we wanted to reduce global CO2 output the most effective thing we could do is expand research and efforts to clean up coal and share our technology worldwide. For us (and I think it is unfortunate) that train has probably already … — Fri, 25 Sep 2015 16:00:52 -0700

China's Stock Markets

Of course – as US equities roared to record highs today in the face of the most serious Grexit fears yet and a Fed that just admitted the economy is FUBAR – Chinese stocks are for once derisking responsibly (for now). But there are more … — Thu, 18 Jun 2015 20:03:20 -0700

China Economy

China saw its imports plunge 18.1% year over year in May, while exports recorded a further decline, according to official figures published Monday, revealing some disturbing numbers on the world’s second largest economy. — Sun, 07 Jun 2015 23:19:43 -0700

Global Capital Markets

Global capital markets will undergo tremendous changes in the next five years, with Asia potentially developing financial centres that could rival London and New York, a PwC study says. อ่านต่อ… — Sun, 24 May 2015 21:51:59 -0700

Asia economy

This reflects the potential for slower-than-currently-expected growth in China and Japan, which could spill over to the rest of the region—and the global economy—through trade and financial channels. Debt levels—including foreign … — Wed, 06 May 2015 21:25:00 -0700

The Silk Road

Qian’s diplomatic missions paved the way for trade routes that linked China to Central Asia and Europe. The world came to know those trade routes as the Silk Road. — Fri, 24 Apr 2015 17:00:54 -0700

Asian markets

Money printing by the global central banks has caused multiple bubbles over the past couple of decades. Asian equities are the latest but how high can they go? — Wed, 22 Apr 2015 22:18:22 -0700