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Tag: Economy

  • Foreign e-tailers must have registered entity in India: Draft policy

    Foreign e-tailers must have registered entity in India: Draft policy

    E-commerce sites or apps available for download in India must have a registered business entity in the country, according to latest draft e-commerce policy, which also proposes regulation of cross-border flow of data collected by sector players in India.

    According to analysts, the move to make it mandatory for foreign online retailers to register entities in India follows the relatively recent spread and expansion in the country of Chinese e-commerce platforms which do not have an Indian presence.

    These include Chinese portals such as Shein, Romwe and AliExpress and the proposed registration norms come after complaints made to the government by traders’ bodies like the All India Online Vendor Association about Chinese online operators shipping cheaper products to Indian customers as gifts in order to avoid customs duty.

    As per the proposed norms, all foreign e-commerce sites must have a registered business entity in India as the importer on record or as the entity through which all sales in India are transacted.

    The draft policy has also proposed a ban on all parcels designated as gifts, with the exception of life-saving drugs.

    Moreover, as per the draft policy, all data collected by e-tailers in India and stored abroad should not be made available to other business entities outside the country, for any purpose, even with customer consent.

    However, the government will have the right to access the data of Indian consumers stored abroad.

    Restrictions on cross-border flows of data would not apply to data which is not collected in India, business-to-business (B2B) data sent to India as part of a commercial contract between a business entity located outside India and an Indian business entity.

    Software and cloud computing services involving technology-related data flows, which have no personal or community implications and multi-national companies, moving data across borders, which is largely internal to the company and its ecosystem, would not have to follow the regulations.

    New foreign direct investment (FDI) norms, which prohibit the e-tailers from selling products of companies in which they have stakes, came into effect on February 1 despite both Amazon and Walmart seeking a six-month delay in their implementation.

    The second e-commerce draft policy has been welcomed by sector players like Snapdeal and trader associations such as the Confederation of All India Traders (CAIT).

    Snapdeal said the draft policy’s rejection of inventory based e-commerce must be followed by effective implementation of FDI norms to ensure marketplaces do not own or control inventory, directly or indirectly.

    “The recognition of data as a strategic national asset is well-timed and will lead to the development of required regulation in this regard,” a Snapdeal spokesperson said.

    US giants Amazon and Walmart, which recently acquired a 77 percent majority stake in the Indian e-retail major Flipkart, said they are reviewing the draft e-commerce policy and will share their inputs on the proposals in course of time.

    Amazon has been forced to remove an array of products from its India website in order to comply with the new FDI regulations in e-commerce.

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  • Gold prices rise on trade talk optimism; Fed stance limits gains

    Gold prices rise on trade talk optimism; Fed stance limits gains

    Gold prices edged higher on Friday as optimism over U.S.-China trade talks pressured the dollar, but signs of the U.S. Federal Reserve raising interest rates again this year capped gains. Spot gold inched 0.1 percent higher to $1,324.59 per ounce at 0408 GMT. The metal was headed for a second straight weekly rise, up almost 0.3 percent. The precious metal had hit a 10-month high on Thursday, but later erased the gains.

    U.S. gold futures were subdued at $1,327.7 per ounce.

    “On a day-to-day basis, gold is a function of changing currency markets and the U.S. dollar. Medium outlook is a lot more to do with geopolitical issues and yields,” said Kyle Rodda, a market analyst with IG Markets.

    The dollar index against a basket of six major currencies was set to decline about 0.3 percent this week, which could be its biggest weekly fall in a month..

    “The fact that gold was overbought-driven very much by a new yield environment and tensions around the world has helped keep gold prices elevated,” Rodda said.

    Gold had hit a 10-month high of $1,346.73 on Wednesday, but minutes from the Fed’s January policy meeting indicated there might in fact be a rate hike this year, erasing gains in gold.

