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Equity markets tumbled in Asian trade Tuesday following steep losses on Wall Street as investors grow increasingly worried about a surge in inflation that could force central banks to wind back their ultra-loose monetary policies earlier than forecast. All eyes are on the release this week of crucial data on US retail sales and consumer prices, with expectations for a sharp rise as the world's top economy reopens and vaccines allow people to return to a sense of normality. A massive miss on US jobs creation last week that indicated the recovery was not going to be as smooth as thought provided some relief from those fears but a rally in commodities -- particularly widely used copper and iron ore -- has markets concerned that costs will spiral. Signs that this is having an effect were seen in data from China that showed prices paid at the country's factory gates rose last month at their fastest pace in four years. Those worries continue to hover over trading floors, despite repeated assurances from the Federal Reserve that it will stick to its huge bond-buying and record-low interest rate position for as long as needed until it has unemployment tamed and inflation is running consistently hot. While Fed bosses have said they see inflation coming in high for a few weeks owing to the low base of comparison from last year, a high reading would ramp up pressure on policymakers to make sure they do not let it get out of hand. "Inflationary concerns will dominate the focus this week, but the base effects are widely priced in and this upcoming reading will likely only serve as a baseline," said OANDA strategist Edward Moya. And there is a feeling that the issue will dog markets for some time, even as investors are confident the global economy is well on the recovery path. "We're going to see volatility definitely over the next couple of months" given uncertainty over the path of growth, Kristen Bitterly, of Citi Private Bank, told Bloomberg TV. Nervousness ahead of the US data sent traders rushing for the doors Monday. The Dow snapped a three-day streak of records and the S&P 500 lost more than one percent, while the Nasdaq shed 2.6 percent with tech firms considered vulnerable to higher borrowing costs. And Asia followed the lead, with Tokyo and Taipei each dropping more than three percent, while Hong Kong was off more than two percent. Sydney and Seoul retreated more than one percent, and there were also losses in Shanghai, Singapore, Wellington, Manila, Mumbai, Bangkok and Jakarta.This article was published in thejakartapost.com with the title "Markets tumble in Asia as inflation fears haunt trading floors - Business - The Jakarta Post". Click to read: https://www.thejakartapost.com/news/2021/05/11/markets-tumble-in-asia-as-inflation-fears-haunt-trading-floors-.html
Japanese ship-leasing firm Shoei Kisen Kaisha said Thursday it owned the giant container vessel stuck in the Suez Canal and was facing "extreme difficulty" trying to reflate it. "In co-operation with local authorities and Bernhard Schulte Shipmanagement, a vessel management company, we are trying to refloat (the ship), but we are facing extreme difficulty," Shoei Kisen Kaisha said in a statement on its website. "We sincerely apologise for causing a great deal of worry to ships in the Suez Canal and those planning to go through the canal," it said, adding that no crew injuries or oil leaks had been detected on the MV Ever Given. Meanwhile, Egyptian tug boats worked Thursday to free the giant container vessel that has threatens to disrupt one of the world's busiest maritime trade routes for days. The Suez Canal Authority (SCA) said it was trying to refloat the Taiwan-run, Panama-flagged MV Ever Given, a 400-metre (1,300-foot) long vessel which veered off course and ran aground in a sandstorm on Tuesday. Satellite pictures released by Planet Labs Inc show the 59-metre wide container ship wedged diagonally across the entire canal.This article was published in thejakartapost.com with the title "Japanese owner faces 'extreme difficulty' refloating ship stuck in Suez Canal".
