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.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
UNCERTAINTIES: Exports surged 34.1% and private investment grew 7.03% to outpace expectations in the first half, although US tariffs could stall momentum The Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) yesterday raised its GDP growth forecast to 3.05 percent this year on a robust first-half performance, but warned that US tariff threats and external uncertainty could stall momentum in the second half of the year. “The first half proved exceptionally strong, allowing room for optimism,” CIER president Lien Hsien-ming (連賢明) said. “But the growth momentum may slow moving forward due to US tariffs.” The tariff threat poses definite downside risks, although the scale of the impact remains unclear given the unpredictability of US President Donald Trump’s policies, Lien said. Despite the headwinds, Taiwan is likely
READY TO BUY: Shortly after Nvidia announced the approval, Chinese firms scrambled to order the H20 GPUs, which the company must send to the US government for approval Nvidia Corp chief executive officer Jensen Huang (黃仁勳) late on Monday said the technology giant has won approval from US President Donald Trump’s administration to sell its advanced H20 graphics processing units (GPUs) used to develop artificial intelligence (AI) to China. The news came in a company blog post late on Monday and Huang also spoke about the coup on China’s state-run China Global Television Network in remarks shown on X. “The US government has assured Nvidia that licenses will be granted, and Nvidia hopes to start deliveries soon,” the post said. “Today, I’m announcing that the US government has approved for us
The National Stabilization Fund (NSF, 國安基金) is to continue supporting local shares, as uncertainties in international politics and the economy could affect Taiwanese industries’ global deployment and corporate profits, as well as affect stock movement and investor confidence, the Ministry of Finance said in a statement yesterday. The NT$500 billion (US$17.1 billion) fund would remain active in the stock market as the US’ tariff measures have not yet been fully finalized, which would drive international capital flows and global supply chain restructuring, the ministry said after the a meeting of the fund’s steering committee. Along with ongoing geopolitical risks and an unfavorable
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