    “Dovish signals from U.S. Federal Open Market Committee officials for the shorter term have kept global equities steady whilst applying bearish pressures on the non-interest bearing asset,” Phillip Futures said in a note.

    Higher interest rates reduce investor interest in non-yielding bullion.

    Markets were looking for further indications of progress on trade talks with U.S. and Chinese negotiators resuming high-level talks on Thursday to hash out a deal that could end their trade war, just over a week before a U.S.-imposed deadline.

    The United States and China have started to outline commitments in principle on the stickiest issues in their trade dispute, marking the most significant progress yet toward ending a seven-month trade war, according to sources familiar with the negotiations, Reuters reported exclusively.

    Indicative of investor sentiment toward bullion, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.63 percent to 789.51 tonnes on Thursday.

    Meanwhile, palladium was up 0.3 percent to $1,473.00 per ounce, having surpassed the key $1,500 level for the first time on Feb. 20.

    The autocatalyst metal was on track for a third straight week of gains, up nearly 3 percent. Platinum gained 0.6 percent to $824, and was set for its best week since early January.

    Silver was little changed at $15.81 per ounce. It was on course to snap two consecutive weekly losses.

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  • Asia markets rally as Trump delays China tariffs

    Asia markets rally as Trump delays China tariffs

    Shanghai led a rally across Asian markets Monday after Donald Trump said he would delay a hike in tariffs on Chinese goods citing “substantial progress” in trade talks and fuelling hopes of an end to their long-running stand-off. Optimism over the negotiations had already provided support to global equities, spurring a rally in January and February, but the president’s comments gave extra ammunition to investors to ramp up the buying.

    The news also fired currency markets with the yuan extending gains to a seven-month high, while other high-yielding, riskier units were also up against the dollar.

    Trump said on Twitter that the US “has made substantial progress in our trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues”.

    He added: “As a result of these very productive talks, I will be delaying the US increase in tariffs now scheduled for March 1.”

    The president also said he planned to hold a summit with his Chinese counterpart Xi Jinping at his Mar-a-Lago estate in Florida to sign a deal.

    China’s Xinhua news agency added that the two sides had “made substantial progress on specific issues” including on transfer of technology, intellectual property and agriculture.

    ‘Sigh of relief’

    In morning trade, Shanghai jumped 2.8% and Hong Kong added 0.4% while Tokyo ended the morning 0.7% higher.

    Sydney and Singapore each put on 0.1%, while Seoul was flat, Taipei added 0.4% and Jakarta rose 0.3%.

    The gains in Asia followed another positive lead from Wall Street, where the Dow enjoyed its ninth straight weekly gain – the longest streak since May 1995.

    “This is a sigh of relief,“ said Ben Emons, managing director for global macro strategy at Medley Global Advisors. “Markets will still keep a level of caution, but this news is encouraging,“ he said.

    The upbeat sentiment lifted high-risk currencies, with the yuan hitting its highest level against the dollar since July, while South Korea’s won, the Australian dollar and the Indonesia rupiah were also well up.

    Forex traders will be closely watching speeches this week from top Federal Reserve officials – including chairman Jerome Powell’s appearance in front of lawmakers – hoping for clues about the bank’s monetary policy plans.

    Wall Street “will be looking for soothing comments about the future size of the balance sheet – the bigger the better – and insights into future rate hikes”, said Jeffrey Halley, senior market analyst at OANDA.

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  • CIMB Niaga posts 16.9% net profit growth in 2018

    CIMB Niaga posts 16.9% net profit growth in 2018

    CIMB Group Holdings Bhd’s 92.5%-owned T Bank CIMB Niaga Tbk reported an audited consolidated net profit of 3.5 trillion rupiah (RM1 billion) for the financial year ended Dec 1, 2018 a 16.9% growth compared with a year ago. The bank said the improved net profit came on the back of a 13.8% increase in on-interest income to 3.8 trillion rupiah and a 63 basis-point improvement in credit charges from 2.26% to 1.63% as provisions declined 25.7%.

