INDIA TURNS TO US FOR NUCLEAR DEAL
With its nuclear power plants desperately short of fuel, India is fast-tracking a deal with the US, and will speed development of domestic uranium deposits.
Also in this issue – Why Doha failed; Danger of bust in Vietnam; China’s exports to cost more; Stability the real issue for Thailand; Australia’s ANZ banking on ‘insiders’.
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HYUNDAI MOTOR, KIA TO INVEST $US10.5 BLN IN R&D
SEOUL - Hyundai Motor Co. (KSE:005380), South Korea's largest automaker, and its affiliate Kia Motors Corp. (KSE:000270), plan to invest more than 11 trillion won (US$10.53 billion) in research and development (R&D) and facilities upgrades this year, the company said. The investment includes more than 2.7 trillion won for R&D for the company's vehicle division and 2 trillion won for the Hyundai Steel Co., South Korea's second-biggest steelmaker, Chung Mong-koo, the company's chairman, said. South Korea's leading automakers also plan to support parts suppliers by investing some 15 trillion won into the partners by 2011, and will begin mass production of low carbon-dioxide emission vehicles starting next year (Asia Pulse).
HSBC AUSTRALIA CUTS RATES, INKS DEAL WITH ALLIANZ
SYDNEY – HSBC today led Australian banks by reducing its fixed interest rates by between 35 and 130 basis points. A promotional three-year fixed rate for new home lending has been cut from 9.29% to 7.99%. Standard fixed rates for one, two and three years have been cut to 8.99% and four and five-year rates to 8.90%. HSBC Head of Home Loans, John Lane, said a significant reduction in recent weeks in the medium and long-term cost of fixed rate funds in the commercial market, coupled with loosening yields as the market factors in expectations of an official interest rate cut had allowed HSBC to reduce rates. Meanwhile, HSBC Australia and Allianz Australia have entered an agreement to offer general insurance products, as well as personal loan, mortgage protection and simple term life insurance under the HSBC brand. Previously, HSBC’s provision of insurance to Australian customers was through a combination of insurers (ATI).
• The world will pay higher prices as China weeds out dirty industry and lifts wages. The factories of South China may be first to suffer • India shifts gear to secure nuclear fuel • Private sector wants cleaner government in Cambodia • Business pressing governments for deal on Doha Click here to access the July 2008 issue of ATI
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Storming through into 2008 – In our special ASIA2008 issue, we ask: What price sub-prime? The answer. No-one really knows.
The US sub-prime crisis leads our assessment of the outlook for Asian economies in 2008, also likely to be impacted by falling commodity prices, higher oil prices and fluctuating (in many cases, rising) currencies. Charles Dallara, Managing Director of the Institute of International Finance (IIF), private-sector equivalent to the IMF, provides valuable insight, together with a number of other leading economists and forecasters.
We look at the US-China relationship, where the US stands on freer world trade, the challenges for Asia in infrastructure needs, trends in foreign exchange deregulation and securitisation, and the inflation outlook. Also at the impact on foreign business of ongoing tax reforms in Asia.
ASIA2008 assesses challenge and opportunity in India, China, Hong Kong, Vietnam, Korea, Japan, Taiwan, Singapore, Malaysia, the Philippines, Indonesia, Thailand, Pakistan and Bangladesh.
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November 18-20, 2008
Australia Mining Congress 2008, Swissotel, Sydney – despite escalating demand for raw materials, access to capital and lack of government support are among hurdles currently confronting the mining sector, according to an industry survey conducted by the organisers of this inaugural Australia Mining Congress. http://www.terrapinn.com
September 8-11
12th China International Fair for Investment and Trade (CIFIT), Xiamen – CIFIT is sponsored by China’s Ministry of Commerce (MOFCOM). Its focus is on two-way investment opportunities with China (all 31 Provinces of China are represented at official level), but overseas countries represented also present an update of their investment policies and opportunities. More than 13,000 overseas visitors from 119 countries attended CIFIT in Xiamen in September 2007. This year’s event, sub-titled Going Global in 2008, will immediately follow the Beijing Olympics, with a specific Australian Pavilion to feature for the first time. MOFCOM has appointed the ASF Group of Sydney to co-ordinate the Australian Pavilion. Further information from Tony Lee at ASF, tel (61 2) 9251-9088, email tonylee@asfgroupltd.com http://www.cifit-australia-pavilion.com
September 16-17
China Carbon Insights – Shanghai - The global carbon trading market is forecast to become a US$200 billion industry in the next decade – and China will account for one quarter of it. This event looks at what the numbers mean to China, and how to seize business opportunities. Key speakers include Irfan L Pawennei, Senior Manager, Carbon Trading, Asia Carbon Exchange International BV, Garth Edward, Director, Environmental Products, Commodities, Citigroup Corporate and Investment Banking, Ruth Wang, Business Development Manager, Det Norske Veritas (DNV) and William Andrews Pazos, Managing Director, Head of Carbon, Standard Merchant Bank (Asia) Limited. Contact – Priscilla Ng, tel (65) 6324-9734. http://www.availcorp.com/english/events_list.php?eventsid=145&backurl=index.php
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