Monetary policies set
The central bank is targeting money supply growth of about 14 percent to 16 percent for next year, which it described as a continuation of tight monetary policy. The State Bank of Vietnam said in a statement on its Web site that it would continue a tight and flexible monetary policy, with curbing inflation and macroeconomic stability as its priorities. The nation faces an inflation rate close to 20 percent, a trade deficit, and slowing economic growth. GDP growth may slow to about 6 percent this year, from 6.8 percent last year, the government said earlier this month. The central bank will also target 15 percent to 17 percent credit growth next year, it said in the statement. Its target for money supply in this year was as high as 16 percent, while its target for credit growth was below 20 percent.
Toyota to boost output
Japan’s biggest carmaker, Toyota Motor, plans to boost its global output to a record 8.65 million vehicles next year, boosted by demand in emerging markets, reports said yesterday. Toyota anticipates continued growth in emerging markets in Asia and South America although sales outlooks in developed nations are murky due to the European debt crisis, the Nikkei Shimbun said. Toyota will probably decide on its production as early as next week before informing major parts suppliers, the paper said without naming its sources. Kyodo News agency, quoting unnamed company officials, also reported Toyota was in the final stage of setting a global production target for next year for Toyota and Lexus-brand vehicles of 8.65 million. The figure would represent an increase of about 20 percent from Toyota’s estimated output for this year and surpass the current record of 8.53 million units set in 2007, before the global financial crisis. The company’s production this year was hampered by the March earthquake and tsunami disaster in Japan, as well as massive flooding in Thailand.
More incentives proposed
US automakers led by General Motors Co (GM) and Chrysler Group LLC may need to boost incentives or cut production to reduce inventories that have risen to a 31-month high, according to Bloomberg Industries. GM, Chrysler and Ford Motor Co had 80 days supply of cars and light trucks as of Nov. 30, according to a report led by Kevin Tynan, a Princeton, New Jersey-based Bloomberg Industries analyst. Inventories are considered “manageable” when in the range of 55 days to 65 days, he said. The automakers’ supply of cars and trucks may be too high as Toyota Motor Corp and Honda Motor Co production recovers from Japan’s tsunami and Thailand’s floods this year. Toyota, Asia largest automaker, may use incentives to reclaim US market share that has stayed below 14 percent in every month since the March tsunami from 18 percent in December 2009. US auto sales may total 12.7 million this year, the best annual performance since 2008, Bloomberg Industries estimates.
Freeport helicopter attacked
Gunmen attacked a helicopter carrying 29 workers and family members from Freeport-McMoRan’s trouble-plagued gold and copper mine in eastern Indonesia, wounding one person yesterday, officials said. The attack came as thousands of unionized employees were preparing to return to the Grasberg mine in the mountains of Papua Province following a three-month strike that has crippled production.