Wed, May 22, 2019 - Page 10 News List

World Business Quick Take

Agencies

THAILAND

GDP growth slows to 2.8%

The economy grew at the slowest pace since 2014 in the first quarter as weaker global demand and trade tensions weighed on exports. GDP rose 2.8 percent from a year ago, down from a revised 3.6 percent in the fourth quarter, the National Economic and Social Development Council said yesterday. The expansion was in line with the Bloomberg survey estimate of 2.8 percent. The council said growth wouldprobably come in at 3.3 to 3.8 percent this year.

AUSTRALIA

Chinese investment plunges

Chinese investment in Australia has fallen to its lowest level in five years, new research shows. After hitting a peak of A$15.8 billion (US$10.4 billion) in 2016, Chinese firms invested A$4.8 billion in the country last year, the Australian National University said on Monday. Researchers said the data would fuel concerns that strained political ties between Beijing and Canberra are hurting the economic relationship.

UNITED STATES

Debts a moderate risk: Fed

The private sector’s mounting debts pose a “moderate” risk to the world’s largest economy, US Federal Reserve Chairman Jerome Powell said on Monday. With corporate debts reaching historic highs relative to the size of the economy, public comment has run the gamut, Powell said, either warning of grave danger or waiving off such threats as “nothing to worry about.” The truth was “likely somewhere in the middle,” Powell said, according to a copy of remarks prepared for a speech in Florida.

SINGAPORE

GDP growth beats forecast

The export-reliant economy still posted solid growth in the first quarter, with GDP rising an annualized 3.8 percent from the prior quarter, higher than the government’s earlier projection of 2 percent, as construction rebounded. Compared with a year ago, GDP rose 1.2 percent. The Ministry of Trade and Industry said it saw “pockets of strength” in the economy this year from the services industry. It narrowed its growth forecast range for this year to 1.5 to 2.5 percent from 1.5 to 3.5 percent previously.

PORTS

Japan, India eye Colombo

The governments of Japan, India and Sri Lanka have agreed to develop a container terminal at the Port of Colombo, which has attracted major investment from China under its Belt and Road initiative, a Japanese newspaper reported. The three are to sign a memorandum of understanding in the coming months to deepen the east container terminal at the newly expanded south part of the Port of Colomboit and develop a facility to allow large container ships to enter, Nikkei Asian Review reported without citing its sources.

AUTOMAKERS

Tesla falls on profit worry

Tesla Inc shares fell 3.7 percent on Monday after an analyst at WedBush said there seems to be mixed signals on demand for the electric automaker’s Model 3, which could make it harder for the company to turn a profit in the next couple of quarters and beyond. Tesla shares are down 50 percent since September last year, with concerns about demand for its Model 3 in the US at the forefront. The company lost US$702.1 million in the first quarter, among its worst quarters in two years, as sales tumbled 31 percent.

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