    CIMB Niaga’s loan loss coverage remains comfortable at 105.86%.

    “We aim to maintain a targeted growth trajectory while keeping asset quality as a priority,” said CIMB Niaga president director Tigor M. Siahan.

    Total loans grew by 1.8% to 188.5 trillion rupiah mainly from growth in mortgages of 11.2% to 30 trillion rupiah, small- and medium enterprise loans of 8.5% to 29.6 trillion rupiah and credit card of 5.5% to 8.6 trillion rupiah.

    With total assets of 266.8 trillion rupiah as at Dec 31, 2018, CIMB Niaga maintained its position as Indonesia’s second largest private owned bank by assets.

    Its capital adequacy ratio stood at 19.66% as at end-December 2018, representing a 106 basis-point increase from the previous year.

    “Going forward, we will continue to focus on expanding our consumer and SME businesses, building our CASA (current account savings account) franchise and strengthening our Sharia business proposition and Sharia-compliant product offerings,” Tigor added.

  • Malaysia’s economy likely to slow in April to June 2019

    Malaysia’s economy likely to slow in April to June 2019

    Malaysia’s economy is likely to grow at a slow rate in April to June 2019 in view of the decline in the Leading Index (LI) in December 2018, according to the Statistics Department. Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the monthly change of LI decreased 1.4% to 117.3 points in December 2018 from 119.0 points in the previous month.

    “The declined in six out of seven components have weighed down the performance of the LI with the significant decreased by two components namely real imports of other basic precious & other non-ferrous metals and number of housing units approved, which posted negative 0.5% respectively,” he said in a statement.

    The annual change of LI also registered a negative growth of 1.7% in December 2018.

    The LI is designed to monitor the economic performance for an average of four to six months ahead.

    Meanwhile, the Coincident Index (CI), a measure of current economic activity, was unchanged in December 2018.

    The increased in real salaries & wages in manufacturing sector (0.2%) and real contributions to EPF (0.1%) were offset by the decreased in capacity utilisation in manufacturing sector (-0.2%) and Industrial Production Index (-0.1%).

    The annual change of CI grew at 3.6% as in the previous month.

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  • Petronas Gas Q4 profit weighed down by Kimanis Power

    Petronas Gas Q4 profit weighed down by Kimanis Power

    Petronas Gas Bhd’s net profit fourth quarter ended Dec 31, 2018 fell 34.7% to RM317.90 million from RM486.70 million a year ago, largely attributed to share of losses from a joint venture company, Kimanis Power Sdn Bhd. The losses were due to de-recognition of deferred tax assets amounting to RM124.3 million (being 60% share of the group) in relation to certain tax benefits which now have a seven-year utilisation limit under the new Finance Act 2018.

    Its revenue grew 4.9% to RM1.39 billion compared with RM1.32 billion in the previous year’s corresponding quarter mainly contributed by the second liquiefied natural gas (LNG) regasification terminal in Pengerang, Johor which commenced commercial operations in November 2017, coupled with higher revenue from utilities and gas transportation segment.

    The group has approved a fourth interim dividend of 22 sen per share amounting to RM435.3 million in respect of the financial year ended Dec 31, 2018.

    For the full-year period, Petronas Gas’ net profit grew 0.98% to RM1.81 billion from RM1.79 billion a year ago, while revenue of RM5.5 billion was the highest in history, an increase of 12.3% compared to RM4.90 billion last year.

    The Energy Commission has approved the tariffs for the gas transportation and regasification services for 2019. While the tariffs are expected to affect the group’s transportation and regasification business segment revenues in 2019, both segments are anticipated to continue contributing positively to its earnings.

    The group’s gas processing segment is expected to deliver improved earnings pursuant to the higher fixed remuneration charge under the second term of the 20-year Gas Processing Agreement effective from 2019 until 2023.

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  • Palm oil prices to remain steady in 2019: MPOC

    Palm oil prices to remain steady in 2019: MPOC

    Malaysian palm oil prices are set to hold steady in 2019 at an average of RM2,303 a tonne, according to estimates by the Malaysian Palm Oil Council (MPOC), while global output of the tropical oil is expected to rise by 3 million tonnes. “Global palm oil production is projected to be 72 million tonnes, with Malaysia and Indonesia as leading producers,“ the MPOC said in an online conference presentation.

    Rising production could cap recent price gains for palm oil, which has been recovering after touching a 3-year low last November at RM1,940 a tonne.

    Benchmark palm oil was trading at RM2,281 a tonne. The tropical oil averaged RM2,308 last year, according to Refinitiv Eikon data.

    MPOC, Malaysia’s key marketing agency for palm oil, also estimated that Malaysian output would rise to 20.2 million tonnes in 2019 and pegged Indonesian production at 42.8 million tonnes.

    Malaysia produced 19.5 million tonnes of palm oil last year, while Indonesia’s 2018 output stood at 42 million tonnes, based on estimates by the Indonesia Palm Oil Association.

    Malaysian palm oil output is expected to rise as newly replanted areas start to mature, but the increase will be marginal due to ageing trees and a possible El Nino in 2019 that will curb production, the MPOC said in its presentation.

    “Indonesian production is forecast to reach a record high of 42.8 million tonnes in 2019 due to improving weather conditions as well as newly maturing areas,“ it added.

    Palm oil exports in 2019 are also expected to increase in 2019, in line with an expected rise in demand from key importer India due to its declining domestic oilseed production.

    “India is expected to increase its (vegetable oil) imports by 500,000 tonnes, reaching 15.15 million tonnes, out of which palm oil will account about 10 million tonnes,“ said the MPOC presentation.

    Industry regulator the Malaysian Palm Oil Board forecast Malaysia’s a slight rise in production to 20.3 million tonnes this year due to favourable weather conditions and an expansion in oil palm matured area, according to an online presentation.

    It estimated Malaysia’s 2019 exports at 17.2 million tonnes, up from 16.5 million tonnes last year, due to “expected stronger palm oil demand from major markets.”

  • Vietnam targets $10 bln seafood export

    Vietnam targets $10 bln seafood export

    Vietnam hopes to export $10 billion worth of seafood this year, meeting its 2020 goal a year early. The Vietnam Association of Seafood Exporters and Producers (VASEP) said at a recent conference it would include $4.2 billion worth of shrimp, $2.3 billion worth of pangasius fish and the rest from other products. Minister of Agriculture and Rural Development Nguyen Xuan Cuong said the $10 billion target is high but achievable since Vietnamese seafood is liked in international markets.

    VASEP president Ngo Van Ich said shrimp exported to the U.S. is expected to face a lower anti-dumping tariff this year.

    Vietnam’s recent accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership would also help increase exports, he said.

    But there are also challenges.

    Truong Dinh Hoe, VASEP general secretary, said the country faces difficulties like shrinking catches and intense competition from other exporting countries.

    A major hurdle is the ‘yellow card’ restriction slapped by the European Union since 2017 for illegal fishing.

    The European Commission has said it would ban seafood imports from Vietnam unless it does more to tackle illegal fishing by Vietnamese vessels in other countries’ territories.

    After an evaluation done last May the European Commission said it would consider lifting the yellow card in 2019.

    Vietnam ranks among the top ten seafood producers in the world, according to the U.N. Food and Agriculture Organization.

    Last year its exports were worth $9 billion against a target of $9.5 billion.

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  • U.S. agency submits auto tariff probe report to White House

    U.S. agency submits auto tariff probe report to White House

    The U.S. Commerce Department sent a report on Sunday to U.S. President Donald Trump that could unleash steep tariffs on imported cars and auto parts, provoking a sharp backlash from the industry even before it is unveiled, the agency confirmed. Late on Sunday, a department spokeswoman said it would not disclose any details of the “Section 232” national security report submitted to Trump by Commerce Secretary Wilbur Ross. The disclosure of the submission came less than two hours before the end of a 270-day deadline.

    Trump has 90 days to decide whether to act upon the recommendations, which auto industry officials expect to include at least some tariffs on fully assembled vehicles or on technologies and components related to electric, automated, connected and shared vehicles.

    As the White House received the report, the industry unleashed what is expected to be a massive lobbying campaign against it.

    The industry has warned that feared tariffs of up to 25 percent on millions of imported cars and parts would add thousands of dollars to vehicle costs and potentially lead to hundreds of thousands of job losses throughout the U.S. economy.

    The Motor and Equipment Manufacturers Association, which represents auto parts suppliers, warned that tariffs will shrink investment in the United States at a time when the auto industry is already reeling from declining sales, Trump’s tariffs on steel and aluminum, and tariffs on auto parts from China.

    “These tariffs, if applied, could move the development and implementation of new automotive technologies offshore, leaving America behind,” it said in a statement. “Not a single company in the domestic auto industry requested this investigation.”

    The Commerce Department started its investigation in May 2018 at Trump’s request. Known as a Section 232 investigation, its purpose was to determine the effects of imports on national security and it had to be completed by Sunday.

    Automakers and parts suppliers are anticipating its recommendation options will include broad tariffs of up to 20 percent to 25 percent on assembled cars and parts, or narrower tariffs targeting components and technologies related to new energy cars, autonomous, internet-connected and shared vehicles.

    The Commerce Department alluded to a focus on emerging vehicle technologies when it opened the investigation.

    Administration officials have said tariff threats on autos are a way to win concessions from Japan and the EU. Last year, Trump agreed not to impose tariffs as long as talks with the two trading partners were proceeding in a productive manner.

    Trump said on Friday that tariffs protect industry and also help win trade agreements.

    “I love tariffs, but I also love them to negotiate,” he said.

    A report from the Center for Automotive Research in Ann Arbor, Michigan, published on Friday showed its worst-case scenario of a tariff of 25 percent would cost 366,900 U.S. jobs in the auto and related industries.

    U.S. light duty vehicle prices would increase by $2,750 on average, including U.S.-built vehicles, reducing annual U.S. sales by 1.3 million units and forcing many consumers to the used car market, the think tank’s report said.

    Major automaker groups said last year the cumulative effect for the United States would be an $83 billion annual price increase and argued there was no evidence auto imports posed a national security risk.

    Canada and Mexico each won duty-free access to 2.6 million vehicles as part of a new North American free trade deal even if the administration moves ahead with the tariffs.

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  • Vietnam banks among 500 most valuable brands

    Vietnam banks among 500 most valuable brands

    Four Vietnamese lenders, three state-owned and one private, are among the world’s top 500 most valuable brands this year. In an annual ranking by BrandFinance, VietinBank was ranked 242, BIDV, 307, Vietcombank, 325, and VPBank, 361. Last year, VietinBank, BIDV and Vietcombank, three major Vietnamese banks, made it to this elite list, and this year is the first time that a Vietnamese private bank, VPBank, has made it to the Brand Finance Banking 500.

    In this year’s ranking, BIDV is one of top ten banks in the world in terms of brand strength, with growth of 22 percent; while VietinBank is one of top ten banks with biggest Brand Value Change 2018-2019 with a whopping 66 percent increase.

    Chinese bank Industrial and Commercial Bank of China (ICBC) continues to sit on the throne this year, followed by three others Chinese lenders in the top four.

    According to the UK-based Brand Finance, a leading independent brand valuation and strategy consultancy, Chinese banking brands have grown “at an outstanding rate despite fears of an economic slowdown and the rise of protectionism in international trade.”

    It said Chinese banks grew 28 percent on average, achieving $407 billion in total brand value, over $100 billion more than American banks.

    In August last year, Vietnam’s government approved a master plan for banking sector development until 2025 with a vision to 2030.

    The plan envisages at least 2-3 banks in Asia’s top 100 in terms of total assets and targets to have 3-5 banks listed on foreign stock exchanges by 2025.

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  • Record earnings for Maybank Indonesia

    Record earnings for Maybank Indonesia

    PT Bank Maybank Indonesia Tbk’s (Maybank Indonesia) profit after tax and minority interests (patami) for the financial year ended Dec 31, 2018 surged 21.6% to a new high of Rp2.2 trillion (RM640 million) on the back of higher net interest income (NII) and continued improvement in asset quality.

    The bank’s profit before tax (PBT) jumped 20.5% to a record Rp3 trillion, its highest achievement to date, while NII grew 5.2% to Rp8.1 trillion in December 2018 compared with Rp7.7 trillion in the previous corresponding period, it said in a statement today.

    Additionally, it said continuous implementation of disciplined pricing coupled with improved operational efficiencies enabled the bank to contain pressures on interest margin, resulting in improvement in net interest margin by 7 basis points (bps) to 5.2%.

    The bank’s asset quality also improved significantly as reflected by lower non-performing loan (NPL) levels of 2.6% (gross) and 1.5% (net) as at Dec 31, 2018 compared with 2.8% (gross) and 1.7% (net) respectively in the previous year.

    Following that, Maybank Indonesia was able to reduce its loan loss provisions by 38.6% to Rp1.3 trillion as of December 2018.

    Its loans grew 6.3% to Rp133.3 trillion from Rp125.4 trillion in the previous year.

    It also maintained a strong capital position with total capital reaching Rp26.1 trillion in FY18, while capital adequacy ratio (CAR) improved to 19% from 17.5%.

    Maybank Indonesia president commissioner and Maybank group president and CEO Datuk Abdul Farid Alias said the bank’s outstanding results for FY18 testify to its commitment towards sustainable business growth, as well as its relentless pursuit in ensuring sound asset quality, improved operational efficiency and better overall productivity.

    “Although the operating environment continues to remain challenging, we believe that we are poised for further growth in the coming year,” he added.

  • Dollar eases as trade deal prospects bolster risk, sterling gains

    Dollar eases as trade deal prospects bolster risk, sterling gains

    The dollar was marginally weaker on Monday, as increasing expectations of a U.S.-Sino trade deal led investors to shift away from the safety of the greenback into riskier assets. Both the United States and China reported progress in five days of negotiations in Beijing last week, although the White House said much work remains to be done to force changes in Chinese trade behaviour.

    Negotiations will continue next week in Washington as investors hope for an end to the trade war between the world’s two largest economies.

    “Trade is the big focus for the markets…with talks shifting from Beijing to Washington, we could get more news flow,” said Michael McCarthy, chief markets strategist at CMC Markets.

    “I expect the euro to remain under pressure this week while dollar/yen could also fall if we see risk-aversion based on negative trade news flow.”

    In Asia, the yen was marginally higher versus the greenback at 110.53.

    The Aussie gained 0.1 percent to $0.7144, after gaining 0.48 percent on Friday on hopes of a trade breakthrough between the United States and China. The kiwi dollar also gained around 0.1 percent on the dollar to $0.6868.

    U.S.-China trade tensions have kept markets highly volatile since last year.

    U.S. duties on $200 billion worth of Chinese imports are set to rise from 10 percent to 25 percent if no deal is reached by March 1 to address U.S. demands that China curb forced technology transfers and better enforce intellectual property rights.

    The dollar index, a gauge of its value versus six major peers was marginally lower at 96.85. The index has gained 1.4 percent so far this month despite weaker-than-expected U.S. data as well as a cautious Federal Reserve which is widely expected to keep rates steady this year due to a slowdown in growth and muted inflation.

    The dollar index has gained mainly because of the euro , which has around 58 percent weightage in the index.