European aircraft giant Airbus said Thursday it was able to limit its losses last year, even as the airline sector collapsed in the wake of the coronavirus pandemic. Airbus said in a statement that it booked a net loss of 1.1 billion euros ($1.3 billion) in 2020. That was a slight improvement over the previous year's bottom-line loss of 1.4 billion euros, when Airbus had been hit with a huge fine of 3.6 billion euros in a corruption scandal. "The 2020 results demonstrate the resilience of Airbus in the most challenging crisis to hit the aerospace industry," said chief executive Guillaume Faury. Group revenues plunged to 49.9 billion euros from 70.5 billion euros a year earlier, "driven by the difficult market environment impacting the commercial aircraft business with 34 percent fewer deliveries year-on-year," Airbus said. A total of 566 commercial aircraft were delivered, comprising 38 A220s, 446 A320s, 19 A330s, 59 A350s and four A380s, compared with 863 aircraft in 2019. Airbus said it saw no immediate improvement for the industry's prospects for now. "Many uncertainties remain for our industry in 2021 as the pandemic continues to impact lives, economies and societies," Faury said.This article was published in thejakartapost.com with the title "Airbus books 1.1-billion-euro loss in 2020 in wake of Covid-19 - Business - The Jakarta Post". Click to read: https://www.thejakartapost.com/news/2021/02/18/airbus-books-11-billion-euro-loss-in-2020-in-wake-of-covid-19-.html.Download The Jakarta Post app for easier and faster news access:Android: http://bit.ly/tjp-androidiOS: http://bit.ly/tjp-ios
Four years of work by the WTO Secretariat bore fruit with the launch on 9 October 2020 of the new import licensing database. The new platform gathers together import licensing information, analysis and reporting and streamlines notification procedures for WTO members. At a meeting of the Committee on Import Licensing, members commended the work done by WTO staff to provide a one-stop shop for members and interested parties seeking to access information on import licensing procedures.The new database was presented at a meeting of the Committee on Import Licensing on 9 October, chaired by Dr Mohammad Irfan of Pakistan. Deputy Director-General Yi Xiaozhun provided opening remarks to mark the launch of the new platform, recalling that the Agreement on Import Licensing Procedures is one of the oldest agreements in the history of the WTO and the General Agreement on Tariffs and Trade (GATT). He highlighted that its establishment dates back to the Tokyo Round of trade negotiations (1973–79).DDG Yi stressed that as one of the most frequently used trade policy instruments applied by almost all governments, the use of import licensing has extended from enforcing quantitative restrictions and collecting trade statistics to safeguarding product quality, the environment, consumer welfare, public health and national security.
Nokia and Ericsson have been chosen as Singapore's main 5G network providers, telecom operators said, leaving Huawei with only a minor role as the Chinese tech giant faces growing United States pressure.Huawei has been dogged by allegations of stealing American trade secrets and aiding China's espionage efforts, with Washington pushing countries to bar the company from involvement in their next-generation networks.Huawei has denied ties with the Chinese government.Singtel, one of the city-state's main telecom operators, said Wednesday it had chosen Sweden's Ericsson to build its 5G network after the government gave final approval.A joint venture that includes the country's two other major telecom operators, M1 and StarHub, announced it had opted for Nokia to build its main 5G infrastructure.However, both M1 and Starhub said that other firms, including Huawei, could have some involvement in the project.Huawei only won the contract to be a provider for a smaller, local network system, operated by TPG Telecom, a more minor player.The Southeast Asian city-state tries to maintain good relations with both the US and China, and Information Minister S. Iswaran insisted that no company had been excluded in the selection process."We have run a robust process spelling out our requirements in terms of performance, security and resilience," he said, adding that mobile network operators also had their own criteria."There is a diversity of vendors participating in different parts of the 5G ecosystem, and... there remain prospects for greater involvement in our 5G system going forward."Iswaran said the 5G investments will run into "billions of dollars".‘Knowing your supplier’Singapore is aiming to have ultra high-speed internet coverage for half of the country by the end of 2022, and expand it to cover the entire island by the end of 2025.The US government launched a worldwide campaign against Huawei, the world's largest supplier of telecom network equipment and the planet's number two smartphone maker, about 18 months ago.Washington essentially banned Huawei from the US market last year, although earlier this month it let the firm back into the fold when it comes to companies working together to set standards for 5G networks.The Pentagon has published a list of 20 Chinese companies it says are backed by the military, in the latest instance of a running tit-for-tat economic battle between Washington and Beijing, and Bloomberg reported Huawei is one of them."As the People's Republic of China attempts to blur the lines between civil and military sectors, 'knowing your supplier' is critical," Pentagon spokesman Jonathan Rath Hoffman said in Washington.The list covers firms "owned by, controlled by, or affiliated with China's government, military, or defense industry," Hoffman said in a statement."We envision this list will be a useful tool for the US Government, companies, investors, academic institutions, and likeminded partners to conduct due diligence with regard to partnerships with these entities."Huawei did not immediately respond on the publication of the list.
On 12 June 2020, Indonesia notified the WTO’s Committee on Safeguards that it initiated on 10 June 2020 a safeguard investigation on carpets and other textile floor coverings.In the notification Indonesia indicated, among other things, as follows:“POINT OF CONTACT FOR THE INVESTIGATIONThe contact information of the Investigating Authority for correspondence is:THE INDONESIAN SAFEGUARDS COMMITTEE(Komite Pengamanan Perdagangan Indonesia/KPPI)Jl. M.I. Ridwan Rais No.5, Building I, 5th floor, Jakarta 10110Telephone / Facsimile: (62-21) 385 7758E-mail: [email protected] AND PROCEDURES TO PRESENT EVIDENCE AND VIEWS BY INTERESTED PARTIES(i) Those having substantial interest and wishing to be considered as interested parties in this investigation should submit written request within a period of 15 days in Indonesia from the date of initiation to the Investigating Authority. All submissions and request made by interested parties must be sent both in written letter and in electronic format, and must indicate the name, address, e-mail address, telephone and fax number of the interested parties.(ii) In Accordance with article 3.1 WTO Agreement on Safeguard, the Government of the Republic of Indonesia will conduct a hearing in order to provide opportunities for those Members who having a substantial interest to present their evidence and views, Hearing is scheduled to be held on Monday, 20 July 2020 at 10.00-12.00 am via face-to-face meeting or video conference. All interested parties, who wish to participate in the hearing and present their evidences and views, should submit related documents to the Investigating Authority not later than 16 July 2020. Registration on the day of the hearing on 20 July 2020 will start at 09.00 am and only authorised representatives will have access to the hearing.”Further information is available in G/SG/N/6/IDN/35.What is a safeguard investigation?A safeguard investigation seeks to determine whether increased imports of a product are causing, or is threatening to cause, serious injury to a domestic industry.During a safeguard investigation, importers, exporters and other interested parties may present evidence and views and respond to the presentations of other parties.A WTO member may take a safeguard action (i.e. restrict imports of a product temporarily) only if the increased imports of the product are found to be causing, or threatening to cause, serious injury.
Indonesia’s domestic car sales plunged 95.7 percent year-on-year (yoy) in May, as the downward trend continues amid the government’s large scale social restrictions (PSBB) to contain COVID-19, carmaker association data show.The government's PSBB program being expanded from the capital to other regions in the country has exacerbated the dwindling demand for cars, Association of Indonesian Automotive Manufacturers’ (Gaikindo) chairman Yohannes Nangoi told The Jakarta Post on Tuesday.“In April, the PSBB were only implemented in Jakarta, so we could still sell some cars in other regions. However, our sales were impacted even more when the policy expanded,” Yohannes said in a phone interview.The PSBB have also made it more difficult for consumers to acquire a license for their car, including vehicle registration certificates (STNK) and vehicle roadworthy tests (KIR) for commercial vehicles, Yohannes added.“PSBB severely disrupt our sales operation as some public offices and showrooms are temporarily closed,” he said.Three provinces and four regencies/cities across Indonesia are still enforcing the PSBB to curb the coronavirus outbreak, with temporary closures of offices, factories, stores and schools. However, the government has relaxed the PSBB in several places to gradually reopen the economy.The social restrictions were first implemented in Jakarta by the capital’s administration on April 10, and the number of regions that implemented PSBB then expanded to 26 regencies and municipalities in four different provinces by mid-May.Car sales have been in free fall since the pandemic started to spread in Indonesia in March, when sales dropped 15 percent, according to data compiled by diversified conglomerate PT Astra International.The downward trend in auto sales continued in April, with domestic car sales hitting a decades low at 7,868 units, a 90.6 percent yoy drop. In May, only 3,551 cars were sold around the country, a steeper 95.7 percent fall from the same month last year.Despite the concerning car sales figures, Yohannes said he hoped sales would gradually increase with PSBB relaxation.“I think we hit the rock bottom in May and I hope that businesses can start to reemerge as the PSBB are relaxed. However, as we’re already in the middle of the month, I don’t think the increase will be significant in June,” Yohannes said.Previously, Gaikindo made a decision to cut its domestic car sales target this year by 40 percent to just 600,000 units. The association also slashed Indonesia’s car export target to 175,000 units in 2020 from the initial target of 350,000 to 400,000 units, he added.The country’s exports fell 28.95 percent yoy in May to US$10.53 billion, the lowest level since July 2016.Automotive industry expert Bebin Djuana projected that demand for domestic cars would remain low throughout the year as the pandemic hit the economy and consumers’ purchasing power.“The sales recovery will be gradual, rather than a V-shaped spike, because the purchasing power of average Indonesians is greatly affected by the pandemic,” he said on May 18.Meanwhile, automakers have continued working with financial institutions to offer affordable payment schemes for consumers to ramp up car demand.“Our plan is to continue our cooperation with financial institutions to provide affordable financial schemes for customers,” Nissan Motor Indonesia’s president director Isao Sekiguchi told the Post in an exclusive interview on Monday.Sekiguchi expected the sales figures to improve by as early as June to August.Source: TheJakartaPost
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