    The single currency was flat at $1.1292 in early Asian trade and has had two straight weeks of losses. Traders are betting on a weaker euro in the coming months as they expect the European Central Bank to keep its monetary policy accommodative due to low growth in the common area, tepid inflation and political uncertainties.

    On Friday, Benoit Coeure, a member of the European Central Bank’s executive board, said a new round of cheap multi-year loans to banks was possible. Coeure added that the euro zone’s recent economic slowdown is more pronounced than earlier expected, suggesting the path of inflation will also be more shallow.

    The ECB will next meet on March 7 and policymakers are widely expected to slash growth and inflation projections as the euro zone is suffering its biggest slowdown in half a decade.

    Elsewhere, sterling was up by 0.1 percent to $1.2903, building on its gains from Friday.

    The pound rallied 0.6 percent on Friday, helped by reports of some hedge fund buying, a conciliatory tone on Brexit from the Irish foreign minister and stronger-than-expected British retail sales data.

  • KITA opens office in Dubai to assist Korean start-ups

    KITA opens office in Dubai to assist Korean start-ups

    The Korea International Trade Association (KITA) said Tuesday it has set up an office in Dubai to help local start-ups advance into the Middle Eastern market. Under an agreement with Dubai Future Foundation, the Korea Office will be set up at Emirates Towers in one of the key cities of the United Arab Emirates (UAE). The office will provide working space for local start-ups and assist entrepreneurs in establishing their businesses in the burgeoning Middle Eastern market, KITA said.

    “It will be a great opportunity for local start-ups as Dubai institutions are pushing forward various projects under the support and attention of the prince of Dubai,” Kim Ki-hyeon, a KITA official, said.

    Dubai Future Foundation was set up with an aim to shape the future of the strategic sectors in cooperation with the government and private sectors.

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  • Alibaba Says China’s Slowdown Isn’t Hurting It All That Much

    Alibaba Says China’s Slowdown Isn’t Hurting It All That Much

    Alibaba Group VC Joseph Tsai says the firm is unperturbed by China’s economic slowdown. Quoted in a Bloomberg report, Tsai said Alibaba is “delinked” from a Chinese economy in which more and more business are moving online because “we’re in e-commerce and we’re digitising the whole sector”.

    He added that Alibaba’s growth is expected to continue to outpace the economy in general, as digital commerce grows at faster rates compared with more traditional retail business.

    The comments were made at the Goldman Sachs Group technology conference in San Francisco.

    According to the Bloomberg article, China’s economy expanded 6.4 per cent in the final three months of last year compared with a year earlier. Alibaba’s takings during the period rose 41 per cent to RMB117.3 billion (US$17.3 billion), representing its slowest pace of growth in more than two years. Its continued positive performance is buoyed by excursions into new business territories such as cloud services and entertainment, while assisting physical retailers with modernisation drives.

    According to the Alibaba Group VC, the situation is comparable to Amazon’s in terms of its consistent double-digit sales growth in the face of slowing economic growth within the US.

  • Malaysia’s economy expands 4.7% in Q4 2018

    Malaysia’s economy expands 4.7% in Q4 2018

    The Malaysian economy grew at a faster pace of 4.7% in the fourth quarter (Q4) of 2018 driven by private sector activity. This compares with a 4.4% growth in Q3 2018. For 2018 as a whole, the local economy also expanded 4.7%. According to Bank Negara Malaysia (BNM), a rebound in exports of goods and services contributed towards the positive growth of net exports.

    Headline inflation declined to 0.3% from 0.5% in Q3, mainly due to transport inflation turning negative.

    The zerorisation of the Goods and Services Tax and the implementation of the Sales and Services Tax continued to exert an overall downward impact to headline inflation during the quarter.

    BNM governor Datuk Nor Shamsiah Mohd Yunus said the Malaysian economy is expected to remain on a steady growth path with private sector demand being the main driver of growth.

    She said headline inflation is expected to average moderately